IDEAS home Printed from https://ideas.repec.org/p/pra/mprapa/42046.html
   My bibliography  Save this paper

Finance and economic development in Islam, historical perspective

Author

Listed:
  • Cizakca, Murat

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.

Suggested Citation

  • Cizakca, Murat, 2012. "Finance and economic development in Islam, historical perspective," MPRA Paper 42046, University Library of Munich, Germany.
  • Handle: RePEc:pra:mprapa:42046
    as

    Download full text from publisher

    File URL: https://mpra.ub.uni-muenchen.de/42046/1/MPRA_paper_42046.pdf
    File Function: original version
    Download Restriction: no

    References listed on IDEAS

    as
    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, May.
    3. Timur Kuran, 2011. "The Long Divergence: How Islamic Law Held Back the Middle East," Economics Books, Princeton University Press, edition 1, number 9273, June.
    Full references (including those not matched with items on IDEAS)

    More about this item

    Keywords

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

    JEL classification:

    • Z12 - Other Special Topics - - Cultural Economics - - - Religion
    • N00 - Economic History - - General - - - General
    • N40 - Economic History - - Government, War, Law, International Relations, and Regulation - - - General, International, or Comparative

    NEP fields

    This paper has been announced in the following NEP Reports:

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:pra:mprapa:42046. See general information about how to correct material in RePEc.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: (Joachim Winter). General contact details of provider: http://edirc.repec.org/data/vfmunde.html .

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service hosted by the Research Division of the Federal Reserve Bank of St. Louis . RePEc uses bibliographic data supplied by the respective publishers.