World Library  
Flag as Inappropriate
Email this Article

Capitalism and Islam

Article Id: WHEBN0024434456
Reproduction Date:

Title: Capitalism and Islam  
Author: World Heritage Encyclopedia
Language: English
Subject: Capitalism, Economic liberalism, Islamic studies, Islamic economics in the world, Ideologies
Publisher: World Heritage Encyclopedia

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


  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

This article was sourced from Creative Commons Attribution-ShareAlike License; additional terms may apply. World Heritage Encyclopedia content is assembled from numerous content providers, Open Access Publishing, and in compliance with The Fair Access to Science and Technology Research Act (FASTR), Wikimedia Foundation, Inc., Public Library of Science, The Encyclopedia of Life, Open Book Publishers (OBP), PubMed, U.S. National Library of Medicine, National Center for Biotechnology Information, U.S. National Library of Medicine, National Institutes of Health (NIH), U.S. Department of Health & Human Services, and, which sources content from all federal, state, local, tribal, and territorial government publication portals (.gov, .mil, .edu). Funding for and content contributors is made possible from the U.S. Congress, E-Government Act of 2002.
Crowd sourced content that is contributed to World Heritage Encyclopedia is peer reviewed and edited by our editorial staff to ensure quality scholarly research articles.
By using this site, you agree to the Terms of Use and Privacy Policy. World Heritage Encyclopedia™ is a registered trademark of the World Public Library Association, a non-profit organization.

Copyright © World Library Foundation. All rights reserved. eBooks from Project Gutenberg are sponsored by the World Library Foundation,
a 501c(4) Member's Support Non-Profit Organization, and is NOT affiliated with any governmental agency or department.