Did you ever think capitalism might end because it was too… successful? Veblen offers this possibility.
Specifically, Veblen seems to define capitalism as the creation of conspicuous consumption. The higher classes accumulate profit to devote themselves to conspicuous consumption. Everyone emulates everyone who is higher than them in the social hierarchy. The lower classes emulate the higher classes by consuming as conspicuously as they possibly can. As capitalism progresses and the manifestations of conspicuous consumption grow in number, Veblen seems to say the lower classes may begin to feel like they are getting poorer and poorer comparatively. This feeling might be so strong that capitalism itself is overthrown. |