Deck 13: Veblen Critique of Corporate Capitalism

Question 1

Whats defention of terms:
-business

Answer 1

entity that produces profits for wealthy absentee owners and often sabotages industry

Question 2

Whats defention of terms:
-conspicuous consumption

Answer 2

buying things to show off or to enhance one's social status

Question 3

Whats defention of terms:
-emulative consumption

Answer 3

trying to equal or surpass the consumption of someone else

Question 4

Whats defention of terms:
-imperialism

Question 5

Whats defention of terms:
-industry

Question 6

Whats defention of terms:
-instinct of workmanship

Question 7

Whats defention of terms:
-invidious distinction

Question 8

Whats defention of terms:
-pecuniary

Question 9

Whats defention of terms:
-predatory instinct

Question 10

Whats defention of terms:
-sabotage

Question 11

Describe and explain Veblen's view on the structure of capitalism.
-What were economic conditions like in Veblen's time, and how did this environment affect his view of the world?

Question 12

Describe and explain Veblen's view on the structure of capitalism.
-What are the two basic clusters or behavioral traits that form the basis of Veblen's analysis? Describe the characteristics and outcomes associated with each trait.

Question 13

Describe and explain Veblen's view on the structure of capitalism.
-Explain what Veblen means by the antagonistic dichotomy of capitalism.

Question 14

Describe and explain Veblen's view on the structure of capitalism.
-How did private property cause society to be divided?

Question 15

Describe and explain Veblen's view on the structure of capitalism.
-Explain how productivity gives rise to exploitation. Which behavior raises productivity and why?

Question 16

Describe and explain Veblen's view on the structure of capitalism.
-Explain how Veblen distinguishes "business" from "industry" and distinguishes "salesmanship" and "workmanship." What is the result of conflict between business and industry and salesmanship and workmanship?

Question 17

Describe and explain Veblen's view on the structure of capitalism.
-How does Veblen see sabotage as a tool for business to maintain profit? What happens to efficiency and use of available productive capacity?

Question 18

Describe and explain Veblen's view on the structure of capitalism.
-According to Veblen, what caused business cycles and fluctuations?

Question 19

Understand Veblen's explanation of the role of government in capitalism.
-In a capitalist system, who has the legal right to enforce the laws?

Question 20

Understand Veblen's explanation of the role of government in capitalism.
-How does the capitalist class "control" government and use it to perpetuate their power?

Question 21

Explain Veblen's views on capitalist imperialism.
-How did Veblen view capitalist imperialism? Why is expanding markets important to capitalism?

Question 22

Explain Veblen's views on capitalist imperialism.
-What common sentiments gain public support for imperialism? How does this work?

Question 23

Explain Veblen's views on capitalist imperialism.
-Whom did imperialism actually benefit? Explain.

Question 24

Explain the concept of conspicuous consumption and how it was used by the leisure class to stay in power.
-Society views the rich with a certain level of admiration. What must the wealthy elite to do to retain this? What forces put pressure on the leisure class?

Question 25

Explain the concept of conspicuous consumption and how it was used by the leisure class to stay in power.
-The capitalists relied on two principal means of cultural discipline and social control. Explain each. How did they result in "chronic dissatisfaction" among other things for the working class?

Question 26

Explain the concept of conspicuous consumption and how it was used by the leisure class to stay in power.
-What is conspicuous consumption? How does it tie into the consumerism we see today?

Question 27

The intent of the National Industrial Recovery Act of 1933 was

A) to turn over most industries to the government in order to stabilize the economy.
B) to promote greater business competition in order to weed out weaknesses in the economy.
C) to promote cooperation among businesses in order to promote fair competition.
D) to increase government oversight and regulation of business in order to combat skyrocketing prices.

Question 28

Thorstein Veblen was not critical of

A) the neoclassical conception of "economic man."
B) the predatory character of business.
C) monopolistic privilege.
D) industry.
E) all of the above.

Question 29

Veblen believed that

A) business thwarts the development of industry.
B) the pursuit of profit leads to lower prices through competition.
C) businessmen are always seeking to prevent shortages in all markets.
D) a person is "an isolated human datum in stable equilibrium except for the buffeting of impinging forces."
E) all of the above.

Question 30

The late 1800's witnessed structural transformations in capitalism that affected

A) the mode of capital accumulation.
B) the structure of the capitalist class.
C) the individual capitalist's role in the accumulation process.
D) the economic role of the large corporation.
E) all of the above.

Question 31

Thorstein Veblen wrote extensively

A) on the rise of regulator commissions at the turn of the century.
B) about the misconduct of the railroad magnates and their rise to economic power.
C) on the institutional and cultural transformations of the late nineteenth century.
D) about the problems encountered by neoclassical theory in describing the late 1880's and the early 1900's economy.
E) none of the above.

Question 32

In Veblen's economic writings he associated the "instinct of workmanship" with

A) human conflict, subjugation, and sexual, racial, and class exploitation.
B) the predatory instinct.
C) grubbing for profit.
D) advances which were made in productivity and mastery over nature.
E) the class-divided societies of the slave and feudal eras.

Question 33

The conflict between the traits of workmanship and exploitation were manifested in

A) the differences between "ceremonialism' and "sportsmanship."
B) the struggle between "business" and "industry."
C) the contentious relationship between the government and the class of absentee owners.
D) a and c.
E) all of the above.

Question 34

According to Veblen the class divided societies of the slave and feudal eras owed their existence to

A) the institution of private property and the predatory instinct.
B) the struggle between the common man and the absentee owner.
C) substantial increases in efficiency, technological knowledge and tools.
D) a brute, coercive force that was perpetuated by institutional and ideological legitimation.
E) none of the above.

Question 35

The use of the term "sabotage" by Veblen to describe the relation between business and industry.

A) intimated that efficiency was triumphing in the capitalist economy.
B) defined a situation in which prices and profits were sacrificed for productivity.
C) contends that efficiency was given up for the sake of profits.
D) meant that workers in the different sectors were subject to a hierarchy of labor.
E) none of the above.

Question 36

The institutionalized legitimate force which kept intact the prerogative of private property was

A) the workers.
B) the capitalists.
C) business.
D) the absentee owners.
E) the government.

Question 37

Veblen's analysis of imperialism in the late nineteenth and early twentieth centuries

A) implicated imperialism as one of the dominant features of industrial capitalism.
B) portrays imperialism as the boundless quest for profits.
C) showed that patriotism, as a nationalist sentiment, was an instrument to gain support for government policies.
D) depicts imperialism as a conservative social force used to counteract the resurgence of workmanship.
E) all of the above.

Question 38

The concept of "emulative consumption" or consumerism provided a means of

A) stimulating effective demand during recessionary periods.
B) upward social mobility for those who aspired to reach the leisure class.
C) emotionally and ideologically controlling the majority of the population.
D) finding personal fulfillment and satisfaction.
E) all of the above.

Question 39

The misery of the workers according to Veblen's writing

A) arose from their predatory instinct.
B) was due to their separation from the means of production.
C) would continue until a socialist society was constructed.
D) was predominately caused by the government.
E) none of the above.