Synthesized answer
The central thesis of this text, according to Thorstein Veblen, is that absentee ownership is the main and immediate controlling interest in the life of civilized men [1]. It is presented as the paramount issue between civilized nations and guides their conduct domestically and internationally [1]. Veblen argues that World War I arose from a conflict of absentee interests, and the peace negotiations were aimed at stabilizing these interests [1].
The text further elaborates that "absentee ownership" carries a specific connotation of a "dark figure in the economic system" and a hindrance to desired levels of self-sufficiency [1]. While early business leaders had identifiable faces and human traits, Veblen suggests that absentee ownership has led to the rise of faceless bureaucracies, diminishing this for the common person [2]. The book is divided into two parts: Part I describes the economic circumstances and growth leading to the twentieth century, while Part II offers a theoretical analysis of these circumstances [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…