Thorstein Veblen argues that absentee ownership, where control of enterprises is detached from those who perform the work, has become the primary controlling interest in modern civilized life and a paramount issue guiding national conduct. This ownership, described as a "dark figure," frustrates self-sufficiency and has transformed early, visible business leaders like Rockefeller and Ford into "faceless bureaucracies." The book examines the economic circumstances and growth leading to the twentieth century and analyzes the theoretical implications of these developments.
Veblen's inquiry focuses on the twentieth-century economic situation, particularly in America, where absentee ownership dictates the course of domestic and foreign affairs. The text asserts that World War I emerged from conflicts between these absentee interests, and peace negotiations aimed to solidify them. Part I details the historical economic progression, while Part II offers a theoretical analysis of the economic conditions described.
Key concepts
- Absentee ownership — Control of enterprises detached from those who perform the work, creating a "dark figure" that frustrates self-sufficiency.
- Faceless bureaucracies — The transformation of early, identifiable business leaders into impersonal corporate structures.
- Economic circumstances and growth — The historical progression of economic conditions leading into the twentieth century.
- Theoretical analysis of economic circumstances — An objective examination of the economic situation described in the book.
From the book
Description: 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. According to Thorstein Veblen, absentee ownership is the main and immediate controlling interest in the life of civilized men. It is the paramount issue between the civilized nations, and guides the conduct of their affairs at home and abroad. World War I, says Veblen, arose out of a conflict of absentee interests and the peace was negotiated with a view to stabilize them. Part I of the book is occupied with a summary description of that range of economic circumstances and that sequence of economic growth and change that led up through the nineteenth century and have come to a head in the twentieth century. Part II is…
Snippet: Part I of the book is occupied with a summary description of that range of economic circumstances and that sequence of economic growth and change that led up through the nineteenth century and have come to a head in the twentieth century.