Capitalism and Islam

Source: Wikipedia, the free encyclopedia.

Islamic capitalism was active during the

medieval Europe from the 13th century onwards.[1] Some have argued that these economic activities laid the foundations for the development of modern capitalism.[7][8]

Market economy

A

state enterprises still had a capitalist mode of production, such as pearl diving in Iraq and the textile industry in Egypt.[10]

During the 11th–13th centuries, the "

trade routes across the Mediterranean Sea, Red Sea, and Indian Ocean, and as far as Francia in the north, China in the east, and sub-Saharan Africa in the south, where they obtained gold. Strategies employed by the Karimis include the use of agents, the financing of projects as a method of acquiring capital, and a banking institution for loans and deposits. Another important difference between the Karimis and other entrepreneurs before and during their time was that they were not tax collectors or landlords, but their capitalism was due entirely to trade and financial transactions.[13]

Though medieval Islamic economics appears to have somewhat resembled a form of capitalism, some Orientalists also believe that there exist a number of parallels between Islamic economics and communism, including the Islamic ideas of zakat and riba.[citation needed] Others see Islamic economics as neither completely capitalistic nor completely socialistic, but rather a balance between the two, emphasizing both "individual economic freedom and the need to serve the common good."[14] Others point out that Islam has an inherently capitalist nature and argue this most through respect for private property as the foundation of capitalism in Islam, as well as the historical fact that the Muhammad was an entrepreneur, a merchant.[15][16]

See also

References

  1. ^ a b Jairus Banaji (2007), "Islam, the Mediterranean and the rise of capitalism", Historical Materialism 15 (1), pp. 47–74, Brill Publishers.
  2. .
  3. ^ Subhi Y. Labib (1969), "Capitalism in Medieval Islam", The Journal of Economic History 29 (1), pp. 79–96 [92–3].
  4. ^ Ray Spier (2002), "The history of the peer-review process", Trends in Biotechnology 20 (8), p. 357-358 [357].
  5. ^ 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.
  6. ^ Samir Amin (1978), "The Arab Nation: Some Conclusions and Problems", MERIP Reports 68, pp. 3–14 [8, 13].
  7. ^ Maya Shatzmiller, pp. 402–3.
  8. ^ Judith Tucker (1975), "Islam and Capitalism by Maxime Rodinson", MERIP Reports 34, pp. 31–2 [31].
  9. ^ Subhi Y. Labib (1969), "Capitalism in Medieval Islam", The Journal of Economic History 29 (1), pp. 79–96 [81–2].
  10. .
  11. ^ Subhi Y. Labib (1969), "Capitalism in Medieval Islam", The Journal of Economic History 29 (1), pp. 79–96 [81–4].
  12. ^ Shadi Hamid (August 2003), "An Islamic Alternative? Equality, Redistributive Justice, and the Welfare State in the Caliphate of Umar", Renaissance: Monthly Islamic Journal, 13 (8) (see online Archived 2011-08-25 at the Wayback Machine)
  13. ^ "Is Islam a socialist religion?". Hürriyet Daily News. Retrieved 2020-06-24.
  14. ^ "ILN | Economic freedoms in Islamic countries – Admir Čavalić - ILN". islamandlibertynetwork.org. Archived from the original on 2020-06-26. Retrieved 2020-06-24.

Further reading