Literature Review : The Protestant Ethic And The Spirit Of Capitalism

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With the gradual evolution of industrialization in the developing countries particularly Nigeria, the concept of achievement motivation has become prominence among other factors, which industrialization is predicated upon. Over the years scholars have made elaborate contributions on achievement motivation.
Weber’s most distinctive and most famous contributions in his classical work, “The protestant ethic and the spirit of capitalism”. Weber indeed emphasized the importance of religious doctrines and ethical precepts and values must be taken into account as well as among other variables. He assigned special importance to ascetic, achievement oriented values, which encourage entrepreneurs to work hard and at the same time to refrain from enjoying the fruit of their labour,(Halevy 1981, P.37). These are values, which encourage entrepreneurs to make profits and not to expend them on consumption, but rather to re-invest them so as to make additional profit.
From the above argument, the conditions, that is, the protestant ethic and the spirit of capitalism may be a necessary condition and not the condition necessary to ginger the frame of mind needed in an individual for industrial development. This is in view of the fact that it lost sight of other factors like social structure, thereby limiting industrial development through hard work to a matter of subjectivity. Secondly, development in a
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