In considering the force of Weber's argument concerning the origins of capitalism, it is useful to contrast it with the less-known but in many ways comparable account developed by the American thinker Thorstein Veblen. Weber and Veblen were contemporaries. They were both economists by training and profession, who contributed to the development of sociology and saw themselves as sociologists at different times in their careers, and neither of them was content to echo the prevailing thought and opinion.

It is uncontroversial to say that Max Weber's contribution to sociology is extensive and highly regarded. His single most acclaimed achievement is the account of the origin of capitalism in terms of the elective affinity between the Protestant ethic and the capitalist ethos that has been discussed in various ways in preceding chapters. The continuing currency of what is known as the ‘Weber thesis’, and its reputation among sociologists, remains unsurpassed. And yet, close, critical examinations of Weber's argument by diverse analysts have found his case not proven (Hamilton 2000; Hamilton 1996; Marshall 1982; Samuelsson 1957), even though others continue to celebrate its inventiveness and insights (Lehmann and Roth 1995). One response to the controversy about the Protestant Ethic has been to praise Weber's method and reject the conclusions drawn from its application (Greenfeld 2001: 11–21). Another is to redirect attention to Weber's later and more developed but relatively neglected theory of capitalism in the General Economic History (1927) (Collins 1990a).