Thorstein Veblen

Total Page:16

File Type:pdf, Size:1020Kb

Thorstein Veblen ORGANIZATION & ENVIRONMENTMitchell / VEBLEN/ December AND 2001 ENVIRONMENTAL SOCIOLOGY Articles THORSTEIN VEBLEN Pioneer in Environmental Sociology ROSS E. MITCHELL University of Alberta This article investigates the writings of American institutional economist Thorstein Bunde Veblen (1857-1929) on capitalism and environment. The two main queries concern (a) Veblen’s stand on natural resource utilization as a consequence of capitalism and (b) its current relevance to environmental sociology. Veblen’s theories of conspicuous consump- tion, absentee ownership, and natural resource exploitation are examined from several of his seminal contributions. The article concludes that Veblen’s pioneering analysis of wasteful use of natural resources and emulative consumerism is essential to environmental sociology and timely because of current environmental crises. Future research is suggested in two areas: (a) applying Veblen’s theoretical approaches to the ecological aspects of capitalism and (b) comparing Veblen with other classical theorists such as Marx and Weber within the subfield of environmental sociology. rowing up on a Norwegian homestead in America during the 19th cen- G tury may not seem like good fodder for scholarly achievement. Then again, the frontier lands of America may have been the perfect staging ground for the institutional economist Thorstein Bunde Veblen(1857-1929). Undoubtedly, his pioneering background in the backwoods of northern Minnesota had an influential effect on all he valued and abhorred in society. The indefatigable Veblen was never far removed from his homesteader roots. Like a true pioneer, he broke new ground in capitalistic and institutionalist theory, yet he continues to be misunderstood and misinterpreted by both critics and admirers. Veblen (1899/1967b) is renowned for his classic The Theory of the Leisure Class: An Economic Study of Institutions (hereafter TLC). With characteristic aplomb and sardonic wit, Veblen’s principal methodology was an application of Darwinian notions of evolution to the study of modern economic life. His prescient analysis of capitalism and society arguably ranks him alongside Karl Marx, Émile Durkheim, and Max Weber. As a “rebel economist (or sociologist) of the left,” he was deeply influenced by the works of Marx, although he was no Marxist (Foster & Szlajfer, 1984, p. 13). Regrettably, his critical-sardonic take on American big busi- ness at the turn of the 20th century, when industrialization was in full throttle, and Author’s Note: I would like to express my gratitude to Michael Hughey, Naomi Krogman, Jeff Masuda, and P. A. Saram for their invaluable comments and support at critical stages in the preparation of this article. I would also like to thank the Organization & Envi- ronment reviewers for their assistance in strengthening my arguments in this article. Special appreciation is owed to John Bellamy Foster for his many helpful contributions. Comments may be sent via e-mail to [email protected]. Organization & Environment, Vol. 14 No. 4, December 2001 389-408 © 2001 Sage Publications 389 390 ORGANIZATION & ENVIRONMENT / December 2001 an academic career beset with controversy have often sold Veblen short of his fair due of recognition. Above all, many have failed to recognize how Veblen (1923/ 1967a) so astutely situated environment and society, or his habitually mentioned “American Plan of seizure and conversion...[and] of hurried exploitation instead of economical use” (pp. 186-188). Veblen (1899/1967b) argued that all modern materialism can be reduced to waste by nonproductive consumption of time and visible displays of wealth, or what he called “the great economic law of wasted effort” (p. 83). As a result, some scholars have asserted that Veblen regarded resource scarcity problems as coupled to societal needs, industrial shortcomings, and/or business manipulations (e.g., Baran & Sweezy, 1966; Barkley & Seckler, 1972; Bell, 1998; Boles, 1998; Com- moner, 1971; Foster, 1994; Gould, Schnaiberg, & Weinberg, 1996; Hughey & Vidich, 1993; Jacobs, 1980; Kapp, 1950, 1963; Larson, 1992; Solomon, 1999; Szlajfer, 1984). Still, as demonstrated by the mid-1960s publication of Monopoly Capital: An Essay on the American Economic and Social Order (Baran & Sweezy, 1966), with its Veblen-like critique of waste due to capitalism, the socio- environmental aspects of Veblen’s work have been most fully appreciated and developed within radical and institutionalist economic traditions in the United States. This reflects the fact that Veblenhas been more influential within economics than sociology. Certainly, these deep-seated traditions overlap with sociology, but until now, no comprehensive attempt has explored Veblen’s relevance to the subfield of environmental sociology. Recognizing that humanity has become increasingly reliant on the wasteful use of resources to meet the North’s insatiable need to consume, I argue in this article that Veblen’s writings offer precious insights on the role of humanity in both caus- ing and exacerbating global environmental crises. By positioning Veblen along these lines, my contention is that we can acquire a classical perspective to improve our understanding of the critical hub linking environment and society. To begin, environment not only represents the integration of living (biotic) and nonliving elements in the environment; it is also the locus of all material support of humanity (Schnaiberg, 1980). Environment not only embraces the physical world and its natural resources, such as forests, land, air, and water; it implicates human interventions and impacts as well. Ultimately, environmental crisis is inevitable because pollution and consumption of energy and raw materials can be controlled and restrained, but not completely avoided (O’Connor, 1988). Environmental sociology, then, was conceived as a criticism of conventional sociology for its lack of attention to the physical-biological-material bases of human existence (Burch, 1971; Catton & Dunlap, 1978; Humphrey & Buttel, 1982; Murphy, 1994; Schnaiberg, 1975). Environmental sociology as a distinct discipline emerged from the environmental movement of the late 1960s and began to appear in mainstream sociological journals in the 1970s (Dunlap & Catton, 1979, 1994; Humphrey & Buttel, 1982; Krogman & Darlington, 1996). Although many envi- ronmental sociologists remain critical of society’s ability to address environmental dilemmas, most do not reject capitalist economic or democratic political systems in their search for alternative solutions to such problems (Humphrey & Buttel, 1982). Even more troubling is the assertion that the classical sociology tradition is devoid of systematic insights into environmental problems. Contrary to this view, recent work has indicated how much we can learn by applying classical foundations to contemporary environmental sociology (e.g., Boles, 1998; Buttel, 1996; Dunlap, 1997; Foster, 1999; Gimenez, 2000; Murphy, 1994, 1996; Vaillancourt, 1995). Mitchell / VEBLEN AND ENVIRONMENTAL SOCIOLOGY 391 Whereas Marx achieved widespread popularity, Veblen’s notoriety as a radical critic of American capitalism and unconventional academic has continued to marginalize his theoretical contributions long after his death in 1929. During the early to mid-20th century, Veblen’s influence was undeniably evident on such great political and economic thinkers as Harold Innis, Wesley C. Mitchell, John R. Com- mons, John Kenneth Galbraith, K. William Kapp, Paul Baran, and Paul Sweezy. All of these credit Veblento some extent in having helped formulate their heretical per- spectives. But, what of more recent sources on the theory and practice of environ- mental and natural resource sociology? As a critical theorist of conspicuous con- sumption and wasteful extractive processes of natural resources, it is odd indeed that Veblen has rarely been cited within the environmental sociology subfield. Sev- eral sources in this subfield include foundational works by Bell (1998); Buttel, Larson, and Gillespie (1990); Dunlap and Catton (1994); Field and Burch (1988); Metha and Ouellet (1995); Redclift and Woodgate (1997); and Schnaiberg (1980). Although many consider Durkheim, Marx, and Weber for their potential contribu- tions to environment and society, Veblen is given short shrift—either downplayed or ignored entirely. Veblen’s critical thought vis-à-vis wasteful and exploitative practices of capital- ism is evident in works such as TLC (1899/1967b) and The Theory of Business Enterprise (1904). Although both achieved critical acclaim, or unfavorable reviews in some circles, Veblen’s (1923/1967a) last book, Absentee Ownership and Busi- ness Enterprise in Recent Times: The Case of America (hereafter AO) has been largely overlooked. With several chapters on the exploitative use of natural resources, AO is a penetrating account of all Veblen found wrong with the Ameri- can economic system; above all, uses of property “that were speculative, unproduc- tive, wasteful, and/or exploitative” (Vaughn, 1999, p. 716). InAO, Veblen bore wit- ness to an age of great industrial expansion and unbridled optimism as the “taming” of the great western frontier came to a close. His account of natural resource scar- city and waste that had begun to plague America by the mid-19th century was remarkably prophetic. So why have Veblen’s writings within the subdiscipline of environmental sociology been mostly ignored or underestimated until now? Difficult to pigeonhole and harder still to interpret, the
Recommended publications
  • Original Institutional Economics and Political Anthropology
    Original Institutional Economics and Political Anthropology: Reflections on the nature of coercive power and vested interests in the works of Thorstein Veblen and Pierre Clastres Coauthored by: Manuel Ramon de Souza Luz; Faculty of Economics; Federal University ABC; São Paulo, Brazil [email protected] John Hall, Department of Economics, Portland State University; Oregon, USA [email protected] Abstract: Our inquiry advances a comparison of the anthropological content of Thorstein Veblen’s evolutionary perspective with the foundations of the political anthropology drawn from selected works of Pierre Clastres. We seek to establish that what can be referred to as a clastrean reference can simultaneously offer new perspectives on institutionalism, while maintaining a radical and emancipatory understanding of Veblen’s writings. In this sense, we seek to reconsider and reevaluate the role of economic surplus drawn from Veblen’s anthropology, while also offering a general and critical perspective for understanding the emergence of coercive power within societies. (94 words) JEL Classification Codes B15, B25, B41 Key Words: Coercive Power, Original Institutional Economics, Pierre Clastres, Political Anthropology, Thorstein Veblen (Front matter: 169 words) This inquiry considers contributions of Thorstein Veblen by juxtaposing them to selected contributions of Pierre Clastres, a scholar heralded as a founder of French political anthropology. Differing from Veblen, with his backgrounds in Economics and Philosophy, Clastres’ generated an anthropology founded on fieldwork investigations. These investigations abetted his constructing a theoretical synthesis that considers the nature of power and, relatedly, countervailing institutions within selected indigenous societies found across the South American continent. His body of research stresses that the classless and egalitarian character of indigenous societies was not an outcome of the comparatively modest levels of technology and the lack of accumulated surpluses.
    [Show full text]
  • Identities Bought and Sold, Identity Received As Grace
    IDENTITIES BOUGHT AND SOLD, IDENTITY RECEIVED AS GRACE: A THEOLOGICAL CRITICISM OF AND ALTERNATIVE TO CONSUMERIST UNDERSTANDINGS OF THE SELF By James Burton Fulmer Dissertation Submitted to the Faculty of the Graduate School of Vanderbilt University in partial fulfillment of the requirements for the degree of DOCTOR OF PHILOSOPHY in Religion December, 2006 Nashville, Tennessee Approved: Professor Paul DeHart Professor Douglas Meeks Professor William Franke Professor David Wood Professor Patout Burns ACKNOWLEDGEMENTS I would like to thank all the members of my committee—Professors Paul DeHart, Douglas Meeks, William Franke, David Wood, and Patout Burns—for their support and guidance and for providing me with excellent models of scholarship and mentoring. In particular, I am grateful to Prof. DeHart for his careful, insightful, and challenging feedback throughout the writing process. Without him, I would have produced a dissertation on identity in which my own identity and voice were conspicuously absent. He never tried to control my project but rather always sought to make it more my own. Special thanks also to Prof. Franke for his astute observations and comments and his continual interest in and encouragement of my project. I greatly appreciate the help and support of friends and family. My mom, Arlene Fulmer, was a generous reader and helpful editor. James Sears has been a great friend throughout this process and has always led me to deeper thinking on philosophical and theological matters. Jimmy Barker, David Dault, and Eric Froom provided helpful conversation as well as much-needed breaks. All my colleagues in theology helped with valuable feedback as well.
    [Show full text]
  • Article Consumer Databases and The
    Consumer Databases and the Commercial Article Mediation of Identity: a medium theory analysis Vincent Manzerolle Sandra Smeltzer University of Western Ontario, Canada. University of Western Ontario, Canada. [email protected] [email protected] Abstract This paper argues that the systemic nature of contemporary consumer surveillance undermines the most fundamental principle of free market economics: consumer sovereignty. Specifically, this paper argues that the rise of an information society in conjunction with neoliberal capitalism has entrenched routine forms of surveillance within commercial strategies by employing networked databases as a primary medium for the articulation of consumer sovereignty. The communicative relationship between consumers and producers within the market involves effectively ‘listening’ (and then responding) to consumer needs and wants in a timely manner. Surveillance is therefore not only necessary for the operation of globalized consumer capitalism, it is also the primary means by which consumers communicate their sovereignty within the marketplace. By turning to the work of Harold Innis and the intellectual tradition known as medium theory, this paper will theorize how consumer databases are used to circumvent the fundamental neutrality of the market, and thus sovereignty, of individual consumers by exploiting individual vulnerabilities through behaviour and profile modelling. Increasingly, vast amounts of personal information are in the hands of third party entities, creating what Innis calls monopolies of knowledge. Drawing on the example of Acxiom, a US-based data collection and management corporation, we highlight how the commercial mediation of identity has become progressively more hidden from view of the consumer and thus the need for greater regulation of this industry. Introduction Personal information is increasingly the basic fuel on which economic activity runs.
    [Show full text]
  • Mcluhan Lecture
    MediaTropes eJournal Vol I (2008): 19–41 ISSN 1913-6005 “AGENTS OF AGGRESSIVE ORDER”: LETTERS, HANDS, AND THE GRASPING POWER OF TEETH IN THE EARLY CANADIAN TORTURE NARRATIVE MONIQUE TSCHOFEN Introduction This paper brings together a most fascinating and under-examined body of early New World writing that belong to a genre of writing I call “the torture narrative” with the insights of Marshall McLuhan in order to offer a way of thinking about body parts, especially hands, teeth, tongues, and eyeballs, and their extensions through technologies such as alphabets, manuscripts, books, and weapons. At its core are questions about the nature and effects of the changes wrought by the early-Gutenberg era—a period characterized by vast scientific and technical discoveries, rising nationalisms, explorations, and conquests—in the New World. Rather than explore the ways an early New World print culture reflects or distorts discrete historical or ethnographic facts about colonial contact, I want to probe the ways the torture narrative speaks to the conditions of speaking and writing, and therefore to the discursive and textual production of the New World subject and New World space. My inquiry seeks to understand both the violence in, and the violence of, representation at founding historical moments, but its relevance far exceeds Renaissance or American studies. At stake in this discussion is an appreciation of a mode of intellectual inquiry that is attentive to the relationship between media technologies and the social worlds they reflect and transform. I. McLuhan’s Theories: Break-Boundaries and the Effects of Alphabetization Fascinated by turbulence, over-heating, explosions, implosions, and reversals, Marshall McLuhan is a thinker of boundaries, limits, and all modalities of transformation.
    [Show full text]
  • Fitzgerald and Winseck.Docx
    Media Economics: Missed Opportunities, Mischaracterizations Scott Fitzgerald, Curtin Business School, Curtin University, Perth, Australia Dwayne Winseck, School of Journalism and Communication/Institute of Political Economy, Carleton A heightened state of flux is now sweeping the media, creative, telecom and internet industries. In the United States Netflix recently, albeit briefly, surpassed Disney as the country’s largest media company by market capitalization. The just completed mega-merger between AT&T and Time Warner and another prospective one between Disney and 21st Century Fox (or potentially Comcast and 21st Century Fox) are presented as countering the threat posed by Netflix, Facebook, Apple, Amazon, and Google to traditional film and TV businesses. Such developments highlight the issues of competition, market power, consumer welfare and industry evolution. In the latter context, visions of heightened competition, technical innovation and interactivity associated with digital distribution have been recurrent themes in industry analysis since before the US Telecommunications Act of 1996. Media Economics, by Stuart Cunningham, Terry Flew and Adam Swift (2015), takes up the challenge of grappling with new institutional actors and considers how audiences interact with and contribute to the emergent digital media ecology. These leading media studies scholars survey several different schools of thought useful to analysing media industries. They suggest that certain schools of heterodox economics - the ‘new’ institutionalism, evolutionary
    [Show full text]
  • Evolutionary Economics - Geoffrey M
    FUNDAMENTAL ECONOMICS - Evolutionary Economics - Geoffrey M. Hodgson EVOLUTIONARY ECONOMICS Geoffrey M. Hodgson University of Hertfordshire Business School, Hatfield, Hertfordshire Al10 0ab, UK Keywords: Evolution, Economics, Novelty, Innovation, Darwinism, Variation, Selection, Replication, Game Theory. Contents 1. Introduction 2. The Emergence of Evolutionary Economics 3. First Principles and Shared Concerns 4. Different Evolutionary Approaches 5. The Search for General Evolutionary Principles 6. Evolutionary and Mainstream Economics Compared 7. Evolutionary Economics and Evolutionary Game Theory 8. Conclusion: Prospects for Evolutionary Economics Acknowledgements Glossary Bibliography References Biographical Sketch Summary Historically, a number of approaches in economics, including works by Adam Smith, Karl Marx, Carl Menger, Alfred Marshall, Thorstein Veblen, Joseph Schumpeter, and Friedrich Hayek, have been described as ‘evolutionary’. This is legitimate, because ‘evolutionary’ is a very broad word, loosely denoting concern with transformation, innovation and development. But today the term ‘evolutionary economics’ is more typically associated with a new wave of theorizing signaled by the seminal work of Richard Nelson and Sidney Winter in their Evolutionary Theory of Economic Change (1982). Although there is not yet any consensus on core principles, this wave of evolutionary thinking has given rise to a number of policy developments and has proved to be influentialUNESCO in a number of sub-disciplines, – inEOLSS business schools and in institutions concerned with science and innovation policy. Citation and other bibliometric studies show that despite its internal diversity, modern evolutionary economics has created a global network of identifiable interacting researchers. As well as discussing these background issues,SAMPLE this essay turns to theore CHAPTERStical principles and outlines some of the shared common assumptions of this broad approach.
    [Show full text]
  • Thorstein Veblen (1857-1929) “Conspicuous Leisure”
    Thorstein Veblen (1857-1929) “Conspicuous Leisure” • American economist • Born in farm country of Minnesota (Norwegian settlers) • Norwegian farmers vs. English townspeople • Theory of the Leisure Class (1899) Takes the appearance of an anthropological study of the “behavior of people who possess or are in the pursuit of wealth, and who, looking beyond their wealth, want the eminence/status that, or so they believe, wealth was meant to buy.” (John Kenneth Galbraith, Introduction) Book on snobbery and social pretense; the effect of wealth on behavior. Context: American society at the end of the 19th century: the “Gilded Age” (Rockefellers, Carnegies, Vanderbilts, etc). A rhetorically clever critique of the rich - purports to be a purely descriptive anthropological study (appearance of objectivity); no prescriptions offered. But, read between the lines, it is a “devastating put- down” (JKG, Intro). “Conspicuous Leisure” (Chapter 3) Some terms: pecuniary - money-related; monetary pecuniary struggle - struggle to acquire and exhibit wealth in order to gain status pecuniary emulation - effort to equal or surpass another in status associated with wealth leisure - nonproductive consumption of time leisure class - upper class exempt from productive work Veblen claims that the pecuniary struggle is the driving force behind the development of culture and society. The pecuniary struggle should make humans industrious and frugal. Veblen thinks otherwise: • For the working class (the “pecuniary inferior” class) - superficially this is true, but later we’ll see otherwise. • For the wealthy class (the “pecuniary superior” class) - pecuniary emulation demands abstention from work. The struggle for wealth (private property) is due to pecuniary emulation. It is not a struggle for subsistence.
    [Show full text]
  • Affluenza - Pages 6/4/05 9:03 AM Page 3
    Affluenza - pages 6/4/05 9:03 AM Page 3 Chapter 1 What is affluenza? Af-flu-en-za n. 1. The bloated, sluggish and unfulfilled feeling that results from efforts to keep up with the Joneses. 2. An epidemic of stress, overwork, waste and indebtedness caused by dogged pursuit of the Australian dream. 3. An unsustainable addiction to economic growth.1 Wanting In 2004 the Australian economy grew by over $25 billion, yet the tenor of public debate suggests that the country is in a dire situation. We are repeatedly told of funding shortages for hos- pitals, schools, universities and public transport, and politicians constantly appeal to that icon of Australian spirit, the ‘Aussie battler’. Political rhetoric and social commentary continue to emphasise deprivation—as if we are living in the nineteenth century and the problems facing the country have arisen because we are not rich enough. When the Labor Party lost the federal election in 2004 it declared that, like the conservatives, it must pay more attention to growth and the economy. It would seem that achieving an economic growth rate of 4 per cent is the magic potion to cure all our ills. But how rich do we have to be before we are no longer a nation of battlers? Australia’s GDP has doubled since 1980; at 3 Affluenza - pages 6/4/05 9:03 AM Page 4 AFFLUENZA a growth rate of 3 per cent, it will double again in 23 years and quadruple 23 years after that. Will our problems be solved then? Or will the relentless emphasis on economic growth and higher incomes simply make us feel more dissatisfied? In the private domain, Australia is beset by a constant rumble of complaint—as if we are experiencing hard times.
    [Show full text]
  • Thorstein Veblen and American Social Criticism Joseph Heath Department of Philosophy University of Toronto Thorstein Veblen Is P
    Thorstein Veblen and American Social Criticism Joseph Heath Department of Philosophy University of Toronto Thorstein Veblen is perhaps best thought of as America’s answer to Karl Marx. This is sometimes obscured by the rather unfortunate title of his most important work, The Theory of the Leisure Class (1899), which misleading, insofar as it suggests that the book is just a theory of the “leisure class.” What the book provides is in fact a perfectly general theory of class, not to mention property, economic development, and social evolution. It is, in other words, a system of theory that rivals Marx’s historical materialism with respect to scope, generality and explanatory power. Furthermore, it is a system of theory whose central predictions, with respect to the development of capitalism and the possibilities for emancipatory social change, have proven to be essentially correct. When stacked up against Marx’s prognostications, this success clearly provides the basis for what might best be described as an invidious comparison. For example, it is Veblen who, at the close of the 19th century, observed that “The exigencies of the modern industrial system frequently place individuals and households in juxtaposition between whom there is little contact in any other sense than that of juxtaposition. One's neighbors, mechanically speaking, often are socially not one's neighbors, or even acquaintances; and still their transient good opinion has a high degree of utility... It is evident, therefore, that the present trend of the development is in the direction of heightening the utility of conspicuous consumption as compared with leisure” (1899, ch.
    [Show full text]
  • Mass Media and the Transformation of American Politics Kristine A
    Marquette Law Review Volume 77 | Issue 2 Article 7 Mass Media and the Transformation of American Politics Kristine A. Oswald Follow this and additional works at: http://scholarship.law.marquette.edu/mulr Part of the Law Commons Repository Citation Kristine A. Oswald, Mass Media and the Transformation of American Politics, 77 Marq. L. Rev. 385 (2009). Available at: http://scholarship.law.marquette.edu/mulr/vol77/iss2/7 This Article is brought to you for free and open access by the Journals at Marquette Law Scholarly Commons. It has been accepted for inclusion in Marquette Law Review by an authorized administrator of Marquette Law Scholarly Commons. For more information, please contact [email protected]. MASS MEDIA AND THE TRANSFORMATION OF AMERICAN POLITICS I. INTRODUCTION The importance of the mass media1 in today's society cannot be over- estimated. Especially in the arena of policy-making, the media's influ- ence has helped shape the development of American government. To more fully understand the political decision-making process in this coun- try it is necessary to understand the media's role in the performance of political officials and institutions. The significance of the media's influ- ence was expressed by Aleksandr Solzhenitsyn: "The Press has become the greatest power within Western countries, more powerful than the legislature, the executive, and the judiciary. One would then like to ask: '2 By what law has it been elected and to whom is it responsible?" The importance of the media's power and influence can only be fully appreciated through a complete understanding of who or what the media are.
    [Show full text]
  • The Boston College Economics Department
    THE BOSTON COLLEGE BC ECONOMICS DEPARTMENT NEWSLETTER June, 1992 EC August 1996 Prof. Robert McEwen, S.J. Professor Emeritus Robert J. McEwen of the Society of Jesus died of a heart attack on May 15, 1996 in Cork, Ireland, where he was visiting relatives. He was 79. He had just completed his 50th year of teaching in the Boston College Department of Economics. McEwen received one of the first Ph.D.’s granted in economics at Boston College, and chaired the department from 1957 to 1970, playing a crucial role in its development. His area of expertise was consumer economics–a field in which he received recognition from President Lyndon Johnson and from state leaders. In 1963, he successfully lobbied the Massachu- setts legislature to create the state Consumer Council, and served as its founding chair. The following remembrance of Bob McEwen was written by Prof. Francis McLaughlin, a colleague of Bob’s for many years. A remembrance In mid-May Father Robert J. McEwen died suddenly while visiting relatives in Ireland. He had turned in grades and completed fifty years of teaching economics at BC just a few weeks earlier. Father McEwen was chairman of the department from 1957 to 1970, and a key player in the department's growth and development. In 1957 he received one of the first three Ph.D. degrees in economics awarded by Boston College. His thesis was on the "so- called" fair trade laws. He was "against them" according to Father Seavey Joyce, a member of his thesis committee. The following September Bob became chairman, taking over from Father Joyce.
    [Show full text]
  • What Drives Conspicuous Consumption? – the Case of Chinese Consumers
    What Drives Conspicuous Consumption? – The Case of Chinese Consumers Y. Henry Xie, [email protected] Abstract Conspicuous consumption refers to a type of consumer behavior that people display wealth by spending a large proportion of their incomes on luxury products and services (Trigg, 2001). Different from other goods, the satisfaction that conspicuous goods provide buyers often comes from audience’s reaction, as opposed to product’s actual use (Wong, 1997). In other words, consumers exhibit certain conspicuous consumption behaviors due to their hopes to be seen more favorably in the greater social hierarchy (Podoshen, Li, & Zhang, 2011). Chinese consumers present lucrative growth opportunities for the world’s leading consumer product manufacturers and retailers that particularly target the luxury and upscale layer of the Chinese market, highlighting a rosy display of conspicuous consumption in China. Consumers purchase products for material needs and social needs such as prestige and self expression (Belk, 1988). In this current study, we examine the direct impact of individual traits / factors (i.e. face consciousness, interdependent self-concept, and cultural capital) on conspicuous consumption of Chinese consumers. According to Midgley and Dowling (1978), personality traits as well as social participation affect new product adoption and search behavior. In this current study, we particularly examine the impact of the individual traits of face consciousness, interdependent self-concept, and cultural capital, as conspicuous consumption is closely related to consumers’ desire for exclusivity and conformity, as well as social status (e.g. Amaldoss & Jain, 2005). We also examine the moderating effects of consumer innovativeness. This current study provides an insight into conspicuous consumption behaviors of Chinese consumers.
    [Show full text]