Capitalism and Islam

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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[where?] 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[by whom?].[4][5]

Medieval Europe adopted and further developed many of these early capitalist concepts from the 13th century onwards.[1]

See also


  1. 1.0 1.1 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