The Theory of the Leisure Class made Veblen famous for his theory of consumption as a channel of social competition. The Institutionalists praised and used his notion of intangible property. This article will show that Veblen worked his way to the theory of consumption and property from the concept of labor. Veblen drew on a longstanding American literature that insisted on the dignity of labor and warned against its decline. But he was also familiar with the latest trends of German, Italian and French socialism in ways few Americans were at the time. This article will describe Veblen’s explorations of American and European sources, while emphasizing his reliance on authors (such as the Italian criminologist Antonio Ferri), whose influence on Veblen has been so far neglected.