''The Stock Exchange'' (in German: ''Die Börse'') is an 1896 book written by Max Weber, a German

economist An economist is a professional and practitioner in the social science discipline of economics. The individual may also study, develop, and apply theories and concepts from economics and write about economic policy. Within this field there are ...

and sociologist. During the 1890s the stock exchange had become the symbol of

capitalism Capitalism is an economic system based on the private ownership of the means of production and their operation for profit. Central characteristics of capitalism include capital accumulation, competitive markets, price system, priva ...

in Germany.

Reinhard Bendix Reinhard Bendix (February 25, 1916 – February 28, 1991) was a German-American sociologist. Life and career Born in Berlin, Germany, in 1916, he briefly belonged to Neu Beginnen and Hashomer Hatzair, groups that resisted the Nazis. In 1938 ...

, ''Max Weber: an intellectual portrait'',

University of California Press The University of California Press, otherwise known as UC Press, is a publishing house associated with the University of California that engages in academic publishing. It was founded in 1893 to publish scholarly and scientific works by facult ...

, 1977, p. 23 During 1894–1896 Weber wrote a number of essays about stock exchange, in which he argued against the popular view that the stock exchange was a fraudulent enterprise designed to abuse "the honest working people." Weber in his research on the stock exchange concentrated on two subjects. First, he showed that

commercialization Commercialization or commercialisation is the process of introducing a new product or production method into commerce—making it available on the market. The term often connotes especially entry into the mass market (as opposed to entry into ...

could help create or destroy cultural values, sometimes doing both at the same time - it had destroyed the values of

patriarchalism Patriarchalism is a political theory that arose in England in the seventeenth century that defended the concept of absolute power for the monarchy, through language that emphasized the "paternal" power of the king over the state and his subjects. ...

, but created the opportunities for farm workers.Reinhard Bendix, ''Max Weber: an intellectual portrait'', University of California Press, 1977, p. 29 The stock exchange itself has facilitated the expansion of trade, but at the same time it did allow for new ways of crime and abuse. Second, Weber showed that economic conduct was an integral part of ideas related to pursuing economic interests, but those ideas have to be viewed separately.

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1896 non-fiction books Finance books Sociology books Works by Max Weber 1896 in economics {{finance-book-stub