By Thorstein Veblen
Thorstein Bunde Veblen (born Torsten Bunde Veblen; July 30, 1857 – August three, 1929) was once an American economist and sociologist. He used to be well-known as a witty critic of capitalism. Veblen is legendary for the belief of "conspicuous consumption." Conspicuous intake, in addition to "conspicuous leisure," is played to illustrate wealth or mark social prestige. Veblen explains the concept that in his best-known ebook, the speculation of the rest type (1899). in the historical past of monetary concept, Veblen is taken into account the chief of the institutional economics stream. Veblen's contrast among "institutions" and "technology" continues to be known as the Veblenian dichotomy through modern economists. As a number one highbrow of the revolutionary period, Veblen attacked creation for revenue. His emphasis on conspicuous intake enormously inspired the socialist thinkers who sought a non-Marxist critique of capitalism.
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Extra info for AN INQUIRY INTO THE NATURE OF PEACE AND THE TERMS OF ITS PERPETUATION
It is, to say the least, extremely doubtful if the event would have been substantially different in the absence of that special provocation to com- 21 Introductory petitive preparedness that has uation by this German attitude been injected into the sit- but the rate of approach to a warlike climax has doubtless been hastened by the ; anticipatory policy of preparedness which the Prussian dynasty has seen itself constrained to pursue. Eventuembarrassally, the peculiar circumstances of its case ment at home and distaste and discredit abroad induced the Imperial State to take the line have of a defensive war by the forelock and retaliate on prefor sumptive enemies prospective grievances.
It is only for warlike purposes, that is to say for the dynastic ambitions of warlike statesmen, that these preferential contrivances in economic policy have any substantial value; and even in that connection their expediency is always They are a source of national jealousy, and they may on occasion become a help to military strategy when this national jealousy eventuates in hostilities. The run of the facts touching this matter of national trade policy is something as follows At the instance of doubtful.
This national honor is of the nature of an intangible or immaterial asset, of course; it is a matter of prestige, a sportsmanlike conception; but that fact must not be taken to mean that it is of any the less substantial effect for terial "Who it will assets steals purposes of a casus belli than the ma- of the community. my Quite the contrary: purse, steals trash," etc. In point of fact, commonly happen that any material grievance must be converted into terms of this spiritual capital, before it is effectually turned to account as a stimulus to first warlike enterprise.
AN INQUIRY INTO THE NATURE OF PEACE AND THE TERMS OF ITS PERPETUATION by Thorstein Veblen