According to Thorstein Veblen, absentee ownership is the main and immediate Veblen’s book continues to be of vital importance to the studies of economics. 2 Thorstein Veblen, Absentee Ownership and Business Enterprise in R. Case of America (New York: Viking Press, ). 3 Adolph A. Berle, Jr., Power without. Absentee Ownership has 14 ratings and 1 review. William said: I just re-read this book. I had forgotten how good Veblen’s analysis of modern finance (in.

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Michael marked it as to-read Jan 27, Jeff Bladt rated it it was amazing Dec 08, Refresh and try again. Account Options Sign in. There are no discussion topics on this book yet.

With the advance of specialisation and division of labor the equipment required for carrying on any given line of work presently became larger than what a workman could ordinarily provide out veble his own work as he went along, at the same time that the equipment took more and more of the character of a “plant” designed for the joint use of a number of workmen.

It would involve the abrogation or disallowance, in whole or in part, of the rights vebllen absentee ownership; and absentee ownership is safe-guarded by a special clause of the American constitution.

Paul Brooks marked it as to-read Mar 15, Leslie added it Ownershhip 09, His emphasis on conspicuous consumption greatly influenced the socialist thinkers who sought a non-Marxist critique of capitalism. While it is quite evident that the conduct of productive industry, especially in its larger and more difficult undertakings, calls progressively for a more profound and wider technical insight and a more single-minded technical discretion and control, yet the general staff of the industrial system continues to be made up of businesslike laymen.

Marwa marked it as to-read May 10, Ownershpi, Andrew Carnegie, J.

Absentee Ownership by Veblen, Thorstein

At the best or farthest it can be said that the technicians decide in detail what is to be done, if anything, and how it is to be done; while the absentee laymen decide summarily what and how much is not to be done. Very much evblen was the case in the petty trade of the Middle Ages, so also in the handicraft industry; by degrees but unavoidably, absentee ownership came in so soon and so ownefship as the scare of operation advanced to such a point that trade or industry became a matter of teamwork.


It is the paramount issue between the civilized nations, and guides the conduct of their affairs at home and abroad.

There came on a progressive, but none the less revolutionary, change in the standard type of industrial business, as well as in the ways and means of industrial work; and the same line of change has gone forward unremittingly from that time to the present, as it is also visibly running on into the future.

Absentee Ownership is an inquiry into the economic situation as it has taken shape in the twentieth century, particularly as exemplified in the case of America. My library Help Advanced Book Search. Within the history of economic thought, Veblen is considered the leader of the institutional economics movement.

Return to Book Page. No trivia or quizzes yet. The giants may not have been nice, but they had faces and human traits. Peter rated it it was amazing Apr 23, The Theory of Business Enterprisech. Indeed, it has taken something like a hundred years for the formulas of the economists to adapt themselves to the new run of facts in business and industry which set in in the days of Adam Smith.

Roe, English and American Tool BuildersYale University Press, [ 4 ] Beginning with the civil-war period the center of the American stage is occupied by a swiftly increasing company of financial magnates and manipulators, e.

Notes [ 1 ] The economists and others who discuss business and industry as carried on in that time – late eighteenth and early nineteenth century owndrship do not speak veglen “capitalisation of earning-capacity”; but business practice at the time gives evidence of the fact.

I had forgotten how good Veblen’s analysis of modern finance in this book was. Veblen’s book continues to be of vital importance to the studies of economics, political theory, and sociology. Andrew marked it as to-read Dec 13, His attention and energies were taken up more and more exclusively with the run of the market, with margins of cost and profit, and especially with ever-increased exactions and opportunities of credit investment.

The Era of Free Competition. It is the paramount issue between the civilized nations, and guides the conduct of their affairs at home and abroad.

It is contrary to common sense and would not be allowed by law and custom.

Absentee Ownership and Business Enterprise in Recent Times: The Case of America

Goodreads helps you keep track of books you want to read. Though he is an outsider with a deciding vote on what goes on inside. Adam Smith spoke the language of what was to him the vblen present, that is to say the recent past of his time, and he has left a luminous record of veben state of things economic in his time as formulated in terms of the habit of thought with which the recent past had invested the generation of men.


His critique of organized religion and the role of government in economic affairs is still point on.

They were matters which any intelligent vwblen could understand and turn to account on a footing of workday information helped out by some slight touch of special experience, of the nature of an informal apprenticeship. Hamza marked it as to-read Feb 28, Absentee ownership wiped that out for the lwnership man. Chemical processes had of course had their part in the industrial arts before that date, but it had on the whole been a matter of chemical rule-of-thumb rather than of chemical science, of general information and common notoriety rather than exact and calculable processes worked out by detailed experiment and computation in the chemical laboratory.

Veblen’s distinction between “institutions” and “technology” is still called the Veblenian dichotomy by contemporary economists. Part II is an objective, theoretical analysis of those economic circumstances described in the first part of the book.

What was “natural” in the Eighteenth century was that which had the sanction of unbroken tradition; and so far as touches the economic life in that time, that was “natural” which was attested by unbroken habituation under the regime of handicraft.

Absentee ownership wiped that out for the common man. The Rise of the Corporation. At any rate absdntee matter is fairly obvious in the case of absentee ownership, early or late, to anyone who has occasion to see it from that point of view.

But from this time on he became, in the typical case, an absentee manager with a funded interest in the works as a going business concern.