Synthesized answer
The provided passages do not directly answer what the "practical implications" are. However, they offer insights into the nature and influence of absentee ownership as described by Thorstein Veblen.
According to Veblen, absentee ownership is the "main and immediate controlling interest in the life of civilized men" and the "paramount issue between the civilized nations" [Passage 2]. It guides the conduct of affairs both domestically and internationally, even influencing events like World War I and the subsequent peace negotiations, which were aimed at stabilizing absentee interests [Passage 2]. Marion Levy further characterizes absentee ownership as a "dark figure in the economic system, a frustration of desired levels of self-sufficiency" [Passage 1, Passage 2]. The passages suggest that the rise of absentee ownership led to the transformation of business giants from figures with "faces and human traits" to "faceless bureaucracies," diminishing self-sufficiency for the common man [Passage 1].
Synthesized from the book passages below. Chat with the book on Feynman for follow-up.
From the book
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…
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.…