Journal of Economic Perspectives
ISSN 0895-3309 (Print) | ISSN 1944-7965 (Online)
Retrospectives: Captains of Industry
Journal of Economic Perspectives
vol. 16,
no. 2, Spring 2002
(pp. 197–206)
(Complimentary)
Abstract
This paper traces the origin and use of the term "captains of industry." Introduced by the Scottish historian and essayist Thomas Carlyle in the mid-nineteenth century, its meanings and associations were very different from today. For Carlyle, they were ferocious instruments of social control who would force the unemployed and idle to work and, if necessary, discipline them. The term, if not the meaning, rapidly entered the popular lexicon. It was brought into economics by Francis Walker, the first president of the AEA, who argued that the captain of industry was a fourth factor of production and the engine of industrial progress. While many other writers shared this view, Veblen did not.Citation
Dixon, Robert. 2002. "Retrospectives: Captains of Industry." Journal of Economic Perspectives, 16 (2): 197–206. DOI: 10.1257/0895330027193JEL Classification
- B19 History of Economic Thought through 1925: Other
- B31 History of Economic Thought: Individuals
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