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In this volume, originally published in 1892 and based on a series of lectures, Royce presents masterly critical overviews of such philosophers as Spinoza, Kant, and Hegel, rendering in clear language what those philosophers (especially Hegel) presented technically and with great complexity. This work will be of interest both to readers of those other philosophers and to those who want to trace their influence on Idealist philosophy.
There is also some of Royce's own thought here. William James once teased Royce that he was in the habit of writing long books and then sticking everything important that he _really_ wanted to say in an appendix. This volume is no exception; one of the later chapters presents what may be the clearest exposition of the Idealist thesis ever presented. Royce was a fine expositor, and whether you agree with his thesis or not, you will be hard pressed to find a better presentation of it.
Royce was an unusual Idealist -- rather too individualistic for the tastes of the block-universe fellows over in Great Britain, and thus something of a heretic. He was a highly original thinker whose influence is still felt today even when his name isn't mentioned. (His influence on pragmatism alone is worthy of mention, but he also made important critiques of Bradley and others that really should be taken up into the current renaissance of Idealist studies.)
Royce, in short, still very much deserves to be read. This volume is a fine place to start. (I see that _The World and the Individual_ is in print again too, so try that one next!)
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Since _The Spirit of Modern Philosophy_ is also available, I'd personally recommend that book to the beginning reader of Royce. But do come back to this one. Most of Royce's subsequent work is devoted to developing his philosophy of loyalty and his vision of human community; it's very good, but he seldom returns to the metaphysical issues he discusses here, at least not in this much depth.
Now if we can just get _The Religious Aspect of Philosophy_ back in print . . .
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