The Limits of Radical Institutionalism: A Marxian Critique of Thorstein Veblenâ€™s Political Economy
Some commentators pose Veblenâ€™s political economy as a corrective to the â€œreductionistâ€ character of Marxism. This article counters by highlighting the primary source of differences between Veblen and Marx: their methods. Veblenâ€™s generalized conceptions of monopoly and technology, for example, misread the specificity of the systemic logic of capitalism. These dynamics are fully captured only in Marxâ€™s movement from simple, abstract laws to complex, concrete reality, where â€œnon-economicâ€ factors are not reduced to the economic, but rather intervene at a later moment of the concretization process. JEL classification: B14, B15, P16
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