Essays in Our Changing Order

Abstract

Essays in Our Changing Order touches upon every aspect of Veblen's social theory and political writings. This chapter highlights numerous essays in this anthology to demonstrate their relevance to the texture of his thinking. In Veblen's evolutionary scheme, the handicraft era marked the transition from the predatory to the peaceable commercial phase of pecuniary culture. Veblen's ground-breaking theory of business enterprise focused primarily on three interrelated aspects of the economy—the use of credit, the nature of corporate capital, and the dynamics of business crises and depressions. Veblen maintained that during the era of competitive capitalism and prior to the ascendancy of corporate finance, the extensive use of loan credit gave rise to periods of speculative expansion, rising prices, and business prosperity. Veblen's writings during World War I covered a wide range of topics that reflected his considerable expertise in international relations, comparative government, economics, philosophy, and what has since been labeled "modernization theory".