Revision:Key Terms in the Protestant Ethic and the Spirit of Capitalism

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Predestination Doctrine

This doctrine holds that believers could never know their salvation status. However, in the light of God's desire to see the creation of an earthly kingdom of abundance to serve his glory, the great wealth of an individual could be seen as a sign that God favoured this individual. ("[T]he acquisition of wealth, when it was the fruit of work in a vocational calling, [was viewed] as God's blessing").

Weber argues that the important question for certain Protestants was "Am I amongst the elect?". The psychological uncertainty associated with this question could only be resolved by the accumulation of evidence that one was indeed amongst the elect.

The Spirit of Modern Capitalism

Simply put, the spirit of modern capitalism is where "man is dominated by the making of money, by acquisition as the ultimate purpose of his life. Economic acquisition is no longer subordinated to man as the means for the satisfaction of his material needs".

What is fundamentally new about modern capitalism is

1. a disciplined labour force and
2. regularised investment of capital.

In previous times, employees, when offered piece-rates would only work enough to satisfy their own particular needs. Amongst the wealthy, it used to be the case that profit would only be accumulated in order to buy material comfort, pleasure or power. This changes with the spirit of modern capitalism.

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