Final answer:
Max Weber coined the term 'Protestant work ethic' to describe the value system where hard work and frugality are seen as means to spiritual salvation, which he argued influenced the rise of capitalism.
Step-by-step explanation:
Max Weber's term to describe the ideal of a self-denying, highly moral life, accompanied by hard work and frugality, is known as the Protestant work ethic. This ethic emerged during the 16th-century Protestant Reformation, as figures like Martin Luther and John Calvin promoted the belief that salvation was attainable through faith alone, as opposed to the Catholic emphasis on obedience and good deeds. Weber argued that this Protestant ethic highly valued hard work and frugality and eventually became a foundational aspect of capitalist societies.