"The Power of Positive Thinking" is Peale's most widely read work. First published in 1952, it stayed on the New York Times bestseller list for 186 consecutive weeks, and according to the publisher, Simon & Schuster, the book has sold around five million copies. The fact that the book has sold five million copies is printed on the cover of the current edition in both paperback and hard cover, and directly contradicts exaggerated claims that the book has sold more than 20 million copies in 42 languages. The publisher also contradicts the translation claim, saying the book has been translated into only 15 languages. Nearly half of the sales of the book (2.1 mil.) occurred before 1958, and by 1963, the book had still only sold two million copies according to Peale. Since then, the book has sold less than three million copies over the past 50 years.

Peale's works came under criticism from several mental health experts, one of whom directly said Peale was a con man and a fraud. One major criticism of The Power of Positive Thinking is that the book is full of anecdotes that are hard to substantiate. Almost all of the experts and many of the testimonials that Peale quotes as supporting his philosophy are unnamed, unknown and unsourced. Examples include a "famous psychologist", a two-page letter from a "practicing physician",: another "famous psychologist", a "prominent citizen of New York City", and dozens, if not hundreds, more unverifiable quotations.

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