The book contains essays by T. S. Ashton, L.M. Hacker, W. H. Hutt and B. De Jouvenel, with an introduction by F.A. Hayek.
The main theme that connects the articles, besides defending capitalism, is that historians were biased when presenting historical facts, either because of their formal education, their ethical beliefs or because of an ingraned frustration or inferiority complex towards other proffesions.
Hayek explains in the introduction that "It is probably justifiable to speak of a socialist interpretation of history which has governed political thinking for the last two or three generations and which consists mainly of a particular view of economic history. The remarkable thing about this view is that most of the assertions to which it has given the status of “facts which everybody knows” have long been proved not to have been facts at all; yet they still continue, outside the circle of professional economic historians, to be almost universally accepted as the basis for the estimate of the existing economic order."
I especially liked his version of the idea that correlation does not equal causation: "The idea that one can trace the causal connections of any events without employing a theory, or that such a theory will emerge automatically from the accumulation of a sufficient amount of facts, is of course sheer illusion."
T.S. Ashton, in his articles, protests against the efforts to romanticize the preindustrial world (his takes on Engels are superb and on point). He also points out the erroneous way in which economic history has been taught, by breaking it up into stages or epochs: "A thousand years is an unmanageably long period, and so capitalism had to be presented as a series of stages—the epochs, respectively, of early, full, and late capitalism, or of mercantile capitalism, industrial capitalism, finance capitalism, and state capitalism. It is admitted, of course, by those who make use of these categories that there is overlapping: that the late stage of one epoch is the early (or, as they say, the emergent) stage of the next. But to teach economic history in this way—to suggest that commerce, industry, finance, and state control are successive dominant forces—is to hide from the student, I suggest, the interaction and interdependence of all these at every period of time. It is bad economics."
Bertrand de Jouvenel takes on economic historians on their biases: "The historian is no aimless fact-finder. His attention is drawn to certain problems under the influence of his own or other current preoccupations related to the present day. These induce him to seek certain data, which may have been rejected as negligible by former generations of historians; these he reads, using patterns of thought and value judgments which he shares with at least some contemporary thinkers. The study of the past thus always bears the imprint of present views."
And then he makes a very good point on the way in which intellectuals feel about economic processes and progress: "The intellectual is really of two minds about the general economic process. On the one side, he takes pride in the achievement of technique and rejoices that men get more of the things which they want. On the other hand, he feels that the conquering army of industry destroys values and that the discipline reigning there is a harsh one. These two views are conveniently reconciled by attributing to the “force” of “progress” everything one likes about the process and to the “force” of “capitalism” everything one dislikes."