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The emergence of mercantilism as a reaction against Muslim power: some of the evidences from history


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  • Islahi, Abdul Azim


In the early modern period, changing attitude of Medieval Europe towards trade as an outcome of encounter with Muslim scholars and rulers and consequently emergence of 'mercantilism' was a turning point in the history of economic thought. The paper documents evidences which prove that initially mercantilism was a reaction against Muslim powers. In the rise of mercantilism, discovery of the New World is considered a significant factor. The main objective before explorers and pioneers of mercantilism was to strengthen their governments through the acquisition of precious metal to regain the Holy Places, defeat the enemy, check the expanding power of Muslim rivals and spread Christianity. However, later it ended up in an effective economic movement.

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Bibliographic Info

Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 18384.

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Date of creation: 07 Oct 2006
Date of revision: 18 Feb 2007
Publication status: Published in Review of Islamic Economics 1.12(2008): pp. 137-150
Handle: RePEc:pra:mprapa:18384

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Keywords: Mercantilism; History of Economic Thought; Medieval Economic History.;

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  1. Islahi, Abdul Azim, 2005. "Contributions of Muslim Scholars to the History of Economic Thought and Analysis upto 15th Century," MPRA Paper 53462, University Library of Munich, Germany.
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Cited by:
  1. Islahi, Abdul Azim, 2012. "Book review: The long divergence: how Islamic law held back the Middle East by Timur Kuran," MPRA Paper 42146, University Library of Munich, Germany, revised 2012.
  2. Islahi, Abdul Azim, 1991. "Mercantilism and the Muslim states: Lessons from the history," MPRA Paper 22632, University Library of Munich, Germany, revised 1991.


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