Chapter 3 Summary

Chapter Three


During the World War I, thrift came to "the predominant civil virtue." The thrift movement was popular due to the ideas of thrift that were prevalent in the 1800's but the ideas were accelerated. Organizations such as the YMCA and the NEA formed other thrift societies and committees to investigate and teach new ideologies of thrift and how it can be used for the benefit of society. Two issues that the new thrift movement tried to address were the astonishing prosperity of the new era and the suspicion and hostile reaction of the working class to the ideas of thrift. these new ideas were facing skepticism from many, even those who used to believe strongly in it. These issues had to be faced and resolved and were thus brought to light in thrift literature in the early 20th century. According to S.W. Straus, founder of the American Society for Thrift, noted that thrift was derived from the word thrive which means to do well. For not only is a financial virtue, but it is a moral virtue. However, many advocates of thrift were heckled for being stingy and selfish in some cases. The real key principle of thrift is self-control though as it may be mistaken for being "cheap." Thrift also was taken from a private practice to one of publicity. It was used for bonds and helped companies from dangers internally with workers. Once the U.S. entered WWI, advocates for thrift quickly tried their best to promote thrift in schools and in the nation to help fortify and prepare the economy. Two primary goals of wartime thrift were to conserve goods on the home front and the raising of funds for war efforts. These efforts were promoted by the Commercial Economy Board. Another organization instituted to promote thrift was that of Food Administration developed by President Woodrow Wilson. However, once the war was over, many Americans tossed their former thrifty habits and started to splurge. Therefore, thrift was taught in schools and school savings banks were instituted by companies such as the American Bankers Association. Thrift Education was supported by companies none other than the NEA. Finally, thrift was promoted in the 20th century similarly to the 19th but now it was promoted all over in places such as the home and schools in times of both war and peace.