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Islamic Finance Briefing - Categorized | Emerging Trends, Finance more

Is Islam compatible with capitalism?

Posted on 09 September 2011

Muslim economies haven’t always been low achievers. In his seminal work The World Economy, economist Angus Maddison showed that until the 12th century, per-capita income was much higher in the Muslim Middle East than in Europe.
Beginning in the 12th century, though, what Duke University economist Timur Kuran calls the Long Divergence began, upending this economic hierarchy, so that by Rifaa’s time, Europe had grown far more powerful and prosperous than the Arab Muslim world……………………………………….Full Article: Source

 
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