Veblens Instinct of Workmanship pg. 231-234

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 Chapter 11, the Era of Handicraft pg. 231-234


Veblen starts this chapter by noting that in his mind Eruope had not been characterized by large scale emperors but generally smaller fiefdoms and kingdoms unlike Asia for example. He felt that the Roman Empire was more of a southern European tradition. 


Western and northern Europe developed with small scale industry and the handicraft system in the middle ages in particular.  This eventually changed over time as we have already explored as the technology changed and it became impractical for every small handicraft merchant to own capital. In the handicraft era, the habit was that price should be based on a labor theory of value but this changed to become based on freedom between buyer and seller as the capital intensive nature of industry changed.


Over time, the owners became a smaller class of people and the workers, who were originally handicraft based, came under the dominion of the owners of capital.   This marked the transition from the handicraft era to the industrial machine era.


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