Business: Ceremonial Channels

Thurman Arnold has spent most of the last 16 years lecturing, wittily, on law. Last October, when he was a Yale Law School professor, Yale University Press published a book of his called The Folklore of Capitalism. In it he said of the anti-trust laws that their actual result "was to promote the growth of industrial organizations by deflecting the attack on them into purely moral and ceremonial channels. . . . Men like Senator Borah founded political careers on the continuance of such crusades, which were entirely futile but enormously picturesque, and...

Want the full story?

Subscribe Now


Learn more about the benefits of being a TIME subscriber

If you are already a subscriber sign up — registration is free!