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Unformatted text preview: Calvinist precepts that led to capitalism Asceticism: self-denial, minimal consumption of material goods gives glory to god Predestination: a select few are chosen at birth to enter heaven Success: while it is impossible to change ones destiny, success in life is a sign of being chosen by God. Consequences of Calvinist precepts for economic system: Protestants work very hard because worldly success is a sign of salvation Protestants are reluctant to spend the wealth generated by success that many attain through hard work Excess wealth builds up and is used as profit to start new businesses. Capitalism is born. Max Weber: bureaucracy is an iron cage Robert Michaels: Iron Law of Oligarchy Oligarchy: rule of many by the few Iron Law of Oligarchy: as democratic organizations grow in complexity, a small group of rulers emerges....
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- Fall '07