Synthesized answer
The key concept of "absentee ownership" refers to the main and immediate controlling interest in the life of civilized men, particularly in the twentieth century and as exemplified in America [1]. This concept guided the conduct of affairs both at home and abroad, and conflicts of absentee interests were seen as a cause of World War I [1].
Absentee ownership is described as a "dark figure in the economic system" that leads to a frustration of desired levels of self-sufficiency [1, 2]. While early business giants like Rockefeller and Ford had identifiable faces and human traits, absentee ownership has resulted in faceless bureaucracies [2]. The book further elaborates on this by describing the economic circumstances and growth that led to this situation in the nineteenth and twentieth centuries [1].
Synthesized from the book passages below. Chat with the book on Feynman for follow-up.
From the book
Title: Absentee Ownership by Thorstein Veblen 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.…
ing a dark figure in the economic system, a frustration of desired levels of self-sufficiency. In the early days, the giants of business enterprise had faces--Rockefeller, Vanderbilt, Ford, Edison--but they all turned into faceless bureaucracies, says Levy. The giants may not have been nice, but they had faces and human traits. Absentee ownership wiped that out for the common man. Veblen's book continues to be of vital importance to the studies of economics, political theory, and sociology. Categories: Business & Economics Pages: 445 Snippet: Part I of the book is occupied with a summary…