The Folklore of Capitalism

1938. New Haven: Yale University Press, 1938.. New Haven: Yale University Press, 1938. Arnold, Thurman W. The Folklore of Capitalism. New Haven: Yale University Press, 1938. vii, 400 pp. Original red cloth with gilt stamped spine. Moderate shelfwear. Binding slightly cocked and rubbed. Business card of "Robert Marvin Teets, Jr." to front free endpaper, otherwise clean. A good copy. $25. * A satirical and serious critique of the myths and symbolic rhetoric that sustained American capitalism in the 1930s, despite evidence of its failures during the Great Depression. Written by Thurman W. Arnold, a prominent lawyer and legal realist, the book argues that society often relies on emotionally-charged, "folkloric" ideas rather than facts to understand and defend its institutions. Arnold argues that laissez-faire capitalism was upheld as a sacred principle, even as industrial concentration and monopolies became a practical reality. He satirizes society for clinging to the myth of individual competition while allowing powerful corporations to dominate. The book analyzes the absurdity of treating corporations as legal persons with rights similar to individuals. Arnold highlights how this personification allowed large organizations to gain power and deflect criticism away from their actual control of the economy. Critique of antitrust laws: Arnold suggests that antitrust laws, rather than curbing monopolies, often served a ceremonial or symbolic purpose. By pursuing legal action against "bad" corporations, the government could create the illusion of fighting for competition, when in fact the laws did little to prevent further industrial concentration.