Birth Of Modern Economıc Thought In Anglo-Saxon World and The Spread Of American Capitalism In The Global Economy

Abstract

With the Enlightenment thought, human behavior has begun to be explained with the idea of ​​self-interest. By the beginning of industrial revolution, it has turned into a fashion to explain human behavior with self-interest. At the same time, self-interest ceased to be a sin but turned into a virtuous act. Modern social sciences are also based on self-interest principle. Europe's rise started with the Protestant Reformation. Protestant culture is modern, rational and individualistic culture. According to Weber, culture is an important variable and culture determines the economic path followed by capitalism. For Weber capitalism in England was born from rational Protestant culture. Without the Protestant culture, a different capitalism would emerge in Anglo-Saxon countries. In this context, there is a very close relationship between modern economic thought and Protestant culture. In this study, the emergence of modern economic thought in Anglo-Saxon countries and its relationship with the Protestant culture is explained. Besides, the spread of American capitalism in the global economy is emphasized, also.