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By Thorstein Veblen

Absentee possession is an inquiry into financial situations as they've got taken form within the 20th century, quite as exemplified in relation to the United States. in line with Thorstein Veblen, absentee possession is the most and instant controlling curiosity within the lifetime of civilied males.

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Extra resources for Absentee Ownership and Business Enterprise in Recent Times: The Case of America

Example text

In effect, external politics is a blend of war and business and combines the peculiar traits of both. So the shadow of external politics covers also the manage­ ment of domestic affairs, with the result that the author­ ities of the democratic commonwealths habitually go about their work uRder a cover of reticence tempered with prevarication. Now, this may seem a fault; but the strategy enforced by the paramount exigencies of national politics is a Absentee Ownership 30 furtive business, in the nature of things, and will have to be accepted with the defects of its qualities, if the Republic is to fulfil its destiny as a dignified and self­ respecting Nation.

That is to say, title of ownership in these natural resources is traceable to an act of seizure, legalised by statute or confirmed by long undisturbed possession. All this is wholly foreign to the system of Natural Rights, altogether at cross purposes with the handicraft principle of workmanship, but quite securely incorporated in the established order of law and custom. to It is, in effect, a remnant of feudalism; that is say, absentee ownership without apology or after­ thought. Not that all ownership of natural resources is absentee ownership.

Both are ancient institutions, at least in their elements, and something of their kind, more or less effectual, is to be found among barbarians and civilised peoples generally; though both institutions are wanting or slightly developed among those peoples that are reason­ ably to be classed as savages. Ownership which has de­ veloped so far as to take the form of absentee ownership has also been freely practiced here and there in other times and other places, outside of the European circle of industrial peoples and under material circumstances of a character notably different from those which have prevailed in recent times within the sweep of that indus­ trial civilisation which now dominates Europe and its col­ onies.

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