Abstract

Karl Polanyi and Max Weber held radically different views of liberal capitalism, but they also came to differ in significant respects with their brothers Michael Polanyi and Alfred Weber. The first section provides an overview of some critical moments in the history of liberal capitalism as perceived by some historical witnesses. The second treats the views of the Weber brothers on the world economy before 1914. The third deals with Max Weber's overlooked treatment of G. F. Knapp's once famous state theory of money. The fourth turns to the circle of cosmopolitan Austro-Hungarian intellectuals who passionately debated the future of liberal capitalism and almost all of whom became political refugees.