Capitalism and Islam
Proto-capitalist economies and free markets became active during the Islamic Golden Age where an early market economy and a form of merchant capitalism took root between the 8th–12th centuries.
A vigorous monetary economy developed, based on a widely circulated currency (the dinar) and on the integration of previously independent monetary areas.
Business techniques and forms of business organisation employed during this time included:
- contracts
- bills of exchange
- long-distance international trade
- forms of partnership (mufawada) such as limited partnerships (mudaraba)
- forms of credit
- debt
- profit
- loss
- capital (al-mal)
- capital accumulation (nama al-mal),[1]
- circulating capital
- capital expenditure
- revenue
- cheques,
- promissory notes,[2]
- trusts (see Waqf)
- savings accounts
- transactional accounts
- pawning
- loaning
- exchange rates
- bankers
- money changers
- ledgers
- deposits
- assignments
- lawsuits[3]
Organizational enterprises independent from the state also existed in the medieval Islamic world, while the agency institution was also introduced.[4][5]
Medieval Europe adopted and further developed many of these early capitalist concepts from the 13th century onwards.[1]
See also
- Freedom and Justice Party
- Islamic Free Market Institute
- Minaret of Freedom Institute
- Islamic socialism
References
- 1 2 Banaji, Jairus (2007). "Islam, the Mediterranean and the Rise of Capitalism". Historical Materialism (Brill Publishers) 15 (1): 47–74, 28p. doi:10.1163/156920607X171591.
- ↑ Robert Sabatino Lopez, Irving Woodworth Raymond, Olivia Remie Constable (2001), Medieval Trade in the Mediterranean World: Illustrative Documents, Columbia University Press, ISBN 0-231-12357-4.
- ↑ Spier, Ray (2002). "The history of the peer-review process". Trends in Biotechnology 20 (8): 357–358 [357]. doi:10.1016/s0167-7799(02)01985-6.
- ↑ Said Amir Arjomand (1999), "The Law, Agency, and Policy in Medieval Islamic Society: Development of the Institutions of Learning from the Tenth to the Fifteenth Century", Comparative Studies in Society and History 41, pp. 263–93. Cambridge University Press.
- ↑ Samir Amin (1978), "The Arab Nation: Some Conclusions and Problems", MERIP Reports 68, pp. 3–14 [8, 13].
Further reading
- Gran, Peter (1979). Islamic Roots of Capitalism: Egypt, 1760-1840. Middle East Studies Beyond Dominant Paradigms. Syracuse University Press. p. 278. ISBN 9780815605065. Retrieved 2013-07-13.
- Peter Nolan (2009) Crossroads: The end of wild capitalism. Marshall Cavendish, ISBN 978-0-462-09968-2
- Murat Cizakca (2011) Islamic Capitalism and Finance: Origins, Evolution and the Future. (Edward Elgar), ISBN 978-0-857-93147-4
- Daromir Rudnyckyj (2010) Spiritual Economies: Islam, Globalization, and the Afterlife of Development. (Cornell University Press) ISBN 978-0-801-47678-5
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