Question

In Max Weber's introduction of "The Protestant Ethic and the Spirit of Capitalism," he says, "Capitalism may be even identical with the restraint, or at least a rational tempering, of this irrational impulse. But capitalism is identical with the pursuit of profit, and forever renewed profit, by means of continuous, rational, capitalistic enterprise" (17). What does this quote mean? What is his argument about capitalism?

Answer 1

Capitalism according to Max Weber is a concept in which people are constantly on the pursuit of profit. He says this capitalist mindset is prevalent not just in Capitalistic economies at a large scale alone but everyone including a beggar who runs his life hoping to gain enough for the day.

By Spirit of Capitalism, Weber doesn't refer to the metaphysical spirit but the values and behaviors that drives one towards Capitalistic standpoint where one work towards increasing one's profitability. This 'one' could be an individual, an organisation or even a government.
He also points out the renewed spirit of profit because once one tastes profit, they would be striving hard to maintain continuity in exploring wealth. His final argument is that this continuous exploitation for profit will end up in an imbalanced society which the religions had already established as he strongly believes that puritan ethics and ideas helped in the Development of capitalism.