Contends that from the emergence of racial antisemitism in the 1870s up to the rise of the Nazi regime, antisemitism in Europe and in the U.S. was more ambiguous than is usually presented; it was less pervasive and central in the lives of both Jews and non-Jews, and did not indicate a rising hatred of Jews everywhere or a likelihood of mass murder. Surveys the history of antisemitism, with emphasis on Germany, Austria, France, Russia, Romania, Great Britain, and the U.S. States that there were real (as opposed to chimerical) factors promoting antisemitism wherever it arose. Tension between Jews and non-Jews promoted the rise of antisemitism and was exacerbated by the success of Jews in wealth, social position, and political power. "Such rapid changes typically produce tensions and problems for any group, and the Jews were no exception". Claims that the leading exponents of antisemitism in Germany in the late 19th century - Wilhelm Marr, Heinrich von Treitschke, and Adolf Stöcker - had legitimate reasons for disliking Jews, based on personal experiences with them.

Discusses social and political conditions bearing on antisemitism and philosemitism in France, Russia, and the American South as background for the Dreyfus Affair, the Beilis ritual murder trial, and the trial and lynching of Leo Frank. Declares that comparison helps to understand each of these affairs. Antisemitism is based on realities enhanced by fantasy: in the 19th century it increased because of the growth in the number and influence of Jews, as well as domestic and international political conditions. In all three trials, official antisemitism played little part either in directing suspicion at the particular defendants or in the prosecution: in all three, there was circumstantial evidence that at first seemed credible. Public debate, however, turned on antisemitism and philosemitism. also describes massive Jewish defense efforts, especially in the USA, in connection with all three trials.