As the American South recovered from the Civil War, railroads and the businessmen who managed them were important ingredients in the process of economic change. But who were the railroad leaders of the first generation of the “New South” and what were their personal and corporate goals? What were the effects of their actions on the course of southern restoration? Sharply at odds with the usual “carpetbagger” demonology, Professor Klein suggests an alternative explanation and analysis.

Part of the eighteenth-century Spanish crown's attempt to restore national power through the promotion of trade and manufacturing was a campaign to eradicate the aversions of the nobility toward commerce and industry. Don Juan de Goyeneche was most often held up as the model of what the state expected of its noblemen. But Professor Callahan concludes that Goyeneche's significance lies more in symbol that in accomplishment.

The distinguishing aspect of business in modern times, particularly in the United States, is that it has permeated the entire fabric of civilization. Historical interpretations of this circumstance have been in sharp conflict and have tended toward extremes. The wave of national self-criticism of the early twentieth century focused attention on the shortcomings of business, ignoring its constructive aspects. On the other hand, the modern revisionist school of historians, depicting the businessman not as a “robber baron” but as an “architect of material greatness,” has been prone to stress ends ahead of means and to overlook the deeper implications of the businessman's role in society as a whole. True perspective is not afforded by either of these opposing academic positions, nor is it likely to be gained by further blind amassing of facts-in-isolation on the part of business historians. A general theory of business evolution is needed — one that neither praises nor blames the businessman but seeks to locate him in the larger context of human experience.