The institutional approach to the economy had its genesis in the work of Thorstein Veblen, whose The Theory of the Leisure Class (18…, Samuelson, Paul A. Weber did not deny that such "temporary external historico-political situations" as the migration of ethnic groups to societies in which they became commercially successful had been important in effecting economic change. https://www.encyclopedia.com/environment/encyclopedias-almanacs-transcripts-and-maps/economics-and-religion, "Economics and Religion The rich world is becoming less religious, and the developing world is becoming more religious. The self-conscious formulation of economic ethics or culture is also occurring to varying degrees in a number of other major religious contexts. The latter view was brought to its consummation by Émile Durkheim in the early years of the twentieth century. In this regard it should be emphasized that Weber undoubtedly exaggerated the degree to which the affinity between certain branches of Protestantism and capitalist economic success had been overlooked prior to his writings. Theology and the Market. In addressing the crystallization of scholarly interest in the relationship between religion and economics at the end of the nineteenth century it should be stressed that in the German context there was a general philosophical and sociological issue at the center of debate. The greatest degree of religious legitimation of capitalism occurred in the United States, where the predominance of a basically Calvinist form of Protestantism encouraged the view that men proved themselves before God and their fellow men and women by successful, disciplined economic striving. Before turning to such matters, however, it is necessary to indicate the ways in which Weber fleshed out his thesis about the origins of the modern Western consciousness. Although the developing nineteenth-century discipline of political economy (eventually known simply as economics) did not share the concern of Marxism and non-Marxist social science with religion, religious ideas and practices emerged in the major areas of capitalism—notably Britain and the United States—that legitimated the capitalist economy and sanctioned the existing social order. . Also relevant to understanding the late nineteenth- and early twentieth-century posing of issues regarding religion and economics is Ernst Troeltsch's The Social Teaching of the Christian Churches, 2 vols., translated by Olive Wyon (1931; Chicago, 1981). Economic development causes religion to play a lesser role in the political process and in policymaking, in the legal process, as well as in social arrangements (marriages, friendships, colleagues). Rather, it was argued, Latin America's condition was to be largely explained by its dependent status in relation to affluent countries, in particular the United States, whose very advantages were made possible by the economic underdevelopment of Third World societies. The believing channel of religion behaviours concerns costly effort concerned with divine reputation. This is so not merely because of the purely scholarly interest in the making of the modern world and the crucial role of the West in that regard but also because the great economic disparities between contemporary societies became a matter of widespread concern, controversy, and conflict. Meanwhile, the failure of most societies in the Third World to develop strong economies led to increasing concern about global poverty, material deprivation, and intersocietal inequalities. Weber's sociology of religion in a more general sense is adumbrated, in comparison with the views of Marx and others, in my "Max Weber and German Sociology of Religion," in Nineteenth Century Religious Thought in the West, edited by Ninian Smart et al., vol. Refer to each style’s convention regarding the best way to format page numbers and retrieval dates. Greatly influenced by Weber, whose The Protestant Ethic and the Spirit of Capitalism he translated (1930), Parsons devoted much of his academic career to the question of what others have called the degree of embeddedness of economic life. 236–265. Central to Weber's analysis of the economic ethics of the major religious traditions was the concept of theodicy.