According to Max Weber the spirit of capitalism is rationalization. Spirit of capitalism is methodical and calculating in the pursuit of profit. Max Weber argues that the spirit of capitalism is the drive to organize work to most efficiently achieve the goals of profit or business success. Spirit of capitalism had its origins in Protestantism. The spirit of capitalism may increase or decrease risk aversion in stock markets, and may actually decrease the prices of risky assets. Benjamin Franklin's life shows that his attachment to capitalist values of profit accumulation was wholly pragmatic not deriving from his religious beliefs. A detailed examination of Franklin's life and works reveals a very different story. State Capitalism merely substituted bureaucratic domination by the state and state officials for that of owners of capital. Spirit of Capitalism is methodical and calculating in the pursuit of profit. Karaoke Capitalism is institutionalized imitation, where copycat firms dominate. Crony Capitalism arises when political cronyism extends into the business domain.
'The Will to Act': An
Analysis of Max Weber's Conceptualisation of Social Action and Political Ethics in the
Light of Goethe's Fiction - Isher-Paul Sahni, Department of Sociology McGill
University - Sociology, Vol. 35, No. 2.
Max Weber's Protestant Ethic and the Spirit of Capitalism and Politics as a Vocation are interpreted in light of Johann Wolfgang von Goethe's Wilhelm Meister and Faust.
Anti-politics and the spirit of capitalism: Dissidents, monetarists, and the Czech transition to capitalism - Eyal G - Source: Theory and Society, Volume 29, Number 1, February 2000.
The Catholic Ethic and the Spirit of Capitalism, by Michael Novak -
National Review, April 12, 1993 by Shirley Robin Letwin
Confucian Ethics and the Spirit of Capitalism in Korea: Focused on Filial Piety - Lew Seokchoon
Korean Journal of Sociology, Vol.39, No. 6 (2005), in Korean.