Imperial Germany and the Industrial Revolution

by Thorstein Veblen

OF INTEREST TO: students of economics, readers of European history The traditions of the German people, including the personnel of the civil service, are traditions of frugality and parsimony... and these are fortifed in this connection by a traditional loyalty of service to a master, to whom the civil servant stands in a relation of personal stewardship. -from "Economic Policy of the Imperial State" One of the great thinkers of the early 20th century, American economist and sociologist THORSTEIN BUNDE VEBLEN (1857-1929) is best remembered for coining the phrase "conspicuous consumption" and, in this 1915 work, explaining how the stage was set for something like the Third Reich in Germany decades before its appearance. Veblen describes: . how the pagan past of the Germans gave rise to their modern character . how Germany's appropriation of industrial technology limited its cultural growth . how a medieval perspective endured in Germany into its imperial era . how the dominance of Prussia impacted Germany as a whole . and more. ALSO FROM COSIMO: Veblen's The Vested Interests and the Common Man, The Theory of Business Enterprise, and An Inquiry into the Nature of Peace and the Terms of Its Perpetuation

Genres: History, Germany

368 pages, Paperback

First published May 1, 1939

About the author

Thorstein (born 'Torsten') Bunde Veblen was a Norwegian-American economist and sociologist. He was famous as a witty critic of capitalism.

Veblen is famous for the idea of "conspicuous consumption". Conspicuous consumption, along with "conspicuous leisure", is performed to demonstrate wealth or mark social status. Veblen explains the concept in his best-known book, The Theory of the Leisure Class (1899). Within the history of economic thought, Veblen is considered the leader of the institutional economics movement. Veblen's distinction between "institutions" and "technology" is still called the Veblenian dichotomy by contemporary economists.

As a leading intellectual of the Progressive Era, Veblen attacked production for profit. His emphasis on conspicuous consumption greatly influenced the socialist thinkers who sought a non-Marxist critique of capitalism.