This chapter attempts to build such a general theory from elements mined from the contributions of both Weber and Schumpeter. It presents a detailed accounts of the works of Max Weber and Joseph Schumpeter relevant to the theory of capitalism. The chapter addresses the challenge of a grand theory of the contemporary socio-economic situation by offering a general framework for comprehending modern capitalism. The chapter suggests that a better combination for such an enterprise would be, say, Marx plus Schumpeter, or Weber plus Simmel or Weber plus Marx. The rationale of the present work is that a synthetic combination of these two thinkers' works is worthwhile because their contributions are each of great individual value, yet they conveniently complement and support each other. There are notable affinities between Weber and Schumpeter that deserve attention at the outset. It is clear that Weber's work is largely oriented to explain the origins and the sociological underpinnings of the capitalist economic system.