War and Economic Crisis: What Would Veblen Say?

Abstract

The nation’s recent experience with war and economic crisis would hardlyshock Thorstein Veblen. America’s most original radical voice, Veblen has much to teach us about the common predatory origins of war and finance and the tragic consequences of their pursuit. This brief survey of the contemporary relevance of Veblen’s observations about war and economic collapse emphasizes the political foundation of his critical theory. Though widely regarded as an economic thinker, Veblen’s critique of modern business enterprise and its alliance with government rests on an essentially political dissection of what he termed barbaric exploit, the ancient root of war, power politics, the state, and latter day financial conquest. For Veblen, barbarism did not end with the coming of liberal democracy, rule of law or capitalism; its habits of exploit, waste and destruction go marching on.