Without wholeheartedly endorsing Max Weber's views on Protestantism and economic growth, the authors present a model formalizing his claim that belief in predestination was a component in economic development. Their model suggests that belief in predestination is more effective when...

The past three decades have been characterized by vast change and crises in global financial markets—and not in politically unstable countries but in the heart of the developed world, from the Great Recession in the United States to the banking crises in Japan and the Eurozone. As we try to...