Analyzing the reasons for economic recession within the context of morality and mentality and writing the book titled ‘Iktisadi Cozulmenin Ahlak ve Zihniyet Dunyası’ (Moral and Mental World of Economic Disintegration), Ulgener meticulously examines the literary texts and religious literature of the period and works through them in the manner of a sociologist. Ulgener associates the reasons for the non-occurrence of the desired level of entrepreneurship in economics and economic recession with morality and mentality, and, in this regard, discusses the medieval person, medieval morality, and the spirit of capitalism by gathering them in the same pot. In this study, grounded theory method and explanatory analysis technique are used to explain the meanings of the concepts mentioned in Ulgener’s work and the approach grounded in the text. As a result of the analysis, both moral and mental components of the economic disintegration that are discussed in the book were reached. Accordingly, it was understood that people embodied capitalism in the medieval culture, and that their mentality and morality were shaped under the medieval morality and the spirit of capitalism. Along with the development in mentality, it has been understood that all other components are effective in economic dissolution by creating a synergy with the effect of external developments and the changing cyclical environment. In addition, it has been concluded that the dissolution process is not instantaneous and manifests itself in different intensities in different periods. It has been determined that the economic dissolution includes some sociological dynamics beyond the economic concept. When the data obtained as a result of the study is evaluated from an economic point of view, it is though that it may be a helpful source in terms of explaining the reasons of economic failures that recur at intervals.