Thorstein Veblen face to the First World War Patriotism, Absentee Property and Imperialism

This paper analyzes the foundations and implications of Thorstein Veblen’s interpretation of World War One, through the lens of his project for an institutional and evolutionary economics. It first points out the anthropological and institutional foundations of war which Veblen highlights throughout his history of societies. It then emphasizes the institutional conditions, in the technological, economic and political fields, in which, according to him, WWI is rooted. In this perspective, the Great War appears as the outcome of a singular historical situation characterized by the combination of mechanization, big enterprises based on absentee ownership and imperialism. Finally, our interpretation allows us to make clear Veblen’s analysis of the conditions required for the establishment of a lasting peace and the criticisms he addresses to Keynes’ (1920) essay.