Rentier Capitalism – Veblen in the 21st century

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In 2012 a conference was held on Thorstein Veblen in Istanbul. It was sponsored by a socialist labor union, the Chamber of Electrical Engineers. We were asked why not focus on Marx. My answer was that Marx had died a generation earlier, and the major critique of finance capitalism had passed to Veblen. This book (from which my following remarks are excerpted) is a series of essays, including by myself and another NC friend, Michael Perelman. The Return of the Repressed Critique of Rentiers: Veblen in the 21st century Rentier Capitalism Michael Hudson Edited excerpt from Michael Hudson and Ahmet Oncu, eds., Absentee Ownership and its Discontents: Critical Essays on the legacy of Thorstein Veblen (ISLET 2016, $35). Simon Patten recalled in 1912 that ...

The Social Economics of Thorstein Veblen

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Book Review as published at the Economic History Association David Reisman, The Social Economics of Thorstein Veblen, Cheltenham: Edward Elgar, 2012, vii + 338 pp. $150 (hardcover), ISBN978-0-85793-218-1. Those who wish to understand the many and deep contributions of Thorstein Veblen to economics will find that this offering falls short of the mark. The title promises to treat the social policy content of Veblen’s economic thought. Describing the ways in which markets were being distorted by predatory finance and other special interests, Veblen was read by every socialist leader and most progressives in early and mid-20th century America. Written in a popular sarcastic style, his books showed how the behavior of ...