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Finance and economic development in Islam, historical perspective

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  • Cizakca, Murat
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    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.

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    File URL: http://mpra.ub.uni-muenchen.de/42046/
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    Bibliographic Info

    Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 42046.

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    Date of creation: 18 Oct 2012
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    Handle: RePEc:pra:mprapa:42046

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    Keywords: Islamic capitalism; economic development and Islam; Economic decline and Islam;

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    1. Dan Bogart, 2011. "Did the Glorious Revolution contribute to the transport revolution? Evidence from investment in roads and rivers," Economic History Review, Economic History Society, vol. 64(4), pages 1073-1112, November.
    2. R. C. Allen, 2011. "Why the industrial revolution was British: commerce, induced invention, and the scientific revolution," Economic History Review, Economic History Society, vol. 64(2), pages 357-384, 05.
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