This paper, drafted in response to Dr. Kiesow’s question, »Wozu Rechtsgeschichte?«, begins with a backward glance at the nineteenth century, when legal history played a leading role in the intellectual life of the western world. Since those great days, when legal history attracted figures like Karl Marx and Max Weber, the field has fallen on hard times. This is in large part the inevitable consequence of the declining prestige of law itself, which no longer seems to matter in the way that it did in the nineteenth century. Nevertheless, the paper pleads for something of a Return of Grand Theory in legal history. It is true that we can never bring back the glory years. But we can be figures of importance in the public debates of our time if we remain mindful of what it is that gives law itself its enduring social importance. Law reflects, in an unsystematic but telling way, some of the basic value commitments of society-commitments such as the contemporary American commitment to the free market, or the contemporary European commitment to »human dignity«. Law also reflects stylized histories of a given society’s past-histories like that of the American triumph over race slavery, or the European triumph over Nazism. These value commitments and stylized histories are the natural territory of legal historians, who can best claim a role for themselves in public debate if they think of themselves as historians of values, rather than as historians of social realities.