According to Max Weber the spirit of capitalism is rationalization. Spirit of capitalism is methodical and calculating in the pursuit of profit. Spirit of capitalism had its origins in Protestantism. The spirit of capitalism may increase or decrease risk aversion in stock markets, and may actually decrease the prices of risky assets. Max Weber argues that the spirit of capitalism is the drive to organize work to most efficiently achieve the goals of profit or business success. Karaoke Capitalism is institutionalized imitation, where copycat firms dominate. Crony Capitalism arises when political cronyism extends into the business domain. The 'spirit of capitalism' does not refer to the spirit in the metaphysical sense but rather a set of values, the spirit of hard work and progress.
'The Will to Act': An Analysis of Max Weber's Conceptualisation of Social Action and Political Ethics in the Light of Goethe's Fiction - Isher-Paul Sahni, Department of Sociology McGill University. Max Weber's Protestant Ethic and the Spirit of Capitalism and Politics as a Vocation are interpreted in light of Johann Wolfgang von Goethe's Wilhelm Meister and Faust.
Anti-politics and the spirit of capitalism: Dissidents, monetarists, and the Czech transition to capitalism - Eyal G - Source: Theory and Society, Volume 29, Number 1, February 2000.
The Catholic Ethic and the Spirit of Capitalism, by Michael Novak -
National Review, April 12, 1993 by Shirley Robin Letwin.
Confucian Ethics and the Spirit of Capitalism in Korea: Focused on Filial Piety
- Lew Seokchoon
Korean Journal of Sociology, Vol.39, No. 6 (2005), in Korean.