Anselm's procedure is as distinctive as his conclusion. He proposed to argue remoto Christo, setting Christ aside, as though nothing were known of him, and to show that reason alone arrives at the necessity of the incarnation. The dialogue form is part of that: Boso is given the objections and made to press them, so that the reader watches the case being tested rather than asserted.
The substantive argument begins with honour, a word that has to be read carefully. Anselm does not mean an injured feeling. He means the ordered relation in which each thing renders what it owes, so that to sin is to withhold from God what is his and thereby to introduce disorder into the whole. On that reading, forgiveness by simple remission is not merciful but negligent, because it would leave the disorder standing. Anselm's alternatives are therefore stated as a pair: either the penalty or the satisfaction.
The mismatch follows. Satisfaction is owed by a human being, since the debt is a human debt, but its measure exceeds anything a human being has, because nothing is owed to God that is not already owed to him. Everything a person might offer is owed already, so nothing remains as surplus. Only God possesses what is not already owed.
The conclusion is the incarnation, and it is reached as a deduction rather than assumed. A man who has not sinned does not owe death; a death he does not owe is therefore free; and being the death of one who is also God, its worth is beyond measure and can be assigned to those who owe.
Modern readers argue about the feudal setting. Some hold that the honour framework is borrowed from eleventh century society and that borrowing it imports assumptions about rank into the doctrine of God. Others reply that every account borrows a vocabulary from somewhere, that the criminal courtroom of penal substitution is no less borrowed, and that the question is whether the borrowing illuminates or distorts.