Final answer:
Max Weber's theory posits that the Protestant work ethic, emphasizing hard work and frugality, played a critical role in the rise of capitalism. Weber's book 'The Protestant Ethic and the Spirit of Capitalism' links the development of capitalist ideology to Protestant values. His theory remains influential and contested in the study of socio-economic history.
Step-by-step explanation:
German sociologist Max Weber theorized that the Protestant work ethic significantly contributed to the development of capitalism. In his influential book, The Protestant Ethic and the Spirit of Capitalism (1905), Weber observed that societies with a strong Protestant presence, such as the Netherlands, England, Scotland, and Germany, were also the most developed capitalist societies. He proposed that Protestantism, particularly Calvinism, fostered a drive for hard work, frugality, and a focus on individual achievement, which, in turn, supported capitalist ideology.
According to Weber, the spirit of capitalism is closely tied to the religious ideas of the Protestant Reformation. The belief in predestination and the view that prosperity could be a sign of God's favor led Protestants to strive for economic success. This Protestant ethic shifted focus away from community, as emphasized in Catholicism, to personal success and wealth accumulation. Weber's work posits that this shift had a profound impact on the rise of capitalism and the establishment of a modern economic order. While the theory is still a subject of debate, it underscored the potential impact of religion on socio-economic systems.