The German economic historian Werner Sombart (1863-1941) is known for his work in two fields: socialism and capitalism. He began as an admirer of Marxian socialism and ended as its bitter critic. Several of his works on the history of capitalism are regarded as classics in spite of many errors of fact.

Werner Sombart was born on Jan. 19, 1863, at Ermsleben. His father was a prosperous landowner and a member of the Prussian Diet and of the Reichstag. Young Sombart was educated at Pisa and the University of Berlin, where he studied under Adolf Wagner and Gustav von Schmoller. He received a doctorate in 1888 and became secretary of the Bremen Chamber of Commerce. In 1890 he became extraordinary professor of economics at the University of Breslau, where he remained until 1905. His radical views on social and economic reform did not please the Prussian government, and in spite of his outstanding...