MAX WEBER ON THE "SPIRIT OF CAPITALISM" ECONOMIC GROWTH AND DEVELOPMENT IN THE ANTECHAMBER OF THE INDUSTRIAL REVOLUTION1

The paper has a fresh look at the work of Weber. The emphasis is on his "Protestant Ethic and the 'Spirit' of Capitalism", which is frequently misrepresented. It is argued that Weber's focus of attention is the historical importance of Protestant ideas to the extent to which they shape human action; the treatise does not seek to explain capitalism since its beginnings, but concentrates exclusively on "modern capitalism"; it deals with economic growth and development in the antechamber of the Industrial Revolution; it concerns essentially what Marx had called the production of "absolute" as opposed to relative surplus value. Weber's argument is rephrased with the help of economic theory and its limitations are pointed out.