The capstone of the program, and its most controversial element, came in eight three-hour seminars devoted to “Ulysses.” The novel, published in 1922, had been banned as obscene in the United States until 1933 and its reputation for difficulty outlived the ban. The Bell students “found it a challenging, and often exasperating, experience,” Baltzell wrote.

But, prepared by months of reading that had ranged from the Bhagavad Gita to “Babbitt,” the men rose to the challenge, surprising themselves with the emotional and intellectual resources they brought to bear on Joyce’s novel. It was clear as the students cheered one another through their final reports that reading a book as challenging as “Ulysses” was both a liberating intellectual experience and a measure of how much they had been enriched by their time at the institute.

At the end of the 10-month course, an anonymous questionnaire was circulated among the Bell students; their answers revealed that they were reading more widely than they had before  if they had read at all  and they were more curious about the world around them. At a time when the country was divided by McCarthyism, they tended to see more than one side to any given argument.

What’s more, the graduates were no longer content to let the machinery of business determine the course of their lives. One man told Baltzell that before the program he had been “like a straw floating with the current down the stream” and added: “The stream was the Bell Telephone Company. I don’t think I will ever be that straw again.”

The institute was judged a success by Morris S. Viteles, one of the pioneers of industrial psychology, who evaluated its graduates. But Bell gradually withdrew its support after yet another positive assessment found that while executives came out of the program more confident and more intellectually engaged, they were also less interested in putting the company’s bottom line ahead of their commitments to their families and communities. By 1960, the Institute of Humanistic Studies for Executives was finished.

As the worst economic crisis since the Depression continues and the deepening rift in the nation’s political fabric threatens to forestall economic reform, the values the program instilled would certainly come in handy today. We need fewer drifting straws on the stream of American business, and more discontented thinkers who listen thoughtfully to both sides of our national debates. Reading “Ulysses” this Bloomsday may be more than just a literary observance. Think of it as an act of fiscal responsibility.