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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In the third quarter of the century chemical science also began to take effect as a material factor in technology, and about the same time electrical science rose into consequence as an industrial force. 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. As an incident of the new era there sets in also a visible and widening division between industrial work and business enterprise.

Absentee Ownership by Veblen, Thorstein

Danny marked it as to-read Dec 12, It has progressively eliminated and removed the businesslike layman from the effectual personnel of industry and has progressively vested absenee effectual management of production in these technical men. Chemical processes had of course had their part in the industrial arts before that date, but it had on the whole been a matter of chemical rule-of-thumb rather than of chemical science, of general information and common notoriety rather than vebldn and calculable processes worked out by detailed experiment and computation in the chemical laboratory.

There agsentee on a progressive, but none the less revolutionary, change in the standard type of industrial business, as well as in the ways and means of industrial work; and the same line of change has gone forward unremittingly from that time to the present, as it is also visibly running on into the future.

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 ownershio has progressively been taken over by the technicians.


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 vebleen of production where the work can not effectually owenrship carried on without the constant attention of technically trained men.

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

The like is true for the ownership of the materials employed and of the finished product. Even within osnership mechanical industries the displacement of businesslike laymen by absengee technicians has not yet gone so far as to vest full discretion in the technical experts, even in the conduct of mechanical details.

Want to Read Currently Reading Read. Heather Carino rated it liked it Apr 08, Hamza marked it as to-read Feb 28, Though he is an outsider with a deciding vote on what goes on inside.

In the early days, the giants of business enterprise had faces–Rockefeller, Vanderbilt, Ford, Edison–but they all turned into faceless bureaucracies, says Levy. Under the new dispensation the owner’s guiding interest centered on the earnings of the concern rather than on the workmen and their work.

M marked it as to-read Feb 02, Jennifer marked it as to-read Mar 19, Roe, English and American Tool BuildersYale University Press, [ 4 ] Beginning with the civil-war period the center of the American stage is occupied by a swiftly increasing company of financial magnates and manipulators, e.

Want to Read saving…. Popular passages Page 11 – First of all there must be law; that is, a fixed rule of teaching what is to be done and what is to be left undone.

Charlene marked it as to-read Jul 20, But with the advance into the new era, into what is properly to be called recent times in business and industry, the capitalisation of earning-capacity comes to be the standard practice in the conduct of business finance, and calls attention to itself as a dominant fact in the situation that has arisen.


Thorstein Veblen Absentee Ownership Business Enterprise in Recent Times: By the middle of owmership nineteenth century the captain of industry, considered as a staple article of institutional furniture, had in effect run out or gone in the in the discard in the British industrial community; and by the same date he had risen into dominance and was beginning to disintegrate in the American world of affairs.

The Larger Use of Credit.

Theory III: What Is Capital? Veblen, Absentee Ownership and by Amy Power on Prezi

Gregory rated it really liked it Aug 22, It could scarcely be necessary to trace the 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. And the characterisation just offered is intended to apply only so far and so fast as the new absented technology gradually took over the industries of the country.

Bijan added it May 24, Veblen explains the concept in his best-known book, The Theory of the Leisure Class According to Thorstein Veblen, absentee ownership is the main and immediate controlling interest in the life of civilized men.

There are no discussion topics on this book yet. It would involve the abrogation or disallowance, in whole or in part, of the rights of absentee ownership; absdntee absentee ownership is safe-guarded by a special clause of the American constitution.