Those phenomena that are called revolutions, in the conventional sense of the word, are essentially moments of turbulent acceleration following periods of retardation; and such are the phenomena of the révolution tranquille in Québec, which are confused by some with the inclusive events of long duration. In this perspective, and as a prelude to the analysis of current conceptions of the so-called quiet revolution in Québec, the author offers a study of the economic and social history of the United States from 1920 to 1940. He sees no sharp break between the fabulous twenties and the depression decade; nor does he see a gap between the interwar period and the preceding so-called progressive period. This can be seen through the unfolding of social, political, and economic events, provided that care is taken to adopt the mental set of transcending the conflictual in order to assent to the cumulative aspects of the historical process. Seen from this angle, the issues appear more complex, and contemporaries may easily be pardoned for failing to grasp the fundamental questions or for seeing revolutions where there are none. In the freedom of dancing, smoking, and drinking with women or, again, in the freedom of teaching the theory of evolution in schools (freedoms conquered in the twenties and the early thirties), some have seen a revolution. In a like manner, the New Deal has been described as revolutionary, as has the economic theory of J.M. Keynes. But if capitalism really has undergone such trials, how then can it still carry on so vigorously? In fact, it has learned to adapt itself to the changing conditions of its survival without altering its basic character. New regimes arise and the system carries on. The New Deal created a new regime to which capitalism acclimatized itself; and in the new regime capitalism managed so well that it could take advantage of the change in mentality in order to save the system. Under the New Deal, however, capitalism reached an important stage of its politicization, as it did somewhat later, under the new fiscal policies derived from Keynes’ general theory. Yet, despite all revolutionary appearances, it continued to operate on the basis of usury, and while taking hold of the new media of information it mobilized resources with a view to profit and in so doing it organized things and men with equal indifference and efficiency. The system has continued to operate on the same basis of usury and, in order to sidetrack violent protest, it has adopted the issue of social justice; it has been willing to substitute assistance for employment, destructive idleness for creative leisure. Those benefits that are labeled social security and are now distributed without much regard for human creativity have the properties of a tranquillizing pill. And so we are reminded of the panem and circenses politics of a declining Empire. Are we really prepared to swallow the tranquillizing pill?