ῐ Veblen’sCritiqueofAbsenteeCapitalism ῐ AbsenteeOwnership,AbsenteeConsumption,andAbsenteeProductioninModernEconomicSociety ̮ῑ῔̮ ῌ ̮ῑ῕̮ ῌ ̮ῑ̮ῒῌ῎̮῏ῐΐ῍

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Absentee Ownership, Absentee Consumption, and Absentee Production in Modern Economic Society

Veblen’s Critique of Absentee Capitalism

Motoshi S6@6>

ABSTRACT

This short essay examines some basic characteristics of modern economic society while reflecting on the prominent economist Veblen’s perspective. He paid attention to the existence of the characteristic “Absenteeism” present in the base of our present day capitalism. Such Absenteeism appears as “Absentee Ownership” typically, that is the habit of thought in the property right. In this system the usufruct and the use right are taken out and separated from eco- nomic substance, and are aimed at use by other use subjects. In addition, it is a phenomenon that appears obviously in all the areas of our present day capital- ism such as in the consumption and the production fields, though Veblen does not clearly describe this. For instance, “Absentee consumption” comes out in the form “Conspicuous Consumption”, and “Absentee production” appears through the process of “capitalizing on earning-capacity”. The structure of such a modern economic society seems to advance a nihilistic relativism characterized by the absence of responsibility, the diversification of value, and the dismantlement of order. Such Absenteeism is actually an inevitable tendency in modern capitalism, but conversely, this tendency also has the opportunity set rules, and thereby controls the mechanism of excessive progress. This is a very important point, and one not to be overlooked. The contents of the paper are as follows: ῌ. Veblen’s Central Problem῍. Absentee Consumption῎. Postmodern Understanding of Absentee Consumption ῏. Modernity of Property Rights ῐ. What Started Absentee Ownership? ῑ. Absentee Production and the Use of Credit ῒ. Absentee- ism and the Essence of Money.

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