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Capitalism and Islam

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Capitalism and Islam

Proto-capitalist economies and free markets were active during the Islamic Golden Age 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:

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

References

  1. ^ a b Banaji, Jairus (2007).  
  2. ^ 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.
  3. ^ Ray Spier (2002), "The history of the peer-review process", Trends in Biotechnology 20 (8), p. 357-358 [357].
  4. ^ 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.
  5. ^ 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.  
  • 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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