Roosevelt argues that democratic government depends on the character and conduct of ordinary citizens. He emphasises work, courage, self-discipline and personal responsibility, while maintaining that these qualities should serve the public good. He criticises passive cynicism and detached criticism, arguing that participation and practical effort matter more than fault-finding without action. This argument includes the passage later widely known as “The Man in the Arena”.

The speech also considers the relationship between individual initiative and collective action. Roosevelt rejects both extreme individualism and extreme socialism, supports equality of opportunity and argues that human rights should take precedence when they genuinely conflict with property rights. He stresses tolerance, minority liberty and resistance to class or religious hatred. Turning to international affairs, he links patriotism with responsibilities towards other nations and supports peaceful settlement of disputes while maintaining that states should be prepared to resist injustice.