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Once the story of modern America seemed relatively simple. On one side stood a business elite defending a market system to which it owed its power and position. On the other stood the “common man,” economically weak but politically capable of forging tools that could alter the workings of market discipline. And between them, waxing and waning in response to “reform” and “counter-reform,” stood the aggregation of political tools that the “common man” had been able to forge. Such was the story told in “liberal” history; and with reversed heroes and villains, the same story was told in “conservative” history. Both assumed a business-government dichotomy, and both ignored or slighted those aspects of modern America that could not be fitted into it.
Contrasting with the resentment of other power structures, especially corporate business, that democratic governments display is the obvious need of the powerful and the productive for each other in times of stress. Professor McQuaid follows the activities of a group of “corporate liberals” (i.e., big business leaders who believed that intelligent collaboration between business, government, and organized labor was an attainable goal) from World War I through the prosperous 1920s, the despondent 1930s, and the busy and prosperous years of World War II. He concludes that corporate liberal opinion grew more influential in both corporate and governmental circles during and after the period.