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Profit Maxims: Capitalism and the Common Sense of Time and Money

Globalization, Critique and Social Theory: Diagnoses and Challenges

ISBN: 978-1-78560-247-4, eISBN: 978-1-78560-246-7

Publication date: 6 November 2015

Abstract

Purpose

Max Weber called the maxim “Time is Money” the surest, simplest expression of the spirit of capitalism. Coined in 1748 by Benjamin Franklin, this modern proverb now has a life of its own. In this paper, I examine the worldwide diffusion and sociocultural history of this paradigmatic expression. The intent is to explore the ways in which ideas of time and money appear in sedimented form in popular sayings.

Methodology/approach

My approach is sociological in orientation and multidisciplinary in method. Drawing upon the works of Max Weber, Antonio Gramsci, Wolfgang Mieder, and Dean Wolfe Manders, I explore the global spread of Ben Franklin’s famed adage in three ways: (1) via evidence from the field of “paremiology” – that is, the study of proverbs; (2) via online searches for the phrase “Time is Money” in 30-plus languages; and (3) via evidence from sociological and historical research.

Findings

The conviction that “Time is Money” has won global assent on an ever-expanding basis for more than 250 years now. In recent years, this phrase has reverberated to the far corners of the world in literally dozens of languages – above all, in the languages of Eastern Europe and East Asia.

Originality/value

Methodologically, this study unites several different ways of exploring the globalization of the capitalist spirit. The main substantive implication is that, as capitalism goes global, so too does the capitalist spirit. Evidence from popular sayings gives us a new foothold for insight into questions of this kind.

Keywords

Acknowledgements

Acknowledgments

This paper condenses, updates, and develops points that I made in my preface to The Hegemony of Common Sense by Dean Wolfe Manders (Manders, 2006, pp. 19–91). This book will appear soon in a revised ebook edition issued by the Ingram Content Group. On the first edition, see Wolfgang Mieder’s review, Proverbium, 26, 2009, pp. 427–446. For linguistic help, I am grateful to my colleagues Elif Andaç, Ligaya McGovern, Keith McMahon, Mahire Yakup, and especially Mehrangiz Najafizadeh.

Citation

Smith, D.N. (2015), "Profit Maxims: Capitalism and the Common Sense of Time and Money", Globalization, Critique and Social Theory: Diagnoses and Challenges (Current Perspectives in Social Theory, Vol. 33), Emerald Group Publishing Limited, Leeds, pp. 29-74. https://doi.org/10.1108/S0278-120420150000033002

Publisher

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Emerald Group Publishing Limited

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