At the Crossroads of History and Theory: Weber, Schumpeter and Economic Sociology

Max Weber and Joseph Schumpeter have contributed to the disciplines of economics and sociology. Their contributions combined history with theory, taking into account the interactions between the fields of economics and sociology. Weber viewed the structure of religious and moral thought as being the basic factor engendering changes in economic and social structures, whereas Schumpeter focused on the creative actions of the entrepreneur. Despite these differences in their approaches, it is possible to claim that economic sociology is the common legacy stemming from the writings of Weber and Schumpeter. This study will propose that the analyses of Weber and Schumpeter in the area of economic sociology are crucial methodological tools and provide a comprehensive analytical framework in understanding economic and social structures. Accordingly, this study examines Weber's ideas on economic sociology, by means of rational capitalism, bureaucratization, and iron cage concepts, in addition to Schumpeter's methodology, and his energetic/creative action of the entrepreneur.