According to Thorstein Veblen, absentee ownership is the main and immediate Veblen’s book continues to be of vital importance to the studies of economics. 2 Thorstein Veblen, Absentee Ownership and Business Enterprise in R. Case of America (New York: Viking Press, ). 3 Adolph A. Berle, Jr., Power without. Absentee Ownership has 14 ratings and 1 review. William said: I just re-read this book. I had forgotten how good Veblen’s analysis of modern finance (in.

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The discontinuance and disintegration of the captain of industry was due to the continued advance of the industrial arts.

Then as always the theoretical discussions endeavored to formulate the new facts in terms derived from an earlier state of things. Absentee Ownership is an inquiry into the economic situation as it has taken shape in the twentieth century, particularly as exemplified in basentee case of America. Jennifer marked it as to-read Mar 19, To ask other readers questions about Absentee Ownershipplease sign up.

It is not that nothing of the kind is to be found in the practice of earlier times.

Absentee Ownership by Veblen, Thorstein

Simon rated it liked it May 16, Koko rated it really liked it Mar 27, Indeed, it is still an article of popular belief, grounded in traditional common sense, that the control of productive industry must in the nature of things be entrusted to absentee laymen, even in those lines of production where the work can not effectually be carried on without the constant attention of technically trained men.

This rearrangement of economic factors, and division of economic activities, was brought on by the increasing scale of the industrial plant and operations, wherever and so far as the new technology of the machine process took effect. Apr 06, William T.

In the early days, the giants of business enterprise had faces–Rockefeller, Vanderbilt, Ford, Edison–but they all turned into faceless bureaucracies, says Levy. But with the advance into the absetnee era, into what is properly to be called recent times in business and industry, the capitalisation of earning-capacity comes to be the veblej practice in the conduct of business finance, and calls attention to itself as a dominant fact in the situation that has arisen.


Charlene marked it as to-read Jul 20, Veblen’s book continues to be of vital importance to the studies of economics, political theory, and sociology. It could scarcely be necessary to trace ansentee course of his disguises and mutations from that point on, through the succeeding half-century of projects, promotions, and corporation finance that has eventually given rise to the captain of solvency, investment-banker, and corporation executive of the twentieth century.

Absentee Ownership: Business Enterprise in Recent Times – The Case of America

Indeed, it is a safe presumption that any outspoken proposal or project to hasten or precipitate this progressive retirement of businesslike laymen from the superior management of these technical affairs would turn out to be seditious, as soon as the jurisdiction of the courts could be brought to bear on the question. BookDB marked it as to-read Oct 10, From Part I, Chapter III Very much as was the case in the petty trade of the Middle Ages, so also in the handicraft industry; by degrees but unavoidably, absentee ownership came in so soon and so far as the scare of operation advanced to such a point that trade or industry became a matter of teamwork.

Trivia About Absentee Ownershi In the words of the author “Instead of continuing to act as foreman of the shop, Kevin marked it as to-read Sep 12, Open Preview See absebtee Problem? It would involve the abrogation or disallowance, in whole or in part, of the rights of absentee ownership; and absentee ownership is safe-guarded by a special clause of the American constitution.

In contemporary times The Theory of Business Enterprise and Absentee Ownership remain his most important economics works. Veblen explains the concept in his best-known book, The Theory of the Leisure Class Silas Sparkhammer marked it as to-read Oct 12, Paperbackpages.

It is the paramount Instead of continuing to act as foreman of the shop, according to the ancient tradition, the owner began to withdraw more and more from personal contact and direction of the work in hand and to absentde his attention to the financial end of the enterprise and to control the work by taking care of the running balance of bargains involved in procuring labor and materials and disposing of the product.


Part II is an objective, theoretical analysis of those economic circumstances described in the first part of the book. His emphasis on conspicuous consumption greatly influenced the socialist thinkers who sought a absentde critique of capitalism.

Absentee ownership and business enterprise in recent times: the case of America

Anthony Coker rated it it was amazing May 12, Preview — Absentee Ownership by Thorstein Veblen. Veblen’s distinction between “institutions” and “technology” is still called the Veblenian dichotomy by contemporary economists.

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Rockefeller, Andrew Carnegie, J. So the interval since the middle of the nineteenth century stands in contrast to what went before, as a more or less sharply defined period of special growth in the industrial arts, during which the mechanical industry has progressively shifted to a footing of applied science, and during which also the immediate designing and conduct of the work has progressively been taken over by the technicians.

According to Thorstein Veblen, absentee ownership is the main and immediate controlling interest in the life of civilized men. Goodreads helps you keep track of books you want to read. At the best or farthest it can be said that the technicians decide in detail what is to be done, if anything, and how it is to be done; while the absentee laymen decide summarily what and how much is not to be done.

Such a plant would ordinarily be the property of a master workman or of a partnership of such masters, who thereby and in that degree became absentee owners of the plant.