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Thorstein Veblen: A Marxist Starting Point

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  • Kirsten Ford
  • William McColloch

Abstract

As existing literature attests, in spite of methodological differences Marx and Veblen draw strikingly similar conclusions regarding production, conflict, and alienation in modern existence. We here attempt to establish that similarity in conclusion stems from similarity in approach. After reviewing the existing literature on a Marx-Veblen methodological reconciliation, we recapitulate Marx’s method, making the mediated starting point the locus of discussion.From this vantage point, we then examine Veblen’s own approach to analysis in “The Theory of Business Enterprise” and the conclusions that emerge as they resemble those of Marx. In taking a kindred approach Veblen is able to arrive at an understanding of capitalism in accordance with, and complementary to, Marx’s rendering of the inverted nature of economic life in modernity.

Suggested Citation

  • Kirsten Ford & William McColloch, 2011. "Thorstein Veblen: A Marxist Starting Point," Working Paper Series, Department of Economics, University of Utah 2011_11, University of Utah, Department of Economics.
    • Handle: RePEc:uta:papers:2011_11
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    1. Veblen, Thorstein, 1904. "Theory of Business Enterprise," History of Economic Thought Books, McMaster University Archive for the History of Economic Thought, number veblen1904.
    2. Thorstein Veblen, 1906. "The Socialist Economics of Karl Marx and his Followers," The Quarterly Journal of Economics, President and Fellows of Harvard College, vol. 20(4), pages 575-595.
    3. John F. Henry & L. Randall Wray, 1998. "Economic Time," Economics Working Paper Archive wp_255, Levy Economics Institute.
    4. Stephen Edgell & Jules Townshend, 1993. "Marx and Veblen on Human Nature, History, and Capitalism: Vive la Différence!," Journal of Economic Issues, Taylor & Francis Journals, vol. 27(3), pages 721-739, September.
    5. Howard sherman, 1981. "Marx and Determinism," Journal of Economic Issues, Taylor & Francis Journals, vol. 15(1), pages 61-71, March.
    6. Joseph E. Pluta & Charles G. Leathers, 1978. "Veblen and Modern Radical Economics," Journal of Economic Issues, Taylor & Francis Journals, vol. 12(1), pages 125-146, March.
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