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Evolving Financial Institutions in Veblen's Business Enterprise System

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  • Patrick Raines, J.
  • Leathers, Charles G.

Abstract

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.

Suggested Citation

  • Patrick Raines, J. & Leathers, Charles G., 1993. "Evolving Financial Institutions in Veblen's Business Enterprise System," Journal of the History of Economic Thought, Cambridge University Press, vol. 15(2), pages 249-264, October.
    • Handle: RePEc:cup:jhisec:v:15:y:1993:i:02:p:249-264_00
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    Cited by:

    1. Dieter Bögenhold & Panayotis G. Michaelides & Theofanis Papageorgiou, 2021. "Schumpeter, Veblen, and Bourdieu on Institutions and the Formation of Habits," Springer Books, in: Neglected Links in Economics and Society, chapter 0, pages 233-259, Springer.
    2. Giorgos Argitis, 2013. "Veblenian and Minskian financial markets," European Journal of Economics and Economic Policies: Intervention, Edward Elgar Publishing, vol. 10(1), pages 28-43.
    3. Hasan Cömert & Gerald Epstein, 2016. "Finansal Yenilik Yazinindaki Son Gelismeler," STPS Working Papers 1604, STPS - Science and Technology Policy Studies Center, Middle East Technical University, revised Jan 2016.

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