This book attempts to refute a well-known theorem in social choice theory by questioning both the truth of its premises and the validity of its argument. Arrow emphasizes that four 'reasonable' conditions be placed on democratic constitutions and from these assumptions derives his theorem, which states that it is impossible to satisfy these four conditions simultaneously. This book not only refutes the theorem, but, in addition, shows that its philosophical basis is antidemocratic and should be abandoned. It is important to show that there is no justification for the claim that democracy is flawed, even if that claim be made only in a purely logical sense.