In 1914, a brilliant young political journalist published a book arguing that the United States had entered a period of “drift”—a lack of control over rapidly changing forces in society. He highlighted the tensions between expansion and consolidation, traditionalism and progressivism, and emotion and rationality. He wrote to convince readers that they could balance these tensions: they could be organized, efficient, and functional without sacrificing impulse, choice, or liberty. Mastery over drift is attainable, Walter Lippmann argued, through diligent attention to facts and making active choices. Democracy, Lippman wrote, is “a use of freedom, an embrace of opportunity.”
            Lippman’s Drift and Mastery became one of the most important and influential documents of the Progressive Movement. It remains a valuable text for understanding the political thought of early twentieth-century America and a lucid exploration of timeless themes in American government and politics. Distinguished historian Walter Leuchtenberg’s 1986 introduction and notes are retained in this edition.

Essayist, editor, columnist, author of many books, and winner of a special Pulitzer Prize citation in 1958 for his powers of news analysis, Walter Lippmann both appraised and influenced twentieth-century American politics. No other author of the century dealt with the persistent problems of politics from so many approaches, was so widely read, or varied so widely in his conclusions.

Benjamin F. Wright’s study is the first book devoted to an exposition and analysis of Lippmann’s nine “books of political philosophy,” as James Reston called them. These books provide a fascinating study of changes in the political and economic ideas of the most important journalist of his time.

Lippmann’s books published in 1913 and 1914 reflect the optimism of the Progressive Era, of faith in science and in the ability of people to choose their goals and attain them. In 1922 and 1925, while editor of the New York World, Lippmann wrote searching, often pessimistic analyses of what he believed to be the prevailing assumptions regarding the nature and role of public opinion. Although in the Coolidge era he relegated government to a minor role as mediator, he became an enthusiastic defender of the achievements of the early New Deal. Two years later in a longer look, he found the same New Deal following the path toward totalitarianism. Keynes was discarded and his place taken by the economics of Adam Smith, bolstered by the common law of Coke and the Constitution of the founders. Finally, in 1955, in the extremely popular and very engaging Public Philosophy, there is a lament for the “decline of the West” and a plea to return to the age of civility and natural law.

In a final analytical chapter, Wright presents a critique of Lippmann’s historical understanding and the modern applications of the tradition of natural law. He also assesses Lippmann’s inability to translate the “public philosophy” into programs or institutional changes and the failure to account for the expansion of governmental functions together with the continued strength of constitutional democracy in the West.

Walter Lippmann was the most distinguished American journalist and public philosopher of the twentieth century. But he was also something more: a public economist who helped millions of ordinary citizens make sense of the most devastating economic depression in history. Craufurd Goodwin offers a new perspective from which to view this celebrated but only partly understood icon of American letters.

From 1931 to 1946 Lippmann pursued a far-ranging correspondence with leading economic thinkers: John Maynard Keynes, Lionel Robbins, Friedrich Hayek, Henry Simons, Adolf Berle, Frank Taussig, and others. Sifting through their divergent views, Lippmann formed his own ideas about economic policy during the Great Depression and shared them with a vast readership in his syndicated column, Today and Tomorrow. Unemployment, monetary and fiscal policy, and the merits and drawbacks of free markets were just a few of the issues he helped explain to the public, at a time when professional economists who were also skilled at translating abstract concepts for a lay audience had yet to come on the scene.

After World War II Lippmann focused on foreign affairs but revisited economic policy when he saw threats to liberal democracy. In addition to pointing out the significance of the Marshall Plan and the World Bank, he addressed the emerging challenge of inflation and what he called “the riddle of the Sphinx”: whether price stability and full employment could be achieved in an economy with strong unions.