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On October 4, 1957, the Soviet Union launched the earth's first artificial satellite, Sputnik I. As a result, the launch of Sputnik served to intensify the arms race and raise Cold War tensions. During the 1950s, both the United States and the Soviet Union were working to develop new technology.
Max Weber was a German sociologist, philosopher, jurist, and political economist who focused on the moral dilemmas behind politics and religion and the understanding the processes of rationalisation, secularisation, and "disenchantment".
According to Weber, the Protestant Christianity was the religion that was a necessary condition for the development of capitalism.
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Economic v. Statutory Incidence Economic incidence of a tax refers to the individual or group of individuals who ultimately bear the actual cost of the tax. Statutory incidence refers to the individual or group of individuals who are responsible for physically remitting a particular tax to the government
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Cultural economics is the branch of economics that studies the relation of culture to economic outcomes. Here, 'culture' is defined by shared beliefs and preferences of respective groups