Since Charles Beard first focused attention upon the tenth Federalist, James Madison’s famous essay has been rivalled only by the Declaration of Independence and the Constitution itself as the most important political writing of the American founding. A set of specific claims forms the basis of its still-vaunted status. These include uncontested claims for its eloquence and lucidity, its theoretical novelty and brilliance, the uncanny prescience of Madison’s depiction of the structure of modern American society, and his farsighted projection of the workings and challenges of the American political system. Nevertheless, these claims also include now deeply disputed assertions about its influence in the adoption of the Constitution, its place at the vital core of Madison’s political thought, and its plausibility as an expression of the underlying philosophy or understanding of the original Constitution. This essay elides the specialized debates that have grown up around each of these claims. Its goals instead are to revisit the debate over the meaning of Madison’s theory, propose a straightforward reading of Federalist 10 that integrates and eclipses previous interpretations, and provide a foundation for future scholarship addressing the numerous disputes that still govern the interpretation of Madison’s classic.