This introductory chapter explains the intellectual and historical background of the collaboration between Joseph A. Schumpeter and Talcott Parsons that led to their joint faculty seminar on rationality. A section on the history of the seminar provides information on presenters, other participants, and on the sequence of the seminar events as well as summarizing the original papers that Schumpeter, Parsons, Alfred Schütz , the sociologist Wilbert Moore , the economist Rainer Schickele , and the psychoanalyst Robert Waelder contributed to the seminar. A further section reconstructs the failed attempt by Schumpeter and Parsons to publish the proceedings and a second attempt by Richard Grathoff and Walter M. Sprondel in the course of their editions in English and German of the Schütz/Parsons letter exchange. Abstracts of essays in the section on Current Perspectives are provided by the authors and therefore not summarized in the introduction.