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The Myth of Old Money Liberalism: The
Politics of the Forbes 400 Richest Americans
VAL BURRIS, University of Oregon
According to the conventional view, old money is more liberal than new money. Although widely shared, this
thesis of old money liberalism has never been demonstrated empirically. In this paper, I discuss the origins and
elaboration of this thesis within the social science literature. I then present evidence to refute the thesis from a study
of the politics of the Forbes 400 richest Americans and several similar samples of wealthy persons drawn from ear-
lier decades. The results of this study show that old money is, if anything, more uniformly conservative than new
money. The paper also reviews the explanations commonly given for the reputed liberalism of old money and
argues that the acceptance of the thesis is based less on the persuasiveness of these arguments than upon longstand-
ing beliefs about old and new wealth that are invoked by the theory. In the conclusion, I sketch an alternative the-
ory of the political differences between old and new money that is more consistent with the empirical evidence.
In the sociology of the capitalist class, no concept is more widely accepted as a framework
for explaining political and ideological differences among owners of great wealth than the dis-
tinction between old money and new money. According to the conventional view, old money
tends toward political liberalism (or, at least, toward a moderate and mildly reformist variant
of conservatism), while new money is inclined to embrace more hard-line conservative views.
The consensus on this thesis spans the theoretical spectrum from pluralists to Marxists to insti-
tutional elite theorists. As I shall discuss shortly, pluralists like Daniel Bell, Talcott Parsons, and
Seymour Martin Lipset were instrumental in popularizing t
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