Folklore of Capitalism

Arnold, T.W.

ISBN 10: 0300002742 ISBN 13: 9780300002744

Publisher: Yale Univ Pr, 1962

Synopsis

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.

Thurman W. Arnold (1891-1969) was assistant attorney general who headed the Antitrust Division of the U.S. Department of Justice under Franklin D. Roosevelt. In addition to this book he is the author of The Symbols of Government and Fair Fights and Foul: A Dissenting Lawyer's Life.

Sidney A. Pearson, Jr. is professor emeritus of political science at Radford University. He is also the series editor of Library of Liberal Thought at Transaction Publishers.

About this title

From the Publisher

Written in 1937 when the Thurman W. Arnold was a law professor at Yale, the Folklore of Capitalism is a puckish but serious critique of what he saw as the myths of capitalism. Summing up his book in the Preface, the author said, "By the folklore of capitalism I mean those ideas about social organizations which are not regarded as folklore but accepted as fundamental principles of law and economics." The book, which satirizes many beliefs of American laissez-faire society, was a best-seller and brought Mr. Arnold national attention.

About the Author

Thurman W. Arnold, the New Deal’s chief trust buster and one of Washington’s most eminent lawyers, was born in Laramie, Wyoming in 1891. He entered Princeton at 16, graduating Phi Beta Kappa in 1911 and earning a law degree from Harvard in 1914. He lead a colorful life. He was a homesteader, sheep rancher, Mayor of Laramie and a Yale law professor. He took time out at Yale to serve in Franklin D. Roosevelt’s Administration. In 1943, Mr. Arnold was appointed to the United States Court of Appeals for the District of Columbia. He quit the bench after two years because "I’d rather speak to damn fools than listen to them." Subsequently, he established the prestigious law firm of Arnold, Fortas and Porter , which was reorganized in 1965. He died in 1969.

Other Beard Books by Thurman W. Arnold: The Bottlenecks of Business

About this edition

• Publisher: Yale Univ Pr
• Publication date: 1962
• ISBN 10: 0300002742
• ISBN 13: 9780300002744
• Binding: Textbook Binding
• Number of pages: 423