Final answer:
Max Weber's theory asserts that Protestant work ethics influenced the development of capitalism, emphasizing individual achievement and hard work. This theory has been debated, but the 'Protestant work ethic' continues to be a reference point in discussions on the relationship between religion and economy.
Step-by-step explanation:
The relationship between Protestantism and capitalism is significantly attributed to the theory developed by German sociologist Max Weber. In his seminal work, The Protestant Ethic and the Spirit of Capitalism (1905), Weber posited that certain kinds of Protestantism, especially Calvinism, promoted a work ethic conducive to economic success. Protestants, according to Weber, were more inclined to engage in hard work and savings, thereby fostering the ideal conditions for the rise of capitalism. He believed that the emphasis on individual achievement found in Protestant ethics contrasted with the community focus in Catholicism, thereby affecting economic behavior and contributing to the development of capitalist societies, especially in the Netherlands, England, Scotland, and Germany.
However, Weber’s thesis has been the subject of considerable debate. Later research, such as that by Andrew Greeley in 1989, suggested that Weber's connection between Protestantism and capitalism might not hold true in modern society. Nonetheless, the concept of a 'Protestant work ethic' persists and has contributed to discussions about the interplay between religion and economic development, though it has largely lost its religious connotations in contemporary discourse.