This essay presents a critical evaluation of the concepts of string theory and its impact on particle physics. The point of departure is a historical review of four decades of string theory within the broader context of six decades of failed attempts at an autonomous S matrix approach to particle theory. The central message, contained in Secs. 5 and 6, is that string theory is not what its name suggests, namely a theory of objects in space–time whose localization is string-instead of pointlike. Contrary to popular opinion, the oscillators corresponding to the Fourier models of a quantum-mechanical string do not become embedded in space–time and neither does the "range space" of a chiral conformal QFT acquire the interpretation of stringlike-localized quantum matter. Rather, string theory represents a solution to a problem which enjoyed some popularity in the 1960s: find a principle which, similar to the SO (4,2) group in the case of the hydrogen spectrum, determines an infinite component wave function with a (realistic) mass/spin spectrum. Instead of the group theory used in the old failed attempts, it creates this mass/spin spectrum by combining an internal oscillator quantum mechanics with a pointlike-localized quantum-field-theoretic object, i.e. the mass/spin tower "sits" over one point and does not arise from a wiggling string in space–time. The widespread acceptance of a theory whose interpretation has been based on metaphoric reasoning had a corroding influence on particle theory, a point which will be illustrated in the last section with some remarks of a more sociological nature. These remarks also lend additional support to observations on connections between the discourse in particle physics and the present Zeitgeist of the post–Cold War period that are made in the introduction.