Political Capitalism, its Varieties, and Islam

Mehrdad Vahabi

Chapter 4 in Destructive Coordination, Anfal and Islamic Political Capitalism, 2023, pp 105-144 from Springer

Abstract: Abstract In this chapter, the Weberian distinction between political and market capitalism will be borrowed to underline the importance of great demarcation between property and sovereignty as a fundamental institution of market capitalism characterized by free labor, impersonal markets, and modern corporation. By contrast, political capitalism preceding historically market capitalism lacks such a demarcation and pertains to profit-making through predatory non-market means. The relationships between political and market capitalism which are complex and may take on any of the following shapes: contradictory, complementary, or a combination of both will be discussed. After critically reviewing the recent literature on political capitalism in the USA and China, I will argue that the so-called natural resource course can be better understood as an institutional curse related to state predation and political capitalism. Finally, the relationship of Islam with capitalism and the sanctity of the private property will be reviewed. It is often assumed that Islam is supportive of private property and its jurisprudence is compatible with requirements of modern capitalism. These claims will be critically assessed in this chapter in light of different tendencies in Islam particularly the Sunni and the Shi’i.

Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:spr:sprchp:978-3-031-17674-6_4

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DOI: 10.1007/978-3-031-17674-6_4

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