As one of the most important movements in twentieth century legal thought, legal realism continues to be a source of controversy and inspiration. This study provides the first critical comparison and evaluation of American and Scandinavian legal realism. Presenting, evaluating, and reformulating the basic ideas of American legal realists such as Karl Llewllyn, Walter Wheeler Cook, Herman Oliphant, Jerome Frank, and Underhill Moore in the first part of the book, the author devotes the second part to a critical appraisal and reformulation of the major doctrines of Scandinavian legal realists such as Axel Haegerstroem, A. V. Lundstedt, Karl Olivecrona, and Alf Ross. The book also reveals the misunderstanding of legal realism by legal philosophers such as H. L. A. Hart and Ronald Dworkin and the connections of legal realism to the critical legal studies movement.