Islam’s Historical Contribution to Commerce and Finance

Taj Mahal in India

Taj Mahal is the best known symbol for India and Muslim heritage. The Muslim heritage and promotion of secularism are the best defense against Islamophobia and we have the best collection on these themes

Source: The Muslim Heritage

By: John M. Hobson

The worst thing ethically and politically is to let [Eurocentric] separatism simply go on, without understanding the opposite of separatism, which is connectedness…. What I am interested in is how all these things work together. That seems to me to be the great task – to connect them all together – to understand wholes rather than bits of wholes…. In a wonderful phrase, Disraeli asks, ‘Arabs, what are they?” and answers: “they’re just Jews on horseback.’ So underlying this separation is also an amalgamation of some kind.” Edward Said 2004.

Introduction[1]


Figure 2. The Bab al-Ghuri gate in Khan el-Khalili, a famous market in Cairo from the times of the Fatimids (Source)

Under the reign of Eurocentrism, the Western mind imagines that even if Islam came up with all manner of new ideas and technologies – ideas in engineering, art, mathematics and at a big push, science – even if this were all true we know that Islam is antithetical to capitalism. Wasting time praying 5 times a day makes disciplined capitalist activity a near-impossibility. And in any case, all this ‘irrational’ religious behaviour is the counterpoint to the cold hard rationality of capitalism. Indeed we know that Islam rejects usury and so the possibility of banking and making profits from capitalist activity is ruled out tout court.

Given all this, even if the Muslims came up with all manner of ideas in the aforementioned areas, Europe and the West could have gained nothing from Islam in terms of developing capitalism. So what have the Muslims ever done in terms of enabling capitalism in general as well as contributing to the development of early capitalism in Europe?  Obviously nothing, we are told in the West, which is precisely why in Western histories of the rise of capitalism it makes perfect and logical sense for us to focus solely on what went on in Europe as the Europeans pioneered capitalism and the institutions upon which it rests without any help from the non-Western world. Notable here is that our standard histories of the long rise of capitalism in Europe sometimes begin with the Italian commercial and financial revolution after about 1000; so it is to this that I shall now focus upon.

Read further

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Google+ photo

You are commenting using your Google+ account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

w

Connecting to %s

%d bloggers like this: