Marx Vs. Veblen: A Comparative Analysis
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Marx Vs. Veblen: A Comparative Analysis
Marx vs. Veblen: A Comparative Analysis
Within the study of political economy, the subject of class and class relations has always been a widely discussed issue. Many political economists approach social class from different angles based on the particular economy they are focusing on, and the time in which their analysis takes place. The definitions of class structures and the relationships among them have been interpreted in various ways throughout history, and a wholesome understanding of the importance of social class in economics should include the comprehension of many of these perspectives. Karl Marx and Thorstein Veblen are two widely read political economists whose attention to social classes represents this idea. This paper aims to discuss the evolution of class relations as Veblen understood them, and contrast his ideas with those of Marx.
Veblen approached the analysis of social class from an evolutionary standpoint. He stressed the idea that society and its components and institutions are constantly changing and developing, and that must be realized in order to understand social relations in an economy. According to Veblen, “there has always been a ‘warrior’ or ‘leisure’ class and a ‘menial’ or ‘productive class’†(Sackrey 89). The upper classes, he states, are “excluded from industrial occupations, and are reserved for certain employments to which a degree of honour attaches†(Veblen 1). He argues that this dichotomy first manifested itself in hunter-gatherer society, with the hunters (men) representing the leisure class and the gatherers (women) being those of more menial status. Through both of these occupations were equally valuable to the subsistence of the community, they possessed differing levels of status. Veblen continues his analysis up into feudal times, in which the same sort of stratification is seen between the landowning lords and knights and the serfs who worked their land. He is careful to assert...