Kolnai's later work in moral philosophy is well-known, and interest in it continues to grow, but his dissertation, Ethical Value and Reality, has received little attention - although Kolnai himself said that it contains the germs of nearly all his subsequent thought. This first English translation of the dissertation and of two related papers from the same period will enable the English-speaking reader to explore Kolnai's ethical work as a whole. In 'Ethical Value and Reality Kolnai' proposes a 'completion' of phenomenological value-ethics which takes account of 'the embeddedness of ethical values in reality'. Kolnai explores moral psychology and offers important perspectives on political activity in its moral dimensions, on the relation between morality and religion, and on the relation between the moral point of view and the psycho-therapeutic. Dunlop's comprehensive introduction to the translation provides the reader with assistance in understanding the text, setting it in its contemporary context, and relating it to Kolnai's subsequent writings.