"conventional, complacent, materialistic American businessman," 1923, from the name of the title character of Sinclair Lewis' novel (1922).
His name was George F. Babbitt. He was forty-six years old now, in April 1920, and he made nothing in particular, neither butter nor shoes nor poetry, but he was nimble in the selling of houses for more money than people could afford to pay. [Sinclair Lewis, "Babbitt," 1922]
Earlier in 19c. the name was used in metallurgy in reference to a type of soft alloy.
by 1928, in common use from 1935, originally in a European context, "racial supremacy as a doctrine, the theory that human characteristics and abilities are determined by race;" see racist, and compare the various senses in race (n.2) and racialism. Applied to American social systems from late 1930s.
This meaning of Nationalism in no sense implies any consent to the doctrine of Racism, which holds that unity of racial origin is the main principle of unity for civil society and that the members of each ethnical branch should properly aim at grouping themselves together into so many national States. Although it is desirable that strongly-felt national aspirations, which often depend on community of race, should be satisfied, as far as this may be compatible with justice, Racism or the Principle of Racial Self determination, as it has been called in recent years is a materialistic illusion contrary to natural law and destructive of civilisation. [James Strachey Barnes, "The Universal Aspects of Fascism," London, 1928]