The Analysis of the Influence of Religion on Economic Growth in the Context of Max Weber’s Views

Abstract

The basis of Weber thesis is presented in the work The Protestant
Ethic and the Spirit of Capitalism. Analysing the development of capitalism
Weber connected it, among others, with an increase of rationality caused
by a particular religion. He stated that an increase in ascetic Protestantism
(including Calvinism), and in particular a set of values and beliefs about work,
savings, investment, and multiplying wealth were essential to the creation of
modern capitalism.
The author conducted a verification of Weber’s thesis and used his own
econometric model for the economy of Germany. The Protestant religion,
in addition to the level of emigration, the proportion of people working in
agriculture, was important for the creation of social welfare (GDP). This is
a negative relationship as an increase in the number of Protestants led to
a decrease in GDP growth. At the same time, it should be noted that the
percentage of the number of Protestants in the German Reich decreased
during the analysed period. The relatively low coefficient of determination
also indicates that the model explains 33.13% of the cases.