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Protestant Ethic

The concept of protestant ethic was developed by Max Weber who tried to show the ideological compatibility of rational capitalism and Protestantism particularly Calvinism of the 17th century. Protestant ethic was set of values and attitudes embodied in Protestantism which has been hypothesized as being very favourable to the development of modern rational capitalism. John Calvin and other reformers taught that salvation is a pure gift from God and cannot be earned but also that one that is in God's grace and among the elect manifests in his behaviour systematic self-control and obedience to the will of God.

Calvinism also emphasised the notion of one's calling that is a person's worldly occupation was regarded as the sphere in which he was to serve God through his dedication to his work. The man of property was to act as a steward of worldly goods that is to use them for some betterment rather than for luxurious enjoyment. This unlimited demand for self-discipline, self examination, hard work, dedication to duty and one's calling survived in secular form when its religious motivations were lost. These values promoted the ascetic dedication to systematic profits, reinvestment of earnings, thrift and hard work, characteristic of the early development of capitalism.