Folklore of Capitalism

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.

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.