Islam and capitalism

Daromir Rudnyckyj

Chapter 6 in Elgar Encyclopedia of Economic Anthropology, 2025, pp 77-81 from Edward Elgar Publishing

Abstract: A recurrent question in the human sciences concerns whether Islam and capitalism are compatible. Following Weber's germinal account of the role that Protestantism played in creating the conditions of possibility for what he termed the “spirit of capitalism,” the compatibility of other religious traditions with capitalism has been a persistent scholarly problem. While some scholars have argued that Islam has lacked the institutions and ethics necessary for capitalism, a range of recent studies have countered this view. Two interrelated lines of analysis drawn from fieldwork in Southeast Asia demonstrate the compatibility of Islam and capitalism. On the one hand, Islamic practices and ethical dispositions can be configured as conducive to business success. On the other hand, Islamic doctrine and moral norms are adapted to meet the needs of modern finance.

Keywords: Islam; Capitalism; Ethics; Profit; Globalization; Max Weber (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035312566
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