Capitalism and Islam

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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:

Organizational 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[edit]


  1. ^ a b Banaji, Jairus (2007). 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. ^ 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[edit]