The Age of Acquiescence

1. America's Lost Resistance: From Class Warfare to Acquiescence

But over the last half century that political will and cultural imagination have vanished. Why?

A historical paradox. From the American Revolution through the civil rights movement, Americans consistently mobilized against political, social, and economic privilege, viewing hierarchies as threats to democracy. Mass movements envisioned alternatives to "dog-eat-dog capitalism." This period, termed the "long nineteenth century," was characterized by frequent and often violent class conflict.

The great surrender. However, the last half-century, dubbed the "second Gilded Age," has seen a profound shift. The collective will and cultural imagination to confront organized wealth and power have largely disappeared, replaced by a pervasive "acquiescence." This transformation is a central mystery the book seeks to unravel.

A tale of two Gilded Ages. While both the late 19th century and the late 20th/early 21st century were marked by extreme wealth and inequality, their societal responses differed dramatically. The first Gilded Age was a time of "sound and fury," while the second has largely unfolded in a "padded cell," raising questions about what changed in American society and its relationship with capitalism.

2. "Progress" Fueled by "Primitive Accumulation" Created Deep Inequality

Capitalism did not emerge de novo out of the ether. Native pastoralists and buffalo hunters, slaves and ex-slaves, artisans, homesteaders, European peasants and peddlers, small-town shopkeepers, Southern hillbillies, New England fishermen, prairie sodbusters, and subsistence agrarians were the raw material of the miracle of Progress.

The dark side of progress. The rapid industrialization of the first Gilded Age, celebrated as "Progress," was built upon a process of "primitive accumulation." This involved the systematic dispossession and absorption of pre-capitalist economies and ways of life into the new capitalist system.

• Native Americans lost land and traditional livelihoods.
• Ex-slaves were reduced to agricultural peonage or convict labor.
• Small farmers were driven into debt and tenancy.
• Handicraftsmen lost their skills and independence to factories.

Wealth and poverty intertwined. This process generated immense wealth for some but simultaneously created widespread poverty and social degradation. While some saw rising living standards, others experienced:

• High rates of industrial accidents and deaths.
• Child labor and deteriorating diets.
• Urban squalor and chronic unemployment.
• A profound sense of loss and social extinction.

A paradox of development. The book highlights the paradox that "Progress begat poverty," not merely coexisted with it. The wealth accumulated by the new industrial economy often came directly at the expense of older, self-sufficient communities, leading to stark inequalities and fueling deep-seated resentment.

3. Early American History Was Defined by Anti-Elite Mobilization

The specter of the aristocrat haunted the corridors of the nation’s political imagination for generations, so much so that at the end of the long nineteenth century Franklin Roosevelt could still inveigh with great energy and effect against “economic royalists” and “Tories of industry.”

Founding fears. From the very inception of the Republic, Americans displayed a "truculent contempt" for aristocracy and privilege. Figures like Jefferson and Jackson actively campaigned against "moneycrats" and "the Monster Bank," fearing that concentrated wealth would subvert democracy and create Old World-style hierarchies.

A permanent revolution. Memories of the American Revolution and subsequent struggles against perceived elites kept this anti-aristocratic sentiment alive for generations. Immigrants from Europe also brought their own experiences with titled gentry, reinforcing a native "edginess" toward any sign of social or economic pretension.

Class-inflected language. The language of public discourse during the "long nineteenth century" was openly "class-inflected." Terms like "class warfare," "plutocracy," and "robber baron" were commonplace, used by presidents and ordinary citizens alike to identify sources of exploitation and threats to democracy. This vocabulary reflected a society acutely aware of and willing to challenge economic power structures.

4. Agrarian and Industrial Uprisings Challenged Capitalism's Core

The intransigence of the railroad barons further enflamed sentiment far beyond the ranks of the striking workers themselves. By this time the phrase “soulless corporation” had become part of the American idiom.

Rural revolt. Farmers, caught in a web of debt, discriminatory railroad rates, and volatile global markets, launched powerful movements like Populism. They saw themselves as "mortgage slaves" and condemned Wall Street's "money power" as a "devil's dance" that plundered their livelihoods and undermined republican virtues.

• The Populist Party (1890s) advocated radical reforms: government control of money and credit, graduated income tax, public ownership of transportation and communication.
• Their rhetoric was deeply moral and religious, viewing financial elites as "parasites" and "vampires" threatening the nation's soul.

Urban insurrections. Industrial workers, facing brutal conditions, low wages, and the dehumanizing pace of factory life, engaged in frequent and violent "mass strikes." Events like the Great Uprising of 1877, the Haymarket affair (1886), and the Pullman Strike (1894) were not just labor disputes but broader social upheavals.

• These strikes often transcended craft, ethnic, and racial lines, drawing support from wider communities.
• Organizations like the Knights of Labor envisioned a "cooperative commonwealth" as an alternative to industrial capitalism.
• The demand for an eight-hour day became a symbol of human dignity and a challenge to the prevailing order.

A society on the precipice. These movements, both rural and urban, were fueled by a profound sense of injustice and a belief that society was "verging on fatal division." The widespread use of terms like "wage slavery" and "second civil war" reflected a pervasive feeling that the very foundations of the American experiment were at stake.

5. The New Deal "Civilized" Capitalism, Ending the Era of Anti-Capitalist Dreams

What collapsed in 1929 was an ancien regime of industrial barbarism. At its base, millions of the rightless submitted with little recourse and less dignity to the autocracy ruling the workplace.

A system in crisis. The Great Depression exposed the brutal realities of "industrial barbarism" and the inherent instability of unregulated capitalism. Mass unemployment, foreclosures, and widespread suffering led to renewed social unrest and anti-capitalist sentiment, echoing the "long nineteenth century."

The New Deal's transformative role. Franklin D. Roosevelt's New Deal decisively turned the page, implementing reforms that "civilized" capitalism and offered a new "Keynesian commonwealth." This involved:

• Labor rights: National recognition of unions, minimum wage, maximum hours, outlawing child labor.
• Social safety net: Social Security, unemployment insurance, welfare for dependent mothers.
• Economic regulation: Government oversight of banks, financial markets, and industries; public works and regional planning.

The end of an era. These reforms, born out of generations of struggle, effectively defused the overt anti-capitalist movements. The promise of an "American standard of living" and a more equitable society, even within a capitalist framework, replaced earlier dreams of a "cooperative commonwealth" or socialist republic. This marked the "end of socialism" as a mainstream political force.

6. Deindustrialization and Financialization: The Era of "Auto-Cannibalism"

For the last forty years, however, prosperity, wealth, and progress have rested in part on the grotesque mechanisms of auto-cannibalism, or what has been called disaccumulation, a process of devouring our own.

A new form of decline. Beginning in the 1970s, America entered an era of "auto-cannibalism," where the financial sector grew by "devouring" the nation's industrial base. This "deindustrialization" led to widespread job losses, urban decay, and social decline in the "Rust Belt" and beyond.

• Millions of manufacturing jobs vanished.
• Cities like Camden, Youngstown, and Detroit became "necropoli" of abandoned factories and homes.
• Infrastructure deteriorated, and public services atrophied.

The rise of FIRE. The finance, insurance, and real estate (FIRE) sector became the fastest-growing part of the economy, with profits soaring. This ascendancy was often premised on:

• Asset stripping: Liquidating industrial assets for short-term financial gains.
• Deregulation: Dismantling New Deal-era financial protections, leading to speculative bubbles.
• Debt proliferation: Encouraging universal indebtedness to sustain consumerism and generate financial profits.

A reversal of progress. This economic metabolism led to a "retrogression" in social well-being. For the first time in American history, life expectancy for some demographics declined, and social mobility reversed. This "fatal inequality" starkly repudiated the nation's long-held belief in continuous progress.

7. The Businessman as Populist Hero: A Fable of Elite Liberation

Self-proclaimed champions of the disenfranchised shareholder and saviors of a business underclass denied access to life-sustaining bank credit, men like Icahn turned Wall Street into a combat zone where the forces of market freedom faced off against the overlords of yesteryear.

Challenging the old guard. In the "second Gilded Age," a new breed of financiers and tech entrepreneurs emerged, often from non-elite backgrounds, who presented themselves as "populist heroes." They attacked the "sclerotic" and "risk-averse" corporate establishment, promising to liberate the economy from its complacency.

• Figures like Ivan Boesky and Carl Icahn, and later Bill Gates and Steve Jobs, were celebrated as "warriors" and "revolutionaries."
• They claimed to fight for the "disenfranchised shareholder" against entrenched management.

A new "class warfare." This narrative framed financial maneuvers like leveraged buyouts and mergers as a form of "class warfare" against an outdated elite. The goal was to unleash "market freedom" and restore America's economic dynamism, even if it meant ruthless cost-cutting and job losses.

• "Greed is good" became an iconic slogan, reframing self-interest as a virtue.
• The "new tycoonery" adopted a plebeian, anti-establishment persona, contrasting with the "white-shoe" old guard.

The illusion of liberation. This fable, despite its often cynical and self-serving nature, resonated widely. It presented the dismantling of industrial structures and the rise of financial speculation as a path to national renewal and individual empowerment, contributing significantly to the era's "acquiescence" by channeling potential resentment into admiration for "revolutionary" wealth creators.

8. Consumerism and Debt: The "Privatization of Utopia" and Individualized Freedom

The privatization of utopia! Still, what else is there?

Freedom through choice. Richard Nixon's "kitchen debate" epitomized the post-war promise: consumer abundance and the "right to choose" from a vast array of goods would be America's answer to class conflict and a guarantor of freedom. This "all-consuming" culture channeled desires into individualized forms of self-liberation.

The debt-fueled dream. As wages stagnated and the social safety net frayed, the consumer economy was increasingly sustained by universal indebtedness. Debt became a "plastic safety net," allowing people to pursue material desires and maintain a semblance of middle-class life, but tethering them to creditors.

• Household debt soared, far exceeding personal income.
• Credit cards and home equity loans became ubiquitous.
• "Poverty profiteers" exploited low-income individuals with high-interest loans.

Erosion of collective action. This "privatization of utopia" fostered an intense focus on personal responsibility and guilt for financial struggles, diverting attention from systemic causes. It cultivated a "politics of style and identity" over collective social justice, making individuals "empty receptacles of desire" and undermining the "social sympathy" necessary for collective resistance.

9. The "Free Agent" Myth: Precarious Labor Reimagined as Self-Determination

People have come to accept that they’re on their own—that the traditional sources of security and entitlement no longer exist or even matter.

The new precarity. Flexible capitalism, characterized by outsourcing, subcontracting, and temporary employment, created a vast "precariat" – a permanent population of impermanent workers. For millions, this meant low wages, no benefits, job insecurity, and constant surveillance, often indistinguishable from "involuntary servitude."

• Immigrants and downwardly mobile native-born workers filled low-wage jobs in retail, food service, and logistics.
• Wage theft and labor law violations became commonplace.
• Convict labor saw a resurgence, providing forced labor for corporations.

The allure of "free agency." Paradoxically, this precariousness was often rebranded as "free agency" for a segment of white-collar workers (techies, consultants, freelancers). This narrative presented the loss of traditional job security as a liberation from corporate bureaucracy and a path to self-determination.

• "Micropreneurs" and "e-lancers" embraced the idea of "creating their own gig on their own terms."
• The "portable office" and "telecommuting" were seen as symbols of freedom and flexibility.
• This mindset, often fueled by the ideology of "meritocracy," encouraged self-exploitation and intense self-policing.

A tragic illusion. While some found genuine autonomy, for many, "free agency" amounted to freedom from security and benefits. The myth helped normalize a system where workers were disposable, and the "financialization of the self" masked underlying vulnerability, contributing to acquiescence by making individual survival seem like a heroic quest.

10. The Eclipse of Labor and the Rise of Right-Wing Populism

Where, one might reasonably ask, was the Democratic Party while its core social constituencies were suffering?

Labor's decline. From the 1970s onward, the labor movement experienced a dramatic decline, reaching historic lows in private sector unionization. This was due to a confluence of factors:

• Economic shifts: Deindustrialization, global competition, and the rise of a service economy eroded labor's traditional base.
• Corporate and government repression: Aggressive union-busting, anti-strike injunctions, and the weakening of labor laws (e.g., Reagan's PATCO strike).
• Internal challenges: A sclerotic union bureaucracy, often resistant to change and rank-and-file militancy, failed to adapt.

The Democratic Party's pivot. As labor weakened, the Democratic Party shifted its focus away from working-class economic issues. It sought new constituencies among:

• Socially liberal professionals and technocrats.
• African Americans (post-civil rights movement).
• This "new class" embraced identity politics and cultural liberalism, often at the expense of traditional economic populism.

Right-wing populism's ascent. This vacuum was filled by a new form of right-wing populism, exemplified by figures like George Wallace and later the Tea Party. This movement channeled working-class resentment away from economic elites and towards:

• "Limousine liberals" and "pointy-headed bureaucrats."
• "Welfare queens" and "undeserving poor."
• Cultural issues like "family values," racial purity, and anti-government sentiment.
  This "cultural populism" effectively neutralized class consciousness by redirecting anger towards perceived cultural enemies and government overreach, even while often benefiting from government programs.

11. Fear and Techno-Determinism: The Closing Horizon of Alternatives

The only thing we have to fear is fear itself,” was FDR’s legendary caution to a nation on the brink of the anti-capitalist end time. One measure of how the temper of our times has changed since the long nineteenth century drew to a close in the Roosevelt era is that today we might aptly inverse what the president recommended: the only thing we have to fear nowadays is not being afraid enough.

The new fear. Unlike the "long nineteenth century" where fear often fueled collective resistance against economic elites, the "Age of Acquiescence" is marked by a different kind of fear. This fear is often individualized, privatized, and channeled away from systemic critique.

• Personal anxieties: Fear of job loss, debt, downward mobility, and personal failure.
• External threats: Fear of terrorists, criminals, and "aliens" (immigrants).
• Cultural anxieties: Fear of moral decay, loss of traditional values, and demographic change.

Techno-determinism and inevitability. Neoliberal ideology, often presented with a "techno-determinism," suggests that the current capitalist order is the inevitable and only answer to history's riddles. This narrative, reinforced by media and political elites, discourages imagining alternatives.

• The "manufacturing of or flight from reality" by mainstream media narrows public debate.
• Ideas outside the capitalist framework are dismissed as "irrelevant" or "outre."
• The "bailout state" reinforces the idea that financial institutions are "too big to fail," further entrenching the system.

The closing cultural frontier. This pervasive sense of inevitability, combined with individualized fears and the commodification of all aspects of life, has led to a "closing down of the cultural frontier." The capacity to envision a future fundamentally different from the present has atrophied, leaving society in a state of "acquiescence" where even profound injustices are met with resignation or misdirected anger.

Last updated: February 26, 2026