Both Marx and Weber articulated theories of social change, and advanced explanations for the origin of capitalism. Who was right? Or can the two be synthesised?

Essay from the year 2003 in the subject Sociology - General and Theoretical Directions, grade: 2.1 (B), Oxford University (New College), language: English, abstract: The study of capitalism is a predominant theme in both Marx's and Weber's writings. In conjunction with Marx's 'Capital', 'The Protestant Ethic and the Spirit of Capitalism' by Weber constitutes one of the two great theories of capitalism. However, one has to note that both have written a great deal on the theories of capitalism. Both writers focus on the historical and causal forces shaping capitalist society, but where Marx believed in 'economic determinism', Weber also believed in so-called 'non-economic' factors of capitalism. He based his analysis on a number of interconnections he saw between capitalist development and the influences of various spheres of society such as religion, law and political institutions. I am going to give an overview of the two different explanations for the origin of capitalism by Marx and Weber. Further I am going to investigate who of the two was right or whether the two theories can be synthesised. [...]