The Theory of the Leisure Class by Thorstein Veblen (phonics readers TXT) 📕
Description
1899 was the tail end of the Gilded Age, a time in America of rapid economic expansion that caused a select few to become ultra-wealthy, while millions of commoners struggled in abject poverty. It was against this backdrop that Veblen, an economist and sociologist at the University of Chicago, wrote The Theory of the Leisure Class, a book that brought the phrase “conspicuous consumption” into the modern vocabulary.
Veblen’s thesis centers on the definition of what he calls the “leisure class,” the upper social class consisting of wealthy individuals who are socially exempt from productive work. Their work instead becomes what he calls “conspicuous consumption”: spending their wealth in increasingly ostentatious ways in order to preserve their class status. Meanwhile, the lower and middle classes are the ones actually engaged in work that is productive to society—manufacturing and industry—with the goal of eventually being able to emulate the social status afforded by the conspicuous consumption of their leisure class masters.
Along the way, Veblen links these behaviors with social strictures left over from feudal society, arguing that contemporary human society has not evolved far beyond our medieval peasant-and-lord forefathers. In those ancient societies, productive labor came to be viewed as disreputable and dirty; thus, status is won not by accumulating wealth, but by displaying the evidence of wealth. He argues that many of what some would consider society’s ills are linked to this fundamental concept: for example, the mistreatment of women—forcing them into constricting clothing, preventing them from participating in independent economic life—is a way for their husbands to show off their unemployed status as a kind of conspicuous leisure; or society’s obsession with sports, celebrity, and organized religion, all forms of conspicuous leisure that bring no productive benefit to society, and on the contrary waste time and resources, but whose practitioners—superstars and clergy—maintain a high social status.
Though it was written over a hundred years ago when industrial society was just getting its footing, Veblen’s thesis predicts much of the social stratification we recognize today. Practical labor continues to be viewed as basically demeaning, while people struggle in vain to chase a glimmer of the vast wealth that celebrities, investors, bankers, hedge fund managers, and C-suite dwellers—the conspicuously-consuming leisure class of today—openly flaunt. As such, The Theory of the Leisure Class might be one of the most prescient and influential books of economic and social science of the 20th century.
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- Author: Thorstein Veblen
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A discoursive rehearsal of certain incidents of modern life will show the organic relation of the anthropomorphic cults to the barbarian culture and temperament. It will likewise serve to show how the survival and efficacy of the cults and the prevalence of their schedule of devout observances are related to the institution of a leisure class and to the springs of action underlying that institution. Without any intention to commend or to deprecate the practices to be spoken of under the head of devout observances, or the spiritual and intellectual traits of which these observances are the expression, the everyday phenomena of current anthropomorphic cults may be taken up from the point of view of the interest which they have for economic theory. What can properly be spoken of here are the tangible, external features of devout observances. The moral, as well as the devotional value of the life of faith lies outside of the scope of the present inquiry. Of course no question is here entertained as to the truth or beauty of the creeds on which the cults proceed. And even their remoter economic bearing can not be taken up here; the subject is too recondite and of too grave import to find a place in so slight a sketch.
Something has been said in an earlier chapter as to the influence which pecuniary standards of value exert upon the processes of valuation carried out on other bases, not related to the pecuniary interest. The relation is not altogether one-sided. The economic standards or canons of valuation are in their turn influenced by extra-economic standards of value. Our judgments of the economic bearing of facts are to some extent shaped by the dominant presence of these weightier interests. There is a point of view, indeed, from which the economic interest is of weight only as being ancillary to these higher, non-economic interests. For the present purpose, therefore, some thought must be taken to isolate the economic interest or the economic hearing of these phenomena of anthropomorphic cults. It takes some effort to divest oneself of the more serious point of view, and to reach an economic appreciation of these facts, with as little as may be of the bias due to higher interests extraneous to economic theory.
In the discussion of the sporting temperament, it has appeared that the sense of an animistic propensity in material things and events is what affords the spiritual basis of the sporting man’s gambling habit. For the economic purpose, this sense of propensity is substantially the same psychological element as expresses itself, under a variety of forms, in animistic beliefs and anthropomorphic creeds. So far as concerns those tangible psychological features with which economic theory has to deal, the gambling spirit which pervades the sporting element shades off by insensible gradations into that frame of mind which finds gratification in devout observances. As seen from the point of view of economic theory, the sporting character shades off into the character of a religious devotee. Where the betting man’s animistic sense is helped out by a somewhat consistent tradition, it has developed into a more or less articulate belief in a preternatural or hyperphysical agency, with something of an anthropomorphic content. And where this is the case, there is commonly a perceptible inclination to make terms with the preternatural agency by some approved method of approach and conciliation. This element of propitiation and cajoling has much in common with the crasser forms of worship—if not in historical derivation, at least in actual psychological content. It obviously shades off in unbroken continuity into what is recognized as superstitious practice and belief, and so asserts its claim to kinship with the grosser anthropomorphic cults.
The sporting or gambling temperament, then, comprises some of the substantial psychological elements that go to make a believer in creeds and an observer of devout forms, the chief point of coincidence being the belief in an inscrutable propensity or a preternatural interposition in the sequence of events. For the purpose of the gambling practice the belief in preternatural agency may be, and ordinarily is, less closely formulated, especially as regards the habits of thought and the scheme of life imputed to the preternatural agent; or, in other words, as regards his moral character and his purposes in interfering in events. With respect to the individuality or personality of the agency whose presence as luck, or chance, or hoodoo, or mascot, etc., he feels and sometimes dreads and endeavors to evade, the sporting man’s views are also less specific, less integrated and differentiated. The basis of his gambling activity is, in great measure, simply an instinctive
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