Thorstein Veblen and Socialism

This article is the first comprehensive account of Veblen’s views on socialism. He always rejected private enterprise and markets. While Veblen had strong socialist sympathies, his views on socialism and its feasibility shifted slightly during his lifetime. He was originally skeptical of state-driven socialism and favored bottom-up versions. The article also connects Veblen’s opinions on socialism with his theoretical analysis, including his dichotomy between pecuniary and industrial employments. But the dichotomy itself is open to criticism. Veblen’s stress on the habit- and community-based nature of knowledge raises questions about its transferability and tacitness, and the possibility or otherwise of comprehensive socialist economic planning, which relies on the gathering much relevant knowledge by some authority. Like John Dewey, Veblen did not see a habit- and community-based view of knowledge as a difficulty for socialism. Was Veblen’s socialism consistent with an adequate understanding of the nature and role of knowledge? His views on socialism are both revealing and enigmatic