How did Alan Scott’s ring work, pre-New 52, and how was he eventually tied in with the Green Lantern Corps?

On August 17th, 2014, /u/HugoOBravo asked the following on /r/DCcomics:

How exactly does Pre new-52 Alan Scott’s ring work, if he wasn’t recruited by the Guardians? and how did the Silver Age end up tying him to the new Green Lantern mythos?


Scott’s powers and origin are a little confusing, as one can imagine with a character this old. For this I’ll only be talking about pre-52 and not the Earth 2 version whose power comes from The Green.

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