The Dillon Era: Douglas Dillon in the Eisenhower, Kennedy, and Johnson Administrations

C. Douglas Dillon, a Republican who served in a Democratic administration and became one of the greatest modern treasury secretaries, believed in bipartisanship and public duty. Richard Aldous' book "The Dillon Era" sheds new light on his influential political career, highlighting his role in delivering comprehensive income tax cuts and sustaining political cooperation during the postwar period.

Format: Hardback
Length: 296 pages
Publication date: 31 October 2023
Publisher: McGill-Queen's University Press

C. Douglas Dillon, the heir to a vast investment banking fortune and one of the wealthiest men in America during his political career, was a Republican who served in a Democratic administration and became one of the greatest modern treasury secretaries. He held strong beliefs in bipartisanship and public duty, a sensibility that has largely faded from the current political climate.

In his meticulously researched book, "The Dillon Era," Richard Aldous offers a fresh perspective on a well-documented period in recent American history. Through exclusive access to the family's archive, Aldous unveils a deeply influential but somewhat overlooked political career. In 1953, President Eisenhower appointed Dillon as the ambassador to Paris, and later promoted him to the second in command in the State Department in 1958. Presidents Kennedy and Johnson sought his expertise as treasury secretary to reassure Wall Street about the nation's finances. Dillon became one of President Kennedy's closest advisors and played a pivotal role in delivering the most comprehensive income tax cuts the nation had ever seen.

Overseas, he worked tirelessly to sustain political cooperation as the Bretton Woods system threatened to unravel. By the time he left office in 1965, the Washington Post recognized Dillon as "by far the best Secretary of the Treasury of the postwar period," and European Economic Community president Walter Hallstein hailed a new "Dillon era."

Dillon advocated for evolution and reform over radicalism, placing the national interest above party interest. "The Dillon Era" sheds new light on the postwar period, identifying Dillon as a pivotal figure in American policymaking during these crucial years of the Cold War. His legacy continues to shape the political landscape, reminding us of the importance of bipartisanship and public service.

Dimension: 229 x 152 (mm)
ISBN-13: 9780228018872