Stuart Chase in the Herald Tribune called this book about
capitalism "the most realistic political treatise of the lot" and
adds that "one must be tough and pitiless honesty and pitiless
humanity." Some people may disagree with the fi rst assertion, but
the second cannot be denied, for in this brilliant analysis of our
social and economic structure Thurman Arnold pulls no punches. By
"the folklore of capitalism" the author means those ideas about our
social and political system that are not generally regarded as
folklore but popularly and usually erroneously accepted as
fundamental principles of law and economics. Th rough his searching
scrutiny of this "folklore" about capitalism, Th urman Arnold
presents a broad scale analysis of the ways in which America thinks
and acts. Arnold is concerned with the manner in which our system
actually works rather than with the moral principles that are
claimed for it. With this purpose as a basis for his analysis, he
exposes the virtues and absurdities, the basic facts and
inconsistent gospels of American capitalism. He accomplishes all
this with an irony and a sharp lucidity that are rare indeed in the
treating of such serious topics.
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