Aristotle's ethical theory is often alleged to be inherently morally conservative — not only in the sense that it reflects the mores of a particular parochial form of society, but also in the sense that it lacks the resources to critically reflect upon the presuppositions of that form of society. Aristotle's ethical theory is thus charged with leaving no room for something upon which “we moderns” have learned to place a preeminent value: namely, the need to subject any merely inherited scheme of values to a process of rational criticism. This paper identifies two of the more compelling versions of this charge and, with respect to each, demonstrates that the charge turns on a misreading of Aristotle's text. The first misreading is shown to derive from a failure to appreciate Aristotle's distinction between virtue of character and practical wisdom. The second misreading is shown to derive from a failure to appreciate the differences between Aristotle's dialectical method and “The Method of Common Sense”. The discussion of these two misreadings occupies the first two sections of the paper. The third and final section tries to show that, far from being insensitive to the need for rational criticism, Aristotle, in fact, assigns to such criticism a fully adequate place in his ethical theory.