It used to be argued, by Max Weber and R. H. Tawney, that modern capitalism was the product of religious notions, variously termed the ‘Protestant ethic’ and the Calvinist ‘salvation panic’, both inculcating a spirit of hard work and accumulation. But there are many insuperable objections to this theory, and it now seems more likely that displacement, rather than sectarian belief, was the common factor. The dynamic impulse to national economies, especially in England and the Netherlands, and later in North America and Germany, was provided not only by Calvinists, but by Lutherans, Catholics
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