chapter focuses on the early years of Fortune, Luce's second magazine founded just months after the Wall Street crash of October 1929. Led by managing editor Ralph MacAllister Ingersoll, the Fortune staff produced some of the most incisive writing of the decade on the Great Depression and American capitalism. Much of this writing, moreover, was highly critical of the kind of laissez-faire capitalism identified with President Coolidge's famous statement that the ‘business of America is business.’ Mac-Leish and Macdonald published a series of articles in Fortune supporting the need for New Deal-type reforms and exposing wrongdoings at big corporations such as U.S. Steel. Vanderlan argues convincingly that Fortune played an important role in ‘legitimizing’ FDR's reform agenda, thus paving the way for the second New Deal of 1935-1936.
Ironically, the difficult debate over how critical Fortune should be of American capitalism led to a distinct change of course in 1936. Luce decided not to publish a critical interpretive essay on the monopolistic tendencies of U.S. Steel written by Macdonald (and clearly inspired by Macdonald's interest in Marxist-Leninist theory). Not much later, Macdonald left the magazine and Fortune's overall tone became much more business-friendly. By 1940, Luce openly used his magazines to aid the campaign of the Republican presidential candidate Wendell Wilkie. In contrast to Macdonald, Archibald McLeish continued to write for the Luce magazines, arguing that reaching a large audience was more important than protecting one's ideological purity.
A weakness in Vanderlan's well-written and interesting study is the fact that Luce himself remains very much a mystery to the reader. Tellingly, Luce is not even listed in the index. Readers interested in Luce and the inner workings of the Time Inc. magazines are therefore well advised to read Intellectuals Incorporated in conjunction with Alan Brinkley's The Publisher. Henry Luce and His American Century. Unlike Vanderlan, Brinkley did have access to the Time Inc. Archives, enabling him to shed more light on Luce's influence and motivations. The first part of Brinkley's highly readable work is particularly enlightening in explaining Luce's enormous drive and ambition. As the oldest son in a missionary family based in China, Luce was imbued with a strong sense of responsibility and higher purpose in life. At the same time, the limited financial means of the Luce family frequently put Harry (as Luce was usually called) in awkward positions. As a scholarship student at Hotchkiss, an elite boarding school in Connecticut, Harry was not allowed to sleep in the school dormitories and had to wait on the tables of the paying students. To compensate for this obvious lack in social standing, Luce was determined to excel as a scholar and writer and contributed hundreds of articles and poems to the school newspapers.
Brinkley explains Luce's increasingly dominant role in Time Inc. in the second half of the 1930s by pointing both to Luce's personality and to the developing world crisis. Luce came to regard himself by the mid-1930s as one of America's ‘great men’, who had to shape the future course of the country. In terms of the U.S. economy, this meant safeguarding the system of free enterprise and opportunity as Luce understood it. In terms of world affairs, this meant a clear shift away