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Evolving Financial Institutions in Veblen's Business Enterprise System

Published online by Cambridge University Press:  11 June 2009

J. Patrick Raines  and
Charles G. Leathers
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Extract

Thorstein Veblen's theory of institutions has often been interpreted as explaining that institutions (social habits) are formed in previous time periods under the influence of earlier states of technology. Accordingly, in the modern era institutions are “static, backward looking, and resistant to change, alterations…occurring only under pressure from the dynamic of technological progress” (Rutherford 1984, p. 331). As a recent case in point, R. W. Ault and R. B. Ekelund (1988, p. 438; see also p. 435) stated that Veblen's “view of habits was an inert and exogenous view.” Malcolm Rutherford (1984) has noted that Veblen described several processes of internal development of institutions within a system governed by a given logic, e.g., the business enterprise system under the logic of pecuniary values.

Type
Articles
Information
Journal of the History of Economic Thought , Volume 15 , Issue 2 , Fall 1993 , pp. 249 - 264
Copyright
Copyright © Cambridge University Press 1993

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References

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