Levine connects nominalist economic thinking with a tradition of textual interpretation and locates the origins of capitalist thought outside of the Protestant reformation, within Jewish culture. This argument has a historical precedent, Werner Sombart's Die Juden und das Wirtschaftsleben (The Jews and Capitalism) (1911), written as a response to Max Weber's The Protestant Ethic and the Spirit of Capitalism (1905). Sombart argued that it was the Jews who originated capitalism, not the Protestants. He began his study noting that the shift of Europe's economic center from South to North coincided with the migrations of the Jews from Spain to Holland and England. Sombart claimed that the Jews had invented impersonal credit instruments and transferable securities and that Jews had been the principal creators of Europe's stock markets and the first speculators. Citing evidence of highly developed economic thought in the Bible, Talmud, Mishna, Gemara, Code of Maimonides, and Shulchan Aruch, Sombart argued that medieval Jews were not cheats, but merely went against the guildlike gentile commercial practices of fixed prices and fixed incomes. Jews were behind the growth of advertising, which scarcely existed in the seventeenth century because advertising prices meant undercutting competitors, and praising your goods above those of your neighbors was looked down upon as an un-Christian practice. In contrast to this "Christian" system of commerce, claimed Sombart, the Jews focused on "small profits, quick returns" (150). Jewish economic success was also traceable to a cultural emphasis on family life.