Finance and economic development in Islam, historical perspective

Murat Cizakca

MPRA Paper from University Library of Munich, Germany

Abstract: ABSTRACT This article first identifies the basic theoretical characteristics of an Islamic economy as discussed by contemporary Muslim economists. Then inquires whether these characteristics were ever implemented in history. The next question tackled concerns the consequences. The author asks whether an Islamic economy has ever led to sustained economic growth. In view of the powerful evidence, the answer to the question is a resounding and definitive, `yes`. An attempt has also been made to explain the institutional mechanisms by which this success has been achieved. Finally, the question of decline is also tackled followed by policy proposals to remedy the situation.

Keywords: Islamic capitalism; economic development and Islam; Economic decline and Islam (search for similar items in EconPapers)
JEL-codes: N00 N40 Z12 (search for similar items in EconPapers)
Date: 2012-10-18
New Economics Papers: this item is included in nep-cwa, nep-his, nep-hme and nep-hpe
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Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:42046

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