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:

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

References

  1. 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.
  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. ↑ 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.
  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

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