Then, one guy thinks to himself, hey if I work a bit harder and lower my prices, then I can sell more wool than ever. Now maybe he doesn t hang out at the local bar so much because he s always busy working. His switch from quality of life to quantity of money leads to a shift in the entire value system. Now all his old buddies have either got to increase their level of production or be content with a lowered standard of living. Welcome to the rat race.
Modern capitalism is more than just a form of economic organization.
Weber points out that capitalism has been around for a while in many different places. He makes a clear distinction between these capitalist economies and modern capitalism. The economic system of capitalism does not necessarily imply the work ethic which characterizes modern capitalism. Society has undergone the same shift which it witnessed in miniature in the above story. Material values are placed above all else.