''Wirtschaftsgeschichte'' (''General Economic History'' in English) (1923 translation 1927) is a book of economic theory which was composed by Max Weber's students based on notes from his lectures. It is notable for reconstructing and filling the gaps in Weber's theories with the help of his published and unpublished works. It was released three years after his death in 1920 and was translated into English by Frank Knight.

Economic theory

The content of the text covered lecture notes taken from 1919 to 1920 when he taught economic and social history (Abriss der universalen Sozial- und ''Wirtschaftsgeschichte).'' His broader view of economics is outlined in the book''.'' He proposed that the field should not only cover economic theory but also economic sociology and economic history. For this position, there are scholars who describe ''Wirtschaftsgeschichte'' as very close to economic sociology. Weber held that economic history faces three challenges: 1) division of labor; 2) economic orientation toward the generation of profit or householding; and 3) the degree to which rationality and irrationality characterize economic life. In ''Wirtschaftsgeschichte'', Weber also developed an institutional theory of the rise of

capitalism Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, priva ...

in the West. Unlike in his earlier work, ''

The Protestant Ethic and the Spirit of Capitalism ''The Protestant Ethic and the Spirit of Capitalism'' (german: Die protestantische Ethik und der Geist des Kapitalismus) is a book written by Max Weber, a German sociologist, economist, and politician. Begun as a series of essays, the original ...

'', religion is given a minor role. The emphasis of the work lies instead on the place of the state and calculable law in allowing economic actors to predict exchange for gain. He also refuted claims by thinkers such as

Werner Sombart Werner Sombart (; ; 19 January 1863 – 18 May 1941) was a German economist and sociologist, the head of the "Youngest Historical School" and one of the leading Continental European social scientists during the first quarter of the 20th century. ...

, who held that the

Jews Jews ( he, יְהוּדִים, , ) or Jewish people are an ethnoreligious group and nation originating from the Israelites Israelite origins and kingdom: "The first act in the long drama of Jewish history is the age of the Israelites""The ...

were responsible for the rise of Western capitalism. He maintained that Jewish capitalism can be considered pariah capitalism rather than rational capitalism and that the idea of the "Jewish factory owner" is a modern one. Weber's institutional theory of capitalism was rediscovered in the early 1980s by writers like

Randall Collins Randall Collins (born July 29, 1941) is an American sociologist who has been influential in both his teaching and writing. He has taught in many notable universities around the world and his academic works have been translated into various langu ...

, Daniel Chirot, and Douglass C. North, who worked to replace theories based largely on

Immanuel Wallerstein Immanuel Maurice Wallerstein (; September 28, 1930 – August 31, 2019) was an American sociologist and economic historian. He is perhaps best known for his development of the general approach in sociology which led to the emergence of his wor ...

's " World Systems" theory. Though today read primarily by sociologists and

social philosophers Social organisms, including human(s), live collectively in interacting populations. This interaction is considered social whether they are aware of it or not, and whether the exchange is voluntary or not. Etymology The word "social" derives from ...

, Weber's work did have a significant influence on

Frank Knight Frank Hyneman Knight (November 7, 1885 – April 15, 1972) was an American economist who spent most of his career at the University of Chicago, where he became one of the founders of the Chicago School. Nobel laureates Milton Friedman, George ...

, one of the founders of the neoclassical Chicago school of economics, who translated Weber's ''General Economic History'' into English in 1927. Max Weber (1927). General Economic History. London: George Allen & Unwin .

References

{{Max Weber 1923 non-fiction books Books about economic history Works by Max Weber 1923 in economics