Chapter 2: The Spirit of Capitalism Summary and Analysis

For the purposes of this discussion, "spirit of capitalism" will have a specific definition although there are others that could be formulated from other pieces of historical data. To be clear, there is more than one definition of "spirit of capitalism;" therefore, the definition used here is merely a provisional definition. The author turns to Benjamin Franklin for the provisional definition of spirit of capitalism that is necessary for the main topic. He chose Franklin's definition because it is presented in almost classical purity and is free from preconceptions and any relationship to religion.

Franklin wrote that "time is money" (p. 14). When a man is idle, he is throwing money away. Credit is money left in another's hand; money creates interest. Money makes money. A person who pays his debts on time can...