With the “war of methods” which took place at the end of the 19th century, sociology and economics were separated. At the beginning of the 20th century, when Neoclassical School began to rise, the Old Institutional School in America was confronting Neoclassical School. Among the most important members of the Old American Institutional School were Thortein Veblen, Wesley Mitchell, John R. Com-mons and John K. Galbraith. Old Institutional economists tried to develop a different economic theory from Neoclassical economic theory. In order to build a new econo-mic theory, they used various branches of social sciences such as psychology, history and sociology. However, the Old Institutional School was defeated by the Neoclassi-cal School with the war of methods. Having won the war of methods, the Neoclassi-cal School took the control of economics science. In this study, it is concluded that there is only one economics composed of Classical and Neoclassical Schools. However each country has diverse cultural and historical conditions. Culture, reli-gion, ethics, history and institutions are important variables and they influence the path of capitalism. Therefore, in the global economy various models of capitalism exist. In the global economy there are institutional, cultural, ethical and historical variations among countries. Those omitted infuential social variables should be ad-ded to the economic researches. At this study, the birth of modern economics and the criticims of Old Institutional School to mainstream economis is briefly explained. Besides at the last part, the infuences of global policy paradigms on Turkish economy and, the distinguished Weberian economist Sabri Ülgener’s remarks about religion-economy nexus is explained simultaneously.