Freud's two great studies of civilization, The Future of an Illusion, of 1927, and Civilization and Its Discontents, of 1930, analyze the impact on the individual's psychology of the instinctual deprivation that morality entails, and the extent to which such deprivation inevitably leads to unhappiness. The two books differ in tone, and, it has been argued, reach inconsistent conclusions. This result has been explained as a consequence of Freud's relying on a distinct theory of the instincts in each book. In the later book, the aggressive instinct (Thanatos) plays a central role, and the need to counterbalance its weight leads to a degree of instinctual repression which excludes the possibility of happiness. Supporters of this reading acknowledge the fact that Freud's introduction of the aggressive instinct had already occurred before The Future of an Illusion, but try to explain this chronological difficulty by reference to Freud's occasional tendency to indulge in optimism and leave scientific rigor aside. This article rejects such approach and offers an alternative reading of Freud's work under which both books are part of a coherent theory - one which argues against the existence of excessive moral demands and leaves some room, albeit modest, for civilized happiness.