WILLIAM M. MCCLENAHAN, JR., and WILLIAM H. BECKER. Eisenhower and the Cold War Economy.

Abstract

Dwight D. Eisenhower's economic policy during the Cold War is the focus of this informative and important study. Although the book does not break new ground, it reinvigorates an all-too-neglected aspect of Eisenhower studies: the president and former general's abiding concern for the domestic and international economic systems. The book makes the bold observation that Eisenhower's concern for these economies was, in fact, second only to the Cold War contest with the Soviet Union, and that “at times it is inaccurate to suggest that one was subordinate to the other” (p. ix). This is an important insight that sheds light not only on Eisenhower but on the nature of the Cold War more generally. William M. McClenahan, Jr., and William H. Becker have a clear goal in writing this book: they seek to resurrect Eisenhower's conservative principles as a potential guide for foreign policy today. Although readily acknowledging that circumstances at the beginning of the twenty-first century are vastly different than those in the 1950s, they nonetheless assert that there is much to learn from Eisenhower's approach to foreign relations, particularly with regard to economic policy. Like today, during Ike's two terms as president, the United States confronted major domestic and international economic challenges. Eisenhower approached these challenges, the authors contend, with a conservative outlook that “emphasized personal self-reliance and a limited role for government in economic affairs.” Yet, at the same time he was “pragmatic” about U.S. economic requirements and sought no “radical alterations” on issues such as Social Security or taxes. He was, the authors write, “flexible within the parameters of his conservatism.” Due to his long military career, Eisenhower also “understood the growth of bureaucracy” better than any of his predecessors, which helped him to navigate the unprecedented expansion of the federal government during his tenure (p. x). The authors analyze Eisenhower's economic policies at the macro and micro levels, the former concerned with broader trends in the economy such as inflation and overall government spending, the latter with the policies specifically related to agriculture, antitrust, and foreign economic affairs. These policies developed against the backdrop of the Cold War with the Soviet Union. The authors argue that Eisenhower was more successful in achieving his macro-economic goals than his micro-economic ones.