World Famous Comics: Only Yesterday: An Informal History of the 1920's (Wiley Investment Classics)
Only Yesterday: An Informal History of the 1920's (Wiley Investment Classics)
By: Frederick Lewis Allen Publisher: Wiley Average Rating: Binding: Paperback Label: Wiley Number of Items: 1 Number of Pages: 304 Publication Date: September 08, 1997
Hailed as a classic even when it was first published in 1931, Only Yesterday remains one of the most vivid and precise accounts of the volatile stock market and the heady boom years of the 1920's. A vibrant social history that is unparalleled in scope and accuracy, it artfully depicts the rise of post - World War I prosperity, the catalytic incidents that led to the Crash of 1929, and the devastating economic decline that ensued—all set before a colorful backdrop of flappers, Al Capone, the first radio, and the "scandalous" rise of skirt hemlines. Now, this mesmerizing chronicle is reintroduced to offer readers of today an unforgettable look at one of the most dynamic periods of America's past.
With a novelist's eye for detail and a historian's attention to the facts, Frederick Lewis Allen tells a story that will ignite your imagination as its rich pageant of characters and events comes alive. Peppering his narrative with actual stock quotes and financial news, Allen tracks the major economic trends of the decade and explores the underlying causes of the Crash. Here are fresh accounts of Harding's oil scandals and the growth of the automobile industry, as well as the decline of the family farm, the Coolidge prosperity, and the long bull market of the late twenties. Allen's virtual hour-by-hour account of the Crash itself, told from multiple perspectives with mounting suspense, is as gripping as anything you are likely to read in fiction.
In addition to his power as a storyteller, Allen was a living witness to the events he describes; there is a thrilling you-are-there feeling about the unfolding history. After a brief "return to normalcy" following the War, the pace of life in America quickly escalated to a full gallop. New forces were being unleashed: prosperity with serious inflation, larger-than-life figures such as J. Pierpont Morgan and Henry Ford, and the Big Red Scare of the early twenties. Allen documents the new inventions, fads, and scandals as they affected the daily life of the country, including the impact of Freud and Einstein, Prohibition and Al Capone, Babe Ruth and Jack Dempsey, the trial of Sacco and Vanzetti, and the shocking changes in manners and morals. In Only Yesterday we hear America talking to itself from coast to coast, furiously debating its own rapidly evolving destiny.
An engaging narrative that describes the harried, often tumultuous events of Wall Street in the twenties, as well as the infectious spirit of the times, Only Yesterday is not only a compelling account of years gone by, but a true classic that will be appreciated for years to come.
"When this fascinating social history of America in the 1920's was first published in 1931, the twenties were indeed Only Yesterday. But, as Mr. Allen makes clear, they were so much more than the clich— would have it. . . . Frederick Allen's marvelous book brings back an exciting time in the life of the nation. I am quite sure you will enjoy reading it as much as Mr. Allen and I enjoyed living it." —from the Foreword by Roy R. Neuberger.
Recognized as a classic even when it was first published in 1931, Only Yesterday is a fascinating and revealing chronicle of the volatile stock market and heady boom years of the 1920's. Written by an esteemed historian who witnessed firsthand the explosive atmosphere and events of the time, this compelling narrative takes its place as one of the most important and invaluable contributions to investment literature.
Acclaim for Only Yesterday
"Marvelously absorbing . . . Only Yesterday tells the story of the 1920's from the collapse of Wilson and the New Freedom to the collapse of Wall Street and the New Era." —Stuart Chase, Books.
"A perfectly grand piece of historical record and synthetic journalism." —Fanny Butcher, Chicago Tribune.
"A style that is verve itself . . . Besides telling the story of the bull market in fine perspective, Mr. Allen presents the first coherent account that we have seen of the oil scandals that will eventually make the Harding regime match that of President Grant and the Crédit Mobilier story in the history books of the future." —John Chamberlain, The New York Times.
Influential I remember reading this book some 30 years ago. I don't know where I got it from and I no longer have it but it has coloured my thinking about finance, morals, the markets, everything about modern day life in the late 20th and early 21st century ever since. It has all come around again but thankfully and hopefully economists now know more about the way that the financial world works and the present difficulties will not last as long as the previous one - it took WW2 to get the Western world back on its feet!
Valuable comparison piece to modern studies. I read this for the first time when I was in sixth grade and it continues to be one of my favorite books on the 1920's.
I will agree that maybe it's not the best place to start for a complete Jazz Age neophyte because it requires the reader to get over his/her modern-day attitudes, but after a little starter research, it's fascinating.
Obviously, since it was first published in 1931, it lacks long-term analysis, which some people might find frustrating. Personally, I think that the fact that it was written when these events and views were still so fresh, and that it does not have modern ideas projected onto it, makes it a valuable and interesting comparison to later perspectives on the decade.
Great Reference This book is a wonderful source of information about the 1920s in the USA. It has lots of facts and makes them personal with anecdotes and the sort of details about daily life that textbooks omit. It was written shortly after the decade and still holds as one of the best sources of information about the decade.
Why the 1920's Roared This is an excellent historical book, on the zeitgeist of the 1920's.It reflects upon all the major people,places,and things that define the epoch of American 1920's.If you had to read one book about that excessive time period of vanity,i would definately recommend this one.It's the best of the genre.Not all aspects of the 20s are covered here.Yet,it would be too cumbersome and boring to read if any longer.The parallels of the 20s to the later 1980's is quite amazing.The same beliefs developed,yet with different characters playing the parts.Time has not whithered the potent veracity of the book. If you're doing a history class project,Frederick Allen's respective on the 1920's,is the ideal quick reference from the era.
Contemporary AND historical!Recently while doing research for an exhibition on the 1920s, I purchased this fabulous little book Recently while doing research for an exhibition on the 1920s, I purchased this fabulous little book called Only Yesterday: An Informal History of the 1920s. Historian Frederick Lewis Allen wrote it in 1931, before Prohibition was even repealed!
I bought it because I wanted a contemporary perspective on the decade from someone who was there. I was astounded at his insight into a decade that he not only lived through, but also did not have much distance from.
As a rule, historians generally wait at least a decade in order to examine the recent past. When you are still living through it, you often don't have enough perspective to evaluate what the implications were or are going to be.
However, Allen was spot on with his analysis of the 1920s. He admits early in the text that he is not trying to make any sweeping historical observations, and he is keenly aware of the dangers of trying to interpret events that were so recent. Instead, he says he is writing to capture the spirit of the age, as he remembers it.
But I found that many of his statements were consistent with current historical scholarship of that era.
His analysis of the Red Scare was particularly insightful. He writes, "...upholders of every sort of cause, good, bad, and indifferent, all wrapped themselves in Old Glory and the mantle of the Founding Fathers and allied their opponents with Lenin...A cloud of suspicion hung in the air, and intolerance became an American virtue."
Considering he was writing only 10 years after fear of communism swept this country, I was impressed with his courage to be honest about what was really going on. Although by the end of the decade, people were no longer concerned about a communist revolution, those who led the charge were certainly still alive.
His attitude toward Prohibition represented the common thought of the era that the "noble experiment" was indeed a failure. Yet, it would be two years after his book was published that the 21st amendment was ratified.
He accurately describes the spirit of the times, writing, "In those days people sat with bated breath to hear how So-and-So had made very good gin right in his own cellar, and just what formula would fulfill the higher destiny of raisins, and how bootleggers brought liquor down from Canada."
The 1920s were of course a time of radical change in manner and morals. People rejected anything "old fashioned," looking instead to what was current and up-to-date. "It was better to be modern - and everybody wanted to be modern - and sophisticated, and smart, to smash the conventions and to be devastatingly frank," Allen writes. "And with a cocktail glass in one's hand it was easy at least to be frank."
Allen also writes about the Scopes "monkey trial" - challenging the teaching of evolution in schools - with a hint of humor that really captures the bewilderment of the locals: "It was a strange trial. Into the quiet town of Dayton flocked gaunt Tennessee farmers and their families in mule-drawn wagons and ramshackle Fords; quiet, godly people in overalls and gingham and black, ready to defend their faith against `foreigners,' yet curious to know what this new-fangled evolutionary theory might be."
When my book arrived, it was obviously a bit tattered. My copy was from the 1964 reprint, so it looked a bit dated from what you expect from modern history books. The print was quite small and seemed intimidating when I first opened it. There is a 1997 and 2000 reprint available as well.
But it turned out to be the most interesting read of any book I used for my research!
Allen is witty, extremely intelligent, and has the unique perspective that can only be achieved by living through these events yourself.
If you are a Roaring Twenties enthusiast, or only casually interested in the era, I highly recommend this book. It provided me with a wealth of information, and lots of snappy quotes that really added to my exhibition.
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