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Presents a rebuttal of the cultural reductionism of Max Weber and others who have tried to explain the politics and society of the Middle East by reference to some unchanging entity called 'Islam,' typically characterised as instinctively hostile to capitalism. This work looks at the facts, analysing economic texts with his customary common sense.
Early Islam and the Birth of Capitalism proposes a strikingly original thesis—that capitalism first emerged in Arabia, not in late medieval Italian city states as is commonly assumed. Early Islam made a seminal but largely unrecognized contribution to the history of economic thought; it is the only religion founded by an entrepreneur. Descending from an elite dynasty of religious, civil, and commercial leaders, Muhammad was a successful businessman before founding Islam. As such, the new religion had much to say on trade, consumer protection, business ethics, and property. As Islam rapidly spread across the region so did the economic teachings of early Islam, which eventually made their way to Europe. Early Islam and the Birth of Capitalism demonstrates how Islamic institutions and business practices were adopted and adapted in Venice and Genoa. These financial innovations include the invention of the corporation, business management techniques, commercial arithmetic, and monetary reform. There were other Islamic institutions assimilated in Europe: charities, the waqf, inspired trusts, and institutions of higher learning; the madrasas were models for the oldest colleges of Oxford and Cambridge. As such, it can be rightfully said that these essential aspects of capitalist thought all have Islamic roots.
This paperback edition has an updated first chapter, resituating its main argument for today’s readers. New historical data on eigh­teenth- and nineteenth-century Egypt makes an extremely persuasive argument for the eighteenth-century roots of Egyptian modernity. The similarity, too, of Egyptian history with other Mediterranean countries is much more clearly demonstrated today than when Islamic Roots of Capitalism first was published.
'It was a humbling experience to read the product of such a remarkable feat of scholarship. It is all at once an exploration in analytic history and a complete text of Islamic finance theory and application. It is also one of the most succinct renditions of the evolution of Islamic finance embedded in a comprehensive account of the particularities of economies as diverse as Malaysia and Turkey. This is a unique contribution to Islamic finance and Islamic economic history. It has been a rewarding learning experience. It is truly a breathtaking effort.' – Abbas Mirakhor, former IMF Executive Director and the recipient of the Islamic Development Bank Prize in Islamic Economics (2003) This illuminating and thought-provoking book questions whether classical Islamic capitalism, which has served Muslims so well for centuries, can provide a viable alternative world economic system. In the current recession – the worst since 1929 – this is surely a provocative question. But if Islamic capitalism is to emerge as a viable alternative, its nature and systems must be well understood. Murat Çizakça explores key issues within Islamic capitalism and finance, shedding light on whether the Islamic system can indeed be called 'capitalist', the principles on which the system was built, the institutions that were consequently developed, how they function and have evolved, and, perhaps, most importantly, whether they can be modernized to meet today's needs. Against the backdrop of rapid change in the Middle East, this book gives a solid background to the economic systems that will emerge in the world of Islam. An essential guide to the past, present and future of Islamic economy and finance, this compelling book will prove to be of particular interest to academics and researchers of economics, finance, economic and financial history and political science.
The Fall of Capitalism and the Rise of Islam provides a critical analysis of the current financial crisis in the US and the world at large. It concludes that the current crisis could very well be a sign of failure of the underlying system of capitalism. The book shows that the system of capitalism contains serious faults and defects at the core theory level. Economic and financial crisis periodically occur whenever these defects are triggered by various conditions and political decisions during the life of capitalism. The collapse of financial institutions, the crash of the housing market, the evaporation of trillions of dollars, the creation of virtual unreal wealth, and the decline of productivity are symptoms of the potential failure of the ideology of capitalism. This failure has serious impact on the life quality of billions of people around the world who suffer from poverty, hunger, health insecurity, lack of education, and serious inhuman conditions. The world order under capitalism witnessed multiple world wars, political and economic instability, colonialism, absence of peace, deprivation of justice and polarization of wealth and power. This book predicts a potential crash and collapse of the world order under the pressure of a failing capitalism. Concurrent to the decline and potential collapse of capitalism, the book makes an account of another global phenomenon, namely the second rise of Islam. The rise of Islam, similar to the first one that lasted for thirteen hundred years, is a comprehensive rise that brings up the economic system together with the political system, and the moral system together with the legal system. It is much needed and sought to introduce to the world a system full of justice, fairness, and geared toward productivity and human righteousness. The new rise of Islam is argued to be in the best interest of the human societies around the world, and that the propagated fear of this rise is unfounded. The book provides a detailed description of the economic system and the political economy of Islam. It provides compelling evidence that the Islamic political economy characterized by sustained productivity and wealth distribution guarantees the satisfaction of the basic needs of a human. The Islamic political economy integrates several mechanisms for natural distribution of wealth, while it maintains a high level of productivity through the inhibition of usury, hoarding, and exploitation. The Fall of Capitalism and the Rise of Islam makes extensive references to a score of historians, scholars, and scientists who provide a fair testimony of the Islamic civilization and the ideology of Islam.
How do modern Muslims adapt their traditions to engage with today's world? Charles Tripp's erudite and incisive book considers one of the most significant challenges faced by Muslims over the last sixty years: the challenge of capitalism. By reference to the works of noted Muslim scholars, the author shows how, faced by this challenge, these intellectuals devised a range of strategies which have enabled Muslims to remain true to their faith, whilst engaging effectively with a world not of their own making. The work is framed around the development of their ideas on Islamic socialism, economics and the rationale for Islamic banking. While some Muslims have resorted to confrontation or insularity to cope with the challenges of modernity, most have aspired to innovation and ingenuity in the search for compromise and interaction with global capitalism in the twenty-first century.
Leading authority on the Islamic world and influential advisor to the Obama administration Vali Nasr shows that the West's best hope of winning the battle against Islamic extremists is to foster the growth of a vibrant new Muslim middle class. This flourishing of Muslim bourgeoisie is reshaping the mind-set, politics, and even the religious values of Muslims in much the same way the Western bourgeoisie lead the capitalist and democratic revolution in Europe. Whereas extremism has grown out of the dismal economic failures of the authoritarian Islamic regimes, Nasr explains, the wealth and aspirations of this Islamic "critical middle" put them squarely at odds with extremism. They have ushered in remarkable transformations already in Dubai, Turkey, and Indonesia, and they are the key to tipping the balance in both Iran and Pakistan. As he writes "the great battle for the soul of the Muslim world will be fought not over religion but over market capitalism."
Over the last decade, pious Muslims all over the world have gone through contradictory transformations. Though public attention commonly rests on the turn toward violence, this book's stories of transformation to "moderate Islam" in a previously radical district in Istanbul exemplify another experience. In a shift away from distrust of the state to partial secularization, Islamists in Turkey transitioned through a process of absorption into existing power structures. With rich descriptions of life in the district of Sultanbeyli, this unique work investigates how religious activists organized, how authorities defeated them, and how the emergent pro-state Justice and Development Party incorporated them. As Tuğal reveals, the absorption of a radical movement was not simply the foregone conclusion of an inevitable world-historical trend but an outcome of contingent struggles. With a closing comparative look at Egypt and Iran, the book situates the Turkish case in a broad historical context and discusses why Islamic politics have not been similarly integrated into secular capitalism elsewhere.
The prevailing belief among Muslims is that, because the Qur'an is the Word of God and God is eternal, it follows that His Word is also eternal. The belief is based on the postulate that the Word of God must be of the same nature as God Himself. Mahmoud Hussein refutes this by showing that it contradicts the very teachings of the Qur'an. Whereas God transcends time, His Word is inscribed within time. It is not a monologue, but a living exchange, through which God reveals to His Prophet different orders of truth, weaving together the absolute and the relative, the general and the particular, the eternal and the contingent. An international bestseller, Understanding the Qur'an today offers a new perspective on one of the world's most influential texts and adds an invaluable contribution to the debate on Islam and modernity.
Presented in six principal analytic chapters with supporting appendices, this book explores the role of Islam in precipitating Europe’s twelfth century commercial renaissance. Employing the classic analytic techniques of economics, Gene Heck determines that medieval Europe’s feudal interregnum was largely caused by indigenous governmental business regulation and not by shifts in international trade patterns. He then proceeds by demonstrating how Islamic economic precepts provided the ideological rationales that empowered medieval Europe to escape its three-centuries-long experiment in “Dark Age economics” ― in the process, providing the West with its archetypic tools of capitalism. While treatises such as Maxime Rodinson’s excellent book, Islam and Capitalism, document the capitalistic nature of the Islamic economic system, in applying modern economic method to medieval orientalist historiography, this work is unique in capturing both the evolution and the impact of the system’s role in forging medieval history.