The Place of Science in Modern Civilisation, and Other EssaysVeblen, Thorstein
Philosophy
The Place of Science in Modern Civilisation, and Other Essays
Veblen, Thorstein
Economics; Science
The disposition of pecuniary forces in such matters may be well seen in
the work and remuneration of any coalition of "interests," such as the
modern business community has become familiar with. The "interests" in
such a case are of a personal character,--they are "interested
parties,"--and the sagacity, experience, and animus of these various
interested parties counts in the outcome, both as regards the aggregate
gains of the coalition and as regards the distribution of these gains
among the several parties in interest; but the weight of any given
"interest" in a coalition or "system" is more nearly proportioned to the
wealth controlled by the given "interest," and to the strategic position
of such wealth, than to any personal talents or proficiency of the
"interested party." The talents and proficiency involved are not the
main facts. Indeed, the movements of such a "system," and of the several
component "interests," are largely a matter of artless routine, in which
the greatest ingenuity and initiative engaged in the premises are
commonly exercised by the legal counsel working for a fee.
A dispassionate student of the current business traffic, who is not
overawed by round numbers, will be more impressed by the ease and
simplicity of the manoeuvers that lead to large pecuniary results in the
higher business finance than by any evidence of preeminent sagacity and
initiative among the pecuniary magnates. One need only call to mind the
simple and obvious way in which the promoters of the Steel Corporation
were magnificently checkmated by the financiers of the Carnegie
"interest," when that great and reluctant corporation was floated, or
the pettyfogging tactics of Standard Oil in its later career. In
extenuation of their visible lack of initiative and insight it may not
be ungraceful to call to mind that many of the discretionary heads of
the great "interests" are men of advanced years, and that in the nature
of the case the pecuniary magnates of the present generation must
commonly be men of a somewhat advanced age; and it is only during the
present generation that the existing situation has arisen, with its
characteristic opportunities and demands. To take their present foremost
rank in the new business finance which is here under inquiry, they have
had to accumulate the great wealth on which alone their discretionary
control of business affairs rests, and their best vigor has been spent
in this work of preparation; so that they have commonly attained the
requisite strategic position only after they had outlived their "years
of discretion."
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