Dedicated to the men of the Antitrust Division of the Department of Justice, this powerful book was written by Thurman W. Arnold in 1940, when he was Assistant Attorney General of the United States. Under his astute and vigorous leadership, the Division prosecuted 230 companies for monopoly practices in violation of the Sherman Antitrust Act. Mr. Arnold saw the Act as an instrument to clear the restraint of trade. His anti-trust purpose, he said at the time, was not to destroy the big corporations but to keep them within bounds. The book provides an enlightening analysis of some of the principal cases of the time.
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.
Dedicated to the men of the Antitrust Division of the Department of Justice, this powerful book was written by Thurman W. Arnold in 1940, when he was Assistant Attorney General of the United States. Under his astute and vigorous leadership, the Division prosecuted 230 companies for monopoly practices in violation of the Sherman Antitrust Act. Mr. Arnold saw the Act as an instrument to clear the restraint of trade. His anti-trust purpose, he said at the time, was not to destroy the big corporations but to keep them within bounds. The book provides an enlightening analysis of some of the principal cases of the time.
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.
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