“From the ownership of women the concept of ownership extends itself to include the products of their industry, and so there arises the ownership of things as well as of persons.”

— Thorstein Veblen, book The Theory of the Leisure Class

Source: The Theory of the Leisure Class (1899), p. 23

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Thorstein Veblen41

American academic 1857–1929

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“Socialists then shift the ground for taking industries into “public ownership”. They then tell us that some industries cannot survive any longer unless they are taken into public ownership, allegedly to protect the public from the effects of their collapse. It all sounds so cosy, and so democratic. But is it true? No, of course it isn't. The moment ownership passes into the name of the public is the moment the public ceases to have any ownership or accountability, and often the moment when it ceases to get what it wants. But it is invariably the moment when the public starts to pay. Pays to take the industry over. Pays the losses by higher taxes. Pays for inefficiencies in higher prices.”

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“All the alleged key causes of SOE [State-Owned Enterprise] inefficiency—the principal-agent problem, the free-rider problem and the soft budget constraint—are, while real, not unique to state-owned enterprises. Large private-sector firms with dispersed ownership also suffer from the principal-agent problem and the free-rider problem. So, in these two areas, forms of ownership do matter, but the critical divide is not between state and private ownership—it is between concentrated and dispersed ownerships.”

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“The aim of the anarchist is to eliminate private ownership.”

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“From the ownership of women the concept of ownership extends itself to include the products of their industry, and so there arises the ownership of things as well as of persons.”

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