This collection investigates the evolution of American literary movements and the specific cultural conditions that shaped the writers of the Lost Generation. Malcolm Cowley, a prominent critic and editor, utilizes his personal experiences within the Parisian expatriate circles and his extensive knowledge of the American publishing industry to analyze the shift from traditionalism to modernism. He argues that the social and economic upheavals of the early twentieth century necessitated a new aesthetic framework for American prose and poetry.

Critics frequently cite this work as a primary source for understanding the social dynamics of the modernist era. Scholars note the clarity of Cowley's prose and his ability to synthesize historical context with literary critique.