Electrifying! Don't let the dull title (and what many, including myself, think of as particularly dull art...at least in its canonical instances) fool you. The subtitle does a bit more to convey what's so exciting about this...but a still more apt subtitle would be The Crises of the Renaissance and the Origin of the Modern Psyche.
A student of both Henri Bergson and Georg Lukacs, Hauser has an incredible sensitivity to the living ways that dichotomies (if not quite antitheses) may coexist and become productive. He is influenced heavily by a nuanced--but not an uncritical--understanding of psychoanalysis and of Marxism. I think Slavoj Zizek sometimes comes across as ingenious but not quite mature by comparison. This work seems to me a more monumental and more perfect synthesis than say, Zizek's (also great) book(s) on Hegel and the Sublime Object and so on--which come across as ingenious but less mature, certain less widely-read, by comparison. Certain crises motivated by the rise of capitalism, the Reformation and Counter-Reformation, advances in Science and especially Scientific Psychology disrupted Renaissance understandings in ways that 1) we are still reeling from and 2) required new solutions of the sort which we continue to consider fundamental building blocks.
Besides lengthy treatments of Mannerism in the Visual Arts, there are terrific sections on literature: crucially Cervantes, Shakespeare, and Machiavelli (great pages on Christopher Marlowe too) preceding the rise of Mannerism in Italy--and ending with Proust and Kafka.
Wikipedia quotes Ernst Gombrich accusing Hauser of being a Social Determinist. I think this must have come from Hauser's earliest books on the Social History of Art and before the following book on The Philosophy of Art History (which was just before this book, Mannerism), which absolutely dispels this notion in its opening pages. Anyway, there's not a shred of substance left for such a misinterpretation left here.
I've never been a joiner and have preferred referring to myself as a "student but not a disciple of [[Jesus Christ, Karl Marx, Sigmund Freud]]." I'm not immune to hero worship, of course, I once wanted to name a child after Jacob Bronowski (his confederates Carl Sagan and Kenneth Clark, having, to my ears, less euphonious first names) but that's merely love, those are just feelings enhanced by the cross product of awesome talent and imperfection. With Hauser I've had a sort of whammy of a conversion experience reading this wonderful book. I want to wear an Arnold Hauser T-Shirt. I wanna be sixteen years old, sitting on a bus, surrounded by clever and charismatic young people, all of us on our way to Arnold Hauser Summer Camp. (He is something of a Fuddy Duddy about Romanticism and I think he's paradoxically both really enlightening and rather blind on this topic...but there's little of that here: it's more pronounced in the books just before and just after this one).
& I've ordered all his other books (all the others in print in English, anyway). Very highly recommended.