The Man Who Saw Trump Coming A Century Ago

Distracted daily by the bloviating POTUS? Here, then, is a small suggestion. Focus your mind for a moment on one simple (yet deeply complex) truth: we are living in a Veblen Moment.

That’s Thorstein Veblen, the greatest American thinker you probably never heard of (or forgot). His working life -- from 1890 to 1923 -- coincided with America’s first Gilded Age, so named by Mark Twain, whose novel of that title lampooned the greedy corruption of the country’s most illustrious gentlemen. Veblen had a similarly dark, sardonic sense of humor.

Now, in America’s second (bigger and better) Gilded Age, in a world of staggering inequality, believe me, it helps to read him again.

In his student days at Johns Hopkins, Yale, and finally Cornell, already a master of many languages, he studied anthropology, sociology, philosophy, and political economy (the old fashioned term for what’s now called economics). That was back when economists were concerned with the real-life conditions of human beings, and wouldn’t have settled for data from an illusory “free market.”

Veblen got his initial job, teaching political economy at a salary of $520 a year, in 1890 when the University of Chicago first opened its doors. Back in the days before SATs and admissions scandals, that school was founded and funded by John D. Rockefeller, the classic robber baron of Standard Oil. (Think of him as the Mark Zuckerberg of his day.) Even half a century before the free-market economist Milton Friedman captured Chicago’s economics department with dogma that serves the ruling class, Rockefeller called the university “the best investment” he ever made. Still, from the beginning, Thorstein Veblen was there, prepared to focus his mind on Rockefeller and his cronies, the cream of the upper class and the most ruthless profiteers behind that Gilded Age.