Thorstein Veblen and Socialism

Geoffrey Hodgson ()

Journal of Economic Issues, 2023, vol. 57, issue 4, 1162-1177

Abstract: This article is the first comprehensive account of Veblen’s views on socialism. While Veblen had strong socialist sympathies, his views on socialism and its feasibility shifted slightly during his lifetime. The article also connects Veblen’s opinions on socialism with his theoretical analysis, including his dichotomy between pecuniary and industrial employments. This dichotomy is consistent with his socialism, but the dichotomy itself is open to criticism. Veblen’s stress on the habit- and community-based nature of knowledge could raise questions about its transferability and tacitness, and about the possibility or otherwise of comprehensive socialist economic planning, which relies on the gathering together much relevant knowledge. It is noted that John Dewey also held a habit- and community-based view of knowledge, and he became a socialist in the 1930s. But others have suggested that the tacit nature of much relevant knowledge makes comprehensive socialist planning highly problematic. This leaves open the question whether Veblen’s socialism was consistent with an adequate understanding of the nature and role of knowledge. Veblen’s views on socialism are both revealing and enigmatic.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:mes:jeciss:v:57:y:2023:i:4:p:1162-1177

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DOI: 10.1080/00213624.2023.2273138

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