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The Folklore of Capitalism
The basic premise of the book is that the thinking man, after learning the proper lessons of history, chooses wisely between Capitalism, Communism, and Fascism--provided he doesn't let emotion sway his reason or listen to the blandishments of demagogues.
- GenresEconomicsNonfiction
424 pages, Paperback
Published December 20, 2000
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About the author
Thurman Arnold
33 books6 followersThurman Arnold taught at the Yale Law School, was an Assistant U.S. Attorney General in charge of antitrust matters from 1938 to 1942, and later served as an Associate Justice of the U.S. Court of Appeals for the District of Columbia. He was a founding partner of Arnold, Fortas & Porter, a Washington law firm.
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Displaying 1 - 3 of 3 reviews
March 3, 2020
I disagree with the synopsis provided by Goodreads. So I will provide my own.
Thurman W. Arnold attempts to show that there are "myths" behind institutions that are often accepted by its people. These myths are based on idealism. Idealism is not a reality, but rather a hope. There are ideal moralities, but maintaining perfect harmony with that idea is roughly impossible. In this book he describes the myths of Capitalism and proceeds to provide proofs against accepting them.
"Nothing disturbs the attitude of religious worship so much as a few practical observations. And yet that spiritual need is something which cannot be denied to any group of men..."
-Thurman W. Arnold
"... there is a desperate spiritual need to impose impossible standards on... organizations, and to pretend that it is principles which govern, and not men."
-Thurman W. Arnold
Capitalism "came in as a result of mechanical techniques which specialized the work of production so that men could not operate by themselves. Nothing could stop the progress of such organization..."
-Thurman W. Arnold
Thurman W. Arnold attempts to show that there are "myths" behind institutions that are often accepted by its people. These myths are based on idealism. Idealism is not a reality, but rather a hope. There are ideal moralities, but maintaining perfect harmony with that idea is roughly impossible. In this book he describes the myths of Capitalism and proceeds to provide proofs against accepting them.
"Nothing disturbs the attitude of religious worship so much as a few practical observations. And yet that spiritual need is something which cannot be denied to any group of men..."
-Thurman W. Arnold
"... there is a desperate spiritual need to impose impossible standards on... organizations, and to pretend that it is principles which govern, and not men."
-Thurman W. Arnold
Capitalism "came in as a result of mechanical techniques which specialized the work of production so that men could not operate by themselves. Nothing could stop the progress of such organization..."
-Thurman W. Arnold
September 1, 2020
"The greatest destroyer of ideals is he who believes in them so strongly that he cannot fot them to practical needs." Pg. 393
What an unexpectedly eye-opening book. Originally written in 1937 (my copy is the "updated" 1964 edition) it highlights so many things that are STILL wrong with the way this country functions. Some chapters, admittedly, were very high-level and occasionally difficult to get a handle on. However some very basic ideas that we could all learn from.
America isn't Capitalist. We call it capitalism but we don't follow the basic rules of it. And quite frankly many people (cough cough Libertarians) that would agree with that first statement also fall victim to the Folklore of Capitaliam. In this same line of reasoning America is compared to Europe during the Wars of Reformation. It doesn't matter if something is beneficial, or works better, if it doesn't fit into whatever Americans falsely advertise as capitalism (please see: anytime the word Socialist is hurled at an idea or as an insult).
This book covers several other extremely important topics like political reform and taxes as well.
I actually found it in my law school library after 1L year, they were getting rid of old books for free.
I'd definitely recommend but it's also not a casual read.
What an unexpectedly eye-opening book. Originally written in 1937 (my copy is the "updated" 1964 edition) it highlights so many things that are STILL wrong with the way this country functions. Some chapters, admittedly, were very high-level and occasionally difficult to get a handle on. However some very basic ideas that we could all learn from.
America isn't Capitalist. We call it capitalism but we don't follow the basic rules of it. And quite frankly many people (cough cough Libertarians) that would agree with that first statement also fall victim to the Folklore of Capitaliam. In this same line of reasoning America is compared to Europe during the Wars of Reformation. It doesn't matter if something is beneficial, or works better, if it doesn't fit into whatever Americans falsely advertise as capitalism (please see: anytime the word Socialist is hurled at an idea or as an insult).
This book covers several other extremely important topics like political reform and taxes as well.
I actually found it in my law school library after 1L year, they were getting rid of old books for free.
I'd definitely recommend but it's also not a casual read.
May 30, 2022
Abstract to the point of incoherence. For some context, this book is essentially an attempt at theoretical post-mortem in the wake of FDR’s judicial difficulties with the New Deal, eventually culminating in the administration’s abandoned court-packing plan. An entry into what he coins in the final chapter of this book “political dynamics,” Arnold sets out to explain in toto the U.S.’s society and system of government as it existed in 1937, contrasting it from time to time, favorably and unfavorably, with those of the USSR, the early days of Nazi Germany, and several other European nations.
Arnold begins with essentially an assumption that the fields of politics, economics, and law are mere philosophical “creeds” with no referent underneath them. Later, he contends that the distinction between governmental bodies and corporations are legal and ideological fictions as well, both no more than social organizations. But what rests at the bottom of these organizations, determining whether they will succeed or fail? By Arnold’s metric, it is solely a general sense of the organization’s “morale,” with some consideration to the distribution of material goods. This leaves much to be desired.
Knowing little of Arnold, I had gone into this book expecting based on the title something more sociological, assessing the various popular myths about the capitalists of the time as seen in the printed press, or maybe something like Studs Terkel just going about the country and interviewing people on how they thought the capitalist mode of production and distribution works. Arnold relies heavily on analogies to the apocryphal debates of the Catholic church, which ultimately just don’t have the strength with which he attempts to imbue them. He devotes a chapter to his theory on language that, while serving little to make his ideas and critiques clearer, honestly reminded me a bit of Wittgenstein. It is remarkable to see how just long ago individuals had been claiming that the capitalist mode of production had been superseded, but there’s little of interest in this book otherwise.
Arnold begins with essentially an assumption that the fields of politics, economics, and law are mere philosophical “creeds” with no referent underneath them. Later, he contends that the distinction between governmental bodies and corporations are legal and ideological fictions as well, both no more than social organizations. But what rests at the bottom of these organizations, determining whether they will succeed or fail? By Arnold’s metric, it is solely a general sense of the organization’s “morale,” with some consideration to the distribution of material goods. This leaves much to be desired.
Knowing little of Arnold, I had gone into this book expecting based on the title something more sociological, assessing the various popular myths about the capitalists of the time as seen in the printed press, or maybe something like Studs Terkel just going about the country and interviewing people on how they thought the capitalist mode of production and distribution works. Arnold relies heavily on analogies to the apocryphal debates of the Catholic church, which ultimately just don’t have the strength with which he attempts to imbue them. He devotes a chapter to his theory on language that, while serving little to make his ideas and critiques clearer, honestly reminded me a bit of Wittgenstein. It is remarkable to see how just long ago individuals had been claiming that the capitalist mode of production had been superseded, but there’s little of interest in this book otherwise.
Displaying 1 - 3 of 3 reviews