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The New Deal also relied on support from leading investment firms, commercial banks, and industries that in many cases would contribute to the leadership of the Democratic Party for the next forty years: Dillion, Read; Brown Brothers Harriman; Goldman, Sachs; Lehman Brothers; the Bank of America; First National Bank of Chicago; Chase National Bank; Standard Oil of New Jersey; General Electric; IBM; Filene's; Mead Paper; Reynolds Tobacco; American Tobacco; and Coca-Cola. What these banks and companies had in common with the Brain Trust was the belief that capitalism had evolved from its entrepreneurial and manufacturing base to a bureaucratic and consumerist mode. They felt the marketplace needed to be regulated and planned; that international trade should be on a tariff-free basis; that the wages of workers should be sufficient to drive nascent consumer industries. Often these businessmen were from ethnic backgrounds, and in the WASP-dominated...
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This section contains 304 words (approx. 2 pages at 300 words per page) |
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