WERNER SOMBART
He was referring to the entrepreneurial style and mercantile capitalism which most historians believe that the Jews developed originally and which led to the rapid initial development of the United States. He was not referring to the Jewish people who came to America. The historical Jewish development of much of modern capitalism and business, ironically, was the consequence of Jews in most of Europe not being allowed to own land or practice any of the professions. So the best of the Jewish talent was directed to trading, merchandizing and banking and they developed many of the basic capitalistic tools of today such as double entry bookkeeping.
Werner Sombart was a German economist and sociologist, the head of the "Youngest Historical School" and one of the leading Continental European social scientists during the first quarter of the 20th century. The term late capitalism is accredited to him. The concept of creative destruction associated with capitalism is also of his coinage. His magnum opus was Der moderne Kapitalismus. It was published in 3 volumes from 1902 through 1927. In Kapitalismus he described four stages in the development of capitalism from its earliest iteration as it evolved out of feudalism, which he called proto-capitalism to early, high and, finally, late capitalism —Spätkapitalismus— in the post World War I period.
