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 an
objective, theoretical analysis of those economic circumstances
described in the first part of the book.
Marion Levy writes in his introduction about the phrase
"absentee ownership" and how it has a definite connotation,
representing 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.
General
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