America’s foremost black intellectual has published a slender book about the most interesting presidential candidacy since 1980. Shelby Steele’s characteristically subtle argument is ultimately unconvincing because he fundamentally misreads Barack Obama. Nevertheless, so fecund is Steele’s mind, he illuminates the racial landscape that Obama might transform.

Ronald Reagan’s 1980 candidacy fascinated because, as a conviction politician, he sharpened partisanships as a prelude to implementing discontinuities in domestic and foreign policies. Obama’s candidacy fascinates because he represents radical autonomy: He has chosen his racial identity but chosen not to make it matter much.

In “A Bound Man: Why We Are Excited About Obama and Why He Can’t Win,” Steele, of Stanford’s Hoover Institution, argues that Obama “embodies” — an apposite word — the idea that race can be “a negligible human difference.” His candidacy asks America to complete its maturation as a society free from all “collective chauvinisms” about race. And his flair for the presentational side of politics makes him, Steele concludes, immune to affirmative action’s stigma — the suspicion that he is a mediocrity lifted up by lowered standards.