WikiPortallus: Islamic economics in the world.html

Islamic economics in practice, or economic policies supported by self-identified Islamic groups, has varied throughout its long history.

These concepts, like others in Islamic law and jurisprudence, came from the "prescriptions, anecdotes, examples, and words of the Prophet, all gathered together and systematized by commentators according to an inductive, casuistic method." ² Sometimes other sources such as al-urf, (the custom), al-aql (reason) or al-ijma (consensus of the jurists) were employed.³

In addition, Islamic law has developed areas of law that correspond to secular laws of contracts and torts.

Early Islamic economics

Early reforms under Islam

Some argue early Islamic theory and practice formed a "coherent" economic system with "a blueprint for a new order in society, in which all participants would be treated more fairly". Michael Bonner, for example, has written that an "economy of poverty" prevailed in Islam until the 13th and 14th centuries. Under this system God's guidance made sure the flow of money and goods was "purified" by being channeled from those who had much of it to those who had little by encouraging zakat (charity) and discouraging riba (usury/interest) on loans. Bonner maintains the prophet also helped poor traders by allowing only tents, not permanent buildings in the market of Medina, and not charging fees and rents there.⁴

Corporate social responsibility in commerce

Social responsibility and corporate social responsibility in commerce was stressed in Islamic sociology. The development of Islamic banks and Islamic economics was a side effect of this sociology: usury was rather severely restrained, no interest rate was allowed, and investors were not permitted to escape the consequences of any failed venture -- all financing was equity financing (Musharaka). In not letting borrowers bear all the risk/cost of a failure, an extreme disparity of outcomes between "partners" is thus avoided. Ultimately this serves a social harmony purpose. Muslims also could not and cannot (in shariah) finance any dealings in forbidden goods or activities, such as wine, pork, gambling, etc. Thus ethical investing is the only acceptable investing, and moral purchasing is encouraged.⁵

Legal institutions

Hawala agency

The Hawala, an early informal value transfer system, has its origins in classical Islamic law, and is mentioned in texts of Islamic jurisprudence as early as the 8th century. Hawala itself later influenced the development of the agency in common law and in civil laws such as the aval in French law and the avallo in Italian law. The words aval and avallo were themselves derived from Hawala. The transfer of debt, which was "not permissible under Roman law but became widely practiced in medieval Europe, especially in commercial transactions", was due to the large extent of the "trade conducted by the Italian cities with the Muslim world in the Middle Ages." The agency was also "an institution unknown to Roman law" as no "individual could conclude a binding contract on behalf of another as his agent." In Roman law, the "contractor himself was considered the party to the contract and it took a second contract between the person who acted on behalf of a principal and the latter in order to transfer the rights and the obligations deriving from the contract to him." On the other hand, Islamic law and the later common law "had no difficulty in accepting agency as one of its institutions in the field of contracts and of obligations in general."⁶

Lawsuit

The first known lawsuits were described in the Ethics of the Physician by Ishaq bin Ali al-Rahwi (854–931) of al-Raha, Syria, who describes the first medical peer review process. His work, as well as later Arabic medical manuals, state that a visiting physician must always make duplicate notes of a patient's condition on every visit. When the patient was cured or had died, the notes of the physician were examined by a local medical council of other physicians, who would peer review the practicing physician's notes to decide whether his/her performance had met the required standards of medical care. If their reviews were negative, the practicing physician could face a lawsuit from a maltreated patient.⁷

Waqf trust

The waqf in Islamic law, which developed in the medieval Islamic world from the 7th to 9th centuries, bears a notable resemblance to the English trust law.⁸ Every waqf was required to have a waqif (founder), mutawillis (trustee), qadi (judge) and beneficiaries.⁹ Under both a waqf and a trust, "property is reserved, and its usufruct appropriated, for the benefit of specific individuals, or for a general charitable purpose; the corpus becomes inalienable; estates for life in favor of successive beneficiaries can be created" and "without regard to the law of inheritance or the rights of the heirs; and continuity is secured by the successive appointment of trustees or mutawillis."¹⁰

The only significant distinction between the Islamic waqf and English trust was "the express or implied reversion of the waqf to charitable purposes when its specific object has ceased to exist",¹¹ though this difference only applied to the waqf ahli (Islamic family trust) rather than the waqf khairi (devoted to a charitable purpose from its inception). Another difference was the English vesting of "legal estate" over the trust property in the trustee, though the "trustee was still bound to administer that property for the benefit of the beneficiaries." In this sense, the "role of the English trustee therefore does not differ significantly from that of the mutawalli."¹²

The trust law developed in England at the time of the Crusades, during the 12th and 13th centuries, was introduced by Crusaders who may have been influenced by the waqf institutions they came across in the Middle East.¹³¹⁴

After the Islamic waqf law and madrassah foundations were firmly established by the 10th century, the number of Bimaristan hospitals multiplied throughout throughout Islamic lands. In the 11th century, every Islamic city had at least several hospitals. The waqf trust institutions funded the hospitals for various expenses, including the wages of doctors, ophthalmologists, surgeons, chemists, pharmacists, domestics and all other staff, the purchase of foods and remedies; hospital equipment such as beds, mattresses, bowls and perfumes; and repairs to buildings. The waqf trusts also funded medical schools, and their revenues covered various expenses such as their maintenance and the payment of teachers and students.¹⁵

Classical Muslim commerce

During the Islamic Golden Age, guilds were formed though officially unrecognized by the medieval Islamic city. However, trades were recognized and supervised by officials of the city. Each trade developed its own identity, whose members would attend the same mosque, and serve together in the militia.

The systems of contract relied upon by merchants was very effective. Merchants would buy and sell on commission, with money loaned to them by wealthy investors, or a joint investment of several merchants, who were often Muslim, Christian and Jewish. Recently, a collection of documents was found in an Egyptian synagogue shedding a very detailed and human light on the life of medieval Middle Eastern merchants. Business partnerships would be made for many commercial ventures, and bonds of kinship enabled trade networks to form over huge distances. Networks developed during this time enabled a world in which money could be promised by a bank in Baghdad and cashed in Spain, creating the cheque system of today. Each time items passed through one of the cities along this extraordinary network, the city imposed a tax, resulting in high prices once the items reached their final destinations. These innovations made by Muslims and Jews laid the foundations for the modern economic system.

Transport was simple, yet highly effective. Each city had an area outside its gates where pack animals were assembled; found in the cities' markets were large secure warehouses; while accommodations were provided for merchants in cities and along trade routes by a sort of medieval motel.

Age of discovery

Agricultural Revolution

The Islamic Empire experienced a growth in literacy, having the highest literacy rate of the Middle Ages, comparable to Athens' literacy in Classical Antiquity but on a larger scale.²⁴ The average life expectancy in the lands under Islamic rule also experienced an increase, due to the Agricultural Revolution as well as improved medical care. In contrast to the average lifespan in the ancient Greco-Roman world (22-28 years),²⁵²⁶ the average lifespan in the early Islamic Caliphate was more than 35 years.²⁷ The average lifespans of the Islamic scholarly class in particular was much higher: 84.3 years in 10th-11th century Iraq and Persia,²⁸ 72.8 years in the 11th century Middle East, 69-75 years in 11th century Islamic Spain,²⁹ 75 years in 12th century Persia,³⁰ and 59-72 years in 13th century Persia.³¹

Market economy

During the 11th–13th centuries, the "Karimis", the earliest multinational corporation, enterprise and business group controlled by capitalistic entrepreneurs, came to dominate much of the Islamic world's economy.⁴³ The group was controlled by about fifty Muslim merchants labelled as "Karimis" who were of Yemeni, Egyptian and sometimes Indian origins.⁴⁴ Each Karimi merchant had considerable wealth, ranging from at least 100,000 dinars to as much as 10 million dinars. The group had considerable influence in most important eastern markets and sometimes in politics through its financing activities and through a variety of customers, including Emirs, Sultans, Viziers, foreign merchants, and common consumers. The Karimis dominated many of the trade routes across the Mediterranean Sea, Red Sea, and Indian Ocean, and as far as Francia in the north, China in the east, and sub-Saharan Africa in the south, where they obtained gold from gold mines. Innovations introduced by the Karimis include the use of agents, the financing of projects as a method of acquiring capital, and a banking institution for loans and deposits. Another important difference between the Karimis and other entrepreneurs before and during their time was that they were not tax collectors or landlords, but their capitalism was due entirely to trade and financial transactions.⁴⁵

Though medieval Islamic economics appears to have been closer to capitalism, some Orientalists believe that there exist a number of parallels between Islamic economics and communism, including the Islamic ideas of zakat and riba.⁴⁶

Labour force

The division of labour was diverse and had been evolving over the centuries. During the 8th–11th centuries, there were on average 63 unique occupations in the primary sector of economic activity (extractive), 697 unique occupations in the secondary sector (manufacturing), and 736 unique occupations in the tertiary sector (service). By the 12th century, the number of unique occupations in the primary sector and secondary sector decreased to 35 and 679 respectively, while the number of unique occupations in the tertiary sector increased to 1,175. These changes in the division of labour reflect the increased mechanization and use of machinery to replace manual labour and the increased standard of living and quality of life of most citizens in the Caliphate.⁵¹

An economic transition occurred during this period, due to the diversity of the service sector being far greater than any other previous or contemporary society, and the high degree of economic integration between the labour force and the economy. Islamic society also experienced a change in attitude towards manual labour. In previous civilizations such as ancient Greece and in contemporary civilizations such as early medieval Europe, intellectuals saw manual labour in a negative light and looked down on them with contempt. This resulted in technological stagnation as they did not see the need for machinery to replace manual labour. In the Islamic world, however, manual labour was seen in a far more positive light, as intellectuals such as the Brethren of Purity likened them to a participant in the act of creation, while Ibn Khaldun alluded to the benefits of manual labour to the progress of society.⁴⁸

Classical Islamic economic thought

To some degree, the early Muslims based their economic analyses on the Qu'ran (such as opposition to riba, meaning usury or interest), and from sunnah, the sayings and doings of Muhammad.

Early Islamic economic thinkers

Al-Ghazali (1058–1111) classified economics as one of the sciences connected with religion, along with metaphysics, ethics, and psychology. Authors have noted, however, that this connection has not caused early Muslim economic thought to remain static.⁵² Persian philosopher Nasir al-Din al-Tusi (1201-1274) presents an early definition of economics (what he calls hekmat-e-madani, the science of city life) in discourse three of his Ethics:

Many scholars trace the history of economic thought through the Muslim world, which was in a Golden Age from the 8th to 13th century and whose philosophy continued the work of the Greek and Hellenistic thinkers and came to influence Aquinas when Europe "rediscovered" Greek philosophy through Arabic translation⁵⁴. A common theme among these scholars was the praise of economic activity and even self-interested accumulation of wealth.⁵⁵ Persian leader Shams al-Mo'ali Abol-hasan Ghaboos ibn Wushmgir (Qabus) (d. 1012) advises his son in the work Qabus nama:

This view is in conflict with an idea Joseph Schumpeter called the great gap. The great gap thesis comes out of Schumpeter's 1954 History of Economic Analysis which discusses a break in economic thought during the five hundred year period between the decline of the Greco-Roman civilizations and the work of Thomas Aquinas (1225-1274).⁵⁷ However in 1964, Joseph Spengler's "Economic Thought of Islam: Ibn Khaldun" appeared in the journal Comparative Studies in Society and History and took a large step in bringing early Muslim scholars to the attention of the contemporary West.⁵⁸

The influence of earlier Greek and Hellenistic thought on the Muslim world began largely with Abbasid caliph al-Ma'mun, who sponsored the translation of Greek texts into Arabic in the 9th century by Syrian Christians in Baghdad. But already by that time numerous Muslim scholars had written on economic issues, and early Muslim leaders had shown sophisticated attempts to enforce fiscal and monetary financing, use deficit financing, use taxes to encourage production, the use of credit instruments for banking, including rudimentary savings and checking accounts, and contract law.⁵⁹

Among the earliest Muslim economic thinkers was Abu Yusuf (731-798), a student of the founder of the Hanafi Sunni School of Islamic thought, Abu Hanifah. Abu Yusuf was chief jurist for Abbasid Caliph Harun al-Rashid, for whom he wrote the Book of Taxation (Kitab al-Kharaj). This book outlined Abu Yusuf's ideas on taxation, public finance, and agricultural production. He discussed proportional tax on produce instead of fixed taxes on property as being superior as an incentive to bring more land into cultivation. He also advocated forgiving tax policies which favor the producer and a centralized tax administration to reduce corruption. Abu Yusuf favored the use of tax revenues for socioeconomic infrastructure, and included discussion of various types of taxes, including sales tax, death taxes, and import tariffs.⁶⁰

Early discussion of the benefits of division of labor are included in the writings of Qabus, al-Ghazali, al-Farabi (873–950), Ibn Sina (Avicenna) (980–1037), Ibn Miskawayh, Nasir al-Din al-Tusi (1201–74), Ibn Khaldun (1332-1406), and Asaad Davani (b. 1444). Among them, the discussions included division of labor within households, societies, factories, and among nations. Farabi notes that each society lacks at least some necessary resources, and thus an optimal society can only be achieved where domestic, regional, and international trade occur, and that such trade can be beneficial to all parties involved.⁶¹ Ghazali was also noted for his subtle understanding of monetary theory and formulation of another version of Gresham's Law.

The power of supply and demand was understood to some extent by various early Muslim scholars as well. Ibn Taymiyyah illustrates:

Riba

The definition of riba in classical Islamic jurisprudence was "surplus value without counterpart." When "currencies of base metal were first introduced in the Islamic world, no jurist ever thought that paying a debt in a higher number of units of this fiat money was riba" as they were concerned with the real value of money rather than the numerical value. For example, it was acceptable for a loan of 1000 gold dinars to be paid back as 1050 dinars of equal aggregate weight. The rationale behind riba according to classical Islamic jurists was "to ensure equivalency in real value" and that the "numerical value was immaterial." Thus an interest rate that did not exceed the rate of inflation was not riba according to classical Islamic jurists.⁶⁵

Ibn Khaldun

Perhaps the most well known Islamic scholar who wrote about economics was Ibn Khaldun of Tunisia (1332–1406),⁶⁷ who is considered a father of modern economics.⁶⁸⁶⁹ Ibn Khaldun wrote on economic and political theory in the introduction, or Muqaddimah (Prolegomena), of his History of the World (Kitab al-Ibar). In the book, he discussed what he called asabiyya (social cohesion), which he sourced as the cause of some civilizations becoming great and others not. Ibn Khaldun felt that many social forces are cyclic, although there can be sudden sharp turns that break the pattern.⁷⁰ His idea about the benefits of the division of labor also relate to asabiyya, the greater the social cohesion, the more complex the successful division may be, the greater the economic growth. He noted that growth and development positively stimulates both supply and demand, and that the forces of supply and demand are what determines the prices of goods.⁷¹ He also noted macroeconomic forces of population growth, human capital development, and technological developments effects on development.⁷² In fact, Ibn Khaldun thought that population growth was directly a function of wealth. ⁷³

Although he understood that money served as a standard of value, a medium of exchange, and a preserver of value, he did not realize that the value of gold and silver changed based on the forces of supply and demand.⁷⁴ He also introduced the concept known as the Khaldun-Laffer Curve (the relationship between tax rates and tax revenue increases as tax rates increase for a while, but then the increases in tax rates begin to cause a decrease in tax revenues as the taxes impose too great a cost to producers in the economy).

Ibn Khaldun used a dialectic approach to describe the sociological implications of tax choices, which is now of course part of economics:

This analysis anticipates the modern economic concept known as the Laffer Curve.

Ibn Khaldun also introduced the labor theory of value. He described labor as the source of value, necessary for all earnings and capital accumulation, obvious in the case of craft. He argued that even if earning “results from something other than a craft, the value of the resulting profit and acquired (capital) must (also) include the value of the labor by which it was obtained. Without labor, it would not have been acquired.”⁷⁵

His theory of asabiyyah has often been compared to modern Keynesian economics, with Ibn Khaldun's theory clearly containing the concept of the multiplier. A crucial difference, however, is that whereas for John Maynard Keynes it is the middle class's greater propensity to save that is to blame for economic depression, for Ibn Khaldun it is the governmental propensity to save at times when investment opportunities do not take up the slack which leads to aggregate demand.⁷⁶

Another modern economic theory anticipated by Ibn Khaldun is supply-side economics.⁷⁷ He "argued that high taxes were often a factor in causing empires to collapse, with the result that lower revenue was collected from high rates." He wrote:⁷⁸

Post-colonial era

During the modern post-colonial era, as Western ideas, including Western economics, began to influence the Muslim world, some Muslim writers sought to produce an Islamic discipline of economics. Because Islam is "not merely a spiritual formula but a complete system of life in all its walks", ⁷⁹ it logically followed that Islam also had its own economic system unique from and superior to non-Islamic systems. ⁸⁰ To date, however, there have been no agreement as to the methodological definition and scope of Islamic Economics.

In the 1960s and 70s Shia Islamic thinkers worked to develop a unique Islamic economic philosophy with "its own answers to contemporary economic problems." Several works were particularly influential,

Al-Sadr in particular has been described as having "almost single-handedly developed the notion of Islamic economics" ⁸³

In their writings Sadr and the other Shia authors "sought to depict Islam as a religion committed to social justice, the equitable distribution of wealth, and the cause of the deprived classes," with doctrines "acceptable to Islamic jurists", while refuting existing non-Islamic theories of capitalism and Marxism. This version of Islamic economics, which influenced the Iranian Revolution, called for public ownership of land and of large "industrial enterprises," while private economic activity continued "within reasonable limits." ⁸⁴ These ideas helped shape the large public sector and public subsidy policies of the Iranian Islamic revolution.

In the 1980s and 1990s, as the Iranian revolution failed to reach the per capita income level achieved by the regime it overthrew, and Communist states and socialist parties in the non-Muslim world turned away from socialism, Muslim interest shifted away from government ownership and regulation. In Iran, it is reported that "eqtesad-e Eslami (meaning both Islamic economics and economy) ... once a revolutionary shibboleth, is indubitably absent in all official documents and the media. It disapperared from Iranian political discourse about 15 years ago [1990]." ⁸⁵

But in other parts of the Muslim world the term lived on, shifting form to the less ambitious goal of interest-free banking. Some Muslim bankers and religious leaders suggested ways to integrate Islamic law on usage of money with modern concepts of ethical investing. In banking this was done through the use of sales transactions (focusing on the fixed rate return modes) to achieve similar results to interest. This has been heavily criticised by many modern writers as a means of covering conventional banking with an Islamic facade.

Traditional approach

While most Muslims believe Islamic law is perfect by virtue of its being revealed by God, Islamic law on economic issues was/is not "economics" in the sense of a systematic study of production, distribution, and consumption of goods and services.

Contemporary economics

In modern times, economic policies of the 1979 Islamic Revolution in predominately Shia Iran were heavily statist with a very large public sector, and official rhetoric celebrating revolution and the rights of the dispossessed, although this tendency has faded over time.⁸⁶ In Sudan, the policies of the National Islamic Front party dominated regime in the 1990s have been the reverse, employing economic liberalism and accepting "market forces in the formulation of state policies." In Algeria, Jordan, Egypt, and Pakistan, Islamist parties have supported populist policies, showing a "marked reluctance to adopt austerity policies and decreased subsidies." ⁸⁷

Finances

Banks

Notes

^ Roy, The Failure of Political Islam Harvard University Press, 1994, p.132
^ Roy, The Failure of Political Islam Harvard University Press, 1994, p.132
^ Schirazi, Asghar, Constitution of Iran, (1997), p.170
^ Michael Bonner, "Poverty and Economics in the Qur’an", Journal of Interdisciplinary History, xxxv:3 (Winter, 2005), 391–406
^ Jawed A. Mohammed PhD and Alfred Oehlers (2007), Corporate social responsibility in Islam, School of Business, Auckland University of Technology.
^ Badr, Gamal Moursi (Spring, 1978), "Islamic Law: Its Relation to Other Legal Systems", The American Journal of Comparative Law 26 (2 - Proceedings of an International Conference on Comparative Law, Salt Lake City, Utah, February 24-25, 1977): 187–198 [196–8], doi:10.2307/839667
^ Ray Spier (2002), "The history of the peer-review process", Trends in Biotechnology 20 (8), p. 357-358 [357].
^ (Gaudiosi 1988)
^ (Gaudiosi 1988, pp. 1237-40)
^ (Gaudiosi 1988, p. 1246)
^ (Gaudiosi 1988, pp. 1246-7)
^ (Gaudiosi 1988, p. 1247)
^ (Hudson 2003, p. 32)
^ (Gaudiosi 1988, pp. 1244-5)
^ Micheau, Francoise, "The Scientific Institutions in the Medieval Near East", pp. 999–1001 , in (Morelon & Rashed 1996, pp. 985-1007)
^ Crone, Patricia (2005), Medieval Islamic Political Thought, Edinburgh University Press, pp. 308-9, ISBN 0748621946
^ ^a ^b ^c John M. Hobson (2004), The Eastern Origins of Western Civilisation, p. 29-30, Cambridge University Press, ISBN 0521547245.
^ Subhi Y. Labib (1969), "Capitalism in Medieval Islam", The Journal of Economic History 29 (1), p. 79-96.
^ S. A. H. Ahsani (July 1984). "Muslims in Latin America: a survey", Journal of Muslim Minority Affairs 5 (2), p. 454-463.
^ Roman K. Kovalev, Alexis C. Kaelin (2007), "Circulation of Arab Silver in Medieval Afro-Eurasia: Preliminary Observations", History Compass 5 (2), pp. 560–80.
^ Mayor of London (2006), Muslims in London, p. 14, Greater London Authority.
^ ^a ^b ^c Zohor Idrisi (2005), The Muslim Agricultural Revolution and its influence on Europe, FSTC.
^ Maya Shatzmiller, p. 263.
^ Andrew J. Coulson, Delivering Education, Hoover Institution, p. 117, http://media.hoover.org/documents/0817928928_105.pdf, retrieved on 22 November 2008
^ Life expectancy (sociology)
^ University of Wyoming
^ Conrad, Lawrence I. (2006), The Western Medical Tradition, Cambridge University Press, p. 137, ISBN 0521475643
^ Bulliet, Richard W. (1983), "The Age Structure of Medieval Islamic Education", Studia Islamica 57: 105-117 [111]
^ Shatzmiller, Maya (1994), Labour in the Medieval Islamic World, Brill Publishers, p. 66, ISBN 9004098968
^ Bulliet, Richard W. (April 1970), "A Quantitative Approach to Medieval Muslim Biographical Dictionaries", Journal of the Economic and Social History of the Orient (Brill Publishers) 13 (2): 195-211 [200]
^ Ahmad, Ahmad Atif (2007), "Authority, Conflict, and the Transmission of Diversity in Medieval Islamic Law by R. Kevin Jaques", Journal of Islamic Studies 18=issue=2: 246-248 [246], doi:10.1093/jis/etm005
^ The Cambridge economic history of Europe, p. 437. Cambridge University Press, ISBN 0521087090.
^ Subhi Y. Labib (1969), "Capitalism in Medieval Islam", The Journal of Economic History 29 (1), pp. 79–96 [81, 83, 85, 90, 93, 96].
^ ^a ^b Jairus Banaji (2007), "Islam, the Mediterranean and the rise of capitalism", Historical Materialism 15 (1), pp. 47–74, Brill Publishers.
^ Robert Sabatino Lopez, Irving Woodworth Raymond, Olivia Remie Constable (2001), Medieval Trade in the Mediterranean World: Illustrative Documents, Columbia University Press, ISBN 0231123574.
^ Timur Kuran (2005), "The Absence of the Corporation in Islamic Law: Origins and Persistence", American Journal of Comparative Law 53, pp. 785–834 [798–9].
^ Subhi Y. Labib (1969), "Capitalism in Medieval Islam", The Journal of Economic History 29 (1), pp. 79–96 [92–3].
^ Ray Spier (2002), "The history of the peer-review process", Trends in Biotechnology 20 (8), p. 357-358 [357].
^ 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.
^ Samir Amin (1978), "The Arab Nation: Some Conclusions and Problems", MERIP Reports 68, pp. 3–14 [8, 13].
^ Maya Shatzmiller, pp. 402–3.
^ Judith Tucker (1975), "Islam and Capitalism by Maxime Rodinson", MERIP Reports 34, pp. 31–2 [31].
^ Subhi Y. Labib (1969), "Capitalism in Medieval Islam", The Journal of Economic History 29 (1), pp. 79–96 [81–2].
^ The Cambridge economic history of Europe, pp. 438–40. Cambridge University Press, ISBN 0521087090.
^ Subhi Y. Labib (1969), "Capitalism in Medieval Islam", The Journal of Economic History 29 (1), pp. 79–96 [81–4].
^ Bernard Lewis (1954), "Communism and Islam", International Affairs (Royal Institute of International Affairs 1944-) 30 (1), p. 1-12.
^ Maya Shatzmiller, pp. 6–7.
^ ^a ^b ^c Maya Shatzmiller, pp. 400–1.
^ Maya Shatzmiller, pp. 350–62.
^ Maya Shatzmiller (1997), "Women and Wage Labour in the Medieval Islamic West: Legal Issues in an Economic Context", Journal of the Economic and Social History of the Orient 40 (2), pp. 174–206 [175–7].
^ Maya Shatzmiller, pp. 169–70.
^ Spengler (1964) p274
^ Hosseini (2003) p39
^ Matthew E. Falagas, Effie A. Zarkadoulia, George Samonis (2006). "Arab science in the golden age (750–1258 C.E.) and today", The FASEB Journal 20, p. 1581-1586.
^ Hosseini (2003) p36
^ Both quotes taken from Hosseini (2003) p36
^ Schumpeter (1954)
^ The prevalence and error of Schumpeter's thesis and the importance of Spengler's paper are discussed in Hosseini (2003).
^ Hosseini (2003) p 33
^ Hosseini (2003) p 34
^ Farabi, Abu Nassr 1982: Madineh Fazeleh (Good City), Persian translation by Sajadi. Teheran, Iran: Zuhuri. p25
^ quoted in Hosseini (2003), p. 28
^ Hosseini (2003), p. 38
^ (Badr 1989, p. 424)
^ (Badr 1989, pp. 424-5)
^ Muqaddimah 2:272-73 quoted in Weiss (1995) p 30
^ Schumpeter (1954) p 136 mentions his his sociology, others, including Hosseini (2003) emphasize him as well
^ I. M. Oweiss (1988), "Ibn Khaldun, the Father of Economics", Arab Civilization: Challenges and Responses, New York University Press, ISBN 0887066984.
^ Jean David C. Boulakia (1971), "Ibn Khaldun: A Fourteenth-Century Economist", The Journal of Political Economy 79 (5): 1105-1118.
^ Weiss (1995) p29-30
^ Weiss (1995) p31 quotes Muqaddimah 2:276-278
^ Weiss (1995) p31 quotes Muqaddimah 2:272-273
^ Weiss (1995) p33
^ Weiss (1995) p 32
^ I. M. Oweiss (1988), "Ibn Khaldun, the Father of Economics", Arab Civilization: Challenges and Responses, New York University Press, ISBN 0887066984.
^ Gellner, Ernest (1983), Muslim Society, Cambridge University Press, pp. 34-5, ISBN 0521274079
^ Lawrence, Bruce B. (1983), "Introduction: Ibn Khaldun and Islamic Ideology", Journal of Asian and African Studies XVIII (3-4): 154-165 [157 & 164]
^ Bartlett, Bruce, "Supply-Side Economics: "Voodoo Economics" or Lasting Contribution?", Laffer Associates (November 11, 2003), http://web.uconn.edu/cunningham/econ309/lafferpdf.pdf, retrieved on 17 November 2008
^ The Economic Life of Islam
^ Michael Bonner, "Poverty and Economics in the Qur’an", Journal of Interdisciplinary History, xxxv:3 (Winter, 2005), 391–406
^ Bakhash, Shaul, The Reign of the Ayatollahs, Basic Books, c1984, p.167-8
^ Revolutionary Surge and Quiet Demise of Islamic Economics in Iran
^ The Renewal of Islamic Law
^ Bakhash, Shaul, The Reign of the Ayatollahs, Basic Books, c1984, p.172-3
^ Revolutionary Surge and Quiet Demise of Islamic Economics in Iran
^ Roy, Olivier, Failure of Political Islam, Harvard University Press, (1994), p.138
^ Fuller, Graham E., The Future of Political Islam, Palgrave MacMillan, (2003), p.142

Islamic economics in the world.html

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