Capitalism and Islam
From Wikipedia, the free encyclopedia
| Part of a series on |
| Capitalism |
|---|
 |
|
Concepts
|
|
Economic systems |
|
Proto-capitalist economies and free markets were active during the Islamic Golden Age and Muslim Agricultural Revolution, where an early market economy and form of merchant capitalism took root between the 8th–12th centuries.
A vigorous monetary economy was based on a widely circulated currency (the dinar) and the integration of monetary areas that were previously independent.
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]
Many of these early capitalist concepts were adopted and further advanced in medieval Europe from the 13th century onwards.[1]
See also
- Freedom and Justice Party
- Islamic Free Market Institute
- Minaret of Freedom Institute
- Islamic socialism
References
- ↑ 1.0 1.1 Banaji, Jairus (2007). 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.
- ↑ Ray Spier (2002), "The history of the peer-review process", Trends in Biotechnology 20 (8), p. 357-358 [357].
- ↑ 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
| |||||||||||||||||||||||
This article is issued from Wikipedia. The text is available under the Creative Commons Attribution/Share Alike; additional terms may apply for the media files.