Compare and contrast Marx’s and Weber’s views on capitalism.

 Marx describes capitalism as “one of the historical stages through which the society passes”. Whereas, Weber, attempts an interpretative understanding of social phenomena. Hence he understands capitalism in terms of the “psychological motivations of individuals, by interpreting their world view and the meanings they attach to their activities”.

Marx sees the emergence of capitalism in terms of a shift in mode of production. According to him, the economy of the material world is the infrastructure or base, which moulds the other sub-systems like culture, religion, polity and the like. So a change in the system is seen primarily as a change in economic system. The emergence of capitalism is thus explained in terms of a changed mode of production which results from the contradictions within the earlier historical stage, in this case, feudalism.

Whereas, Weber’s analysis is much more complex. He does not ignore economic factors in the emergence of rational capitalism. But to him, the problems of meanings, motivations and world view individuals are important. World-view, values, beliefs, sentiments helps to guide action, including economic action. So, in order to understand why and how rational capitalism emerged, Weber thinks it’s important to understand the value system that makes it possible. His book The Protestant Ethic and the Spirit of Capitalism reflects this outlook.

While Marx put economy before religion, Weber put religion before economy. This is a rather simplistic way of seeing their work. It is more appropriate to say that Weber’s analysis complements that of Marx by introducing new dimensions and new angles with which to view as complex a phenomenon as capitalism.

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