This eBook edition of «Imperial Germany & the Industrial Revolution» has been formatted to the highest digital standards and adjusted for readability on all devices. The book was published in 1915, after the First World War began. Veblen considered warfare a threat to economic productivity and contrasted the authoritarian politics of Germany with the democratic tradition of Britain, noting that industrialization in Germany had not produced a progressive political culture. Imperial Germany and the Industrial Revolution is in major part a study of the deviations in cultural and social growth between the English and the German. It deals with the consequences those differences created in social, economic and other domains. Veblen here describes, through the study of German culture, historical and social aspect, how it came to forming of the Third Reich, even before it was formed. He suggests that the Germany's autocracy was an advantage compared to democratic countries. After it was censored during the war, it was later released and it represents a substantial contribution in its sphere of influence. Thorstein Veblen (1857-1929) was an American economist and sociologist. He is well known 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. 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.
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Thorstein Veblen. Imperial Germany & the Industrial Revolution
Imperial Germany & the Industrial Revolution
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Table of Contents
Preface
Chapter I. Introductory - Races and Peoples
Chapter II. The Old Order
I
II. On the Merits of Borrowing
III. The Pagan Anarchy
Chapter III. The Dynastic State
Chapter IV. The Case of England
Chapter V. Imperial Germany
Chapter VI. The Industrial Revolution in Germany
Chapter VII. The Economic Policy of the Imperial State
Chapter VIII. The Net Gain
Supplementary Notes
I. (Note to Chapter I)
II. (Note to Chapter 11)
III. (Note to Chapter II)
IV. (Note to Chapter VI)
V. (Note to Chapter VIII)
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Thorstein Veblen
Chapter I. Introductory
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Conventions that are in some degree effete continue to cumber the ground.
All this apparatus of conventions and standard usage, whether it takes the simpler form of use and wont or the settled character of legally competent enactment and common-law rule, necessarily has something of this effect of retardation in any given state of the industrial arts, and so necessarily acts in some degree to lower the net efficiency of the industrial system which it pervades. But this work of retardation is also backed by the like character attaching to the material equipment by use of which the technological proficiency of the community takes effect. The equipment is also out of the past, and it too lies under the dead hand. In a general way, any minor innovation in processes or in the extension of available resources, or in the scale of organisation, is taken care of as far as may be by a patchwork improvement and amplification of the items of equipment already in hand; the fashion of plant and appliances already in use is adhered to, with concessions in new installations, but it is adhered to more decisively so in any endeavor to bring the equipment in hand up to scale and grade. Changes so made are in part of a concessive nature, in sufficiently large part, indeed, to tell materially on the aggregate; and the fact of such changes being habitually made in a concessive spirit so lessens the thrust in the direction of innovation that even the concessions do not carry as far as might be.9 It is in the relatively advanced stages of the industrial arts that this retardation due to use and wont, as distinguished from magical and religious waste and inhibitions on innovation, become of grave consequence. There appears, indeed, to be in some sort a systematic symmetry or balance to be observed in the way in which the one of these lines of technological inhibition comes into effectual bearing as fast as the other declines. At the same time, as fast as commercial considerations, considerations of investment, come to rule industry, the investor’s interest comes also to exercise an inhibitory surveillance over technological efficiency, both by the well-known channel of limiting the output and holding up the price to what the traffic will bear, - that is to say what it will bear in the pecuniary sense of yielding the largest net gain to the business men in interest, - and also by the less notorious reluctance of investors and business concerns to replace obsolete methods and plant with new and more efficient equipment.
