One of the great mysteries of economic history concerns how the Islamic world lost its mojo. A thousand years ago, the Middle East was richer and more influential in the global economy than Europe.
According to data compiled by the late economist and statistical wizard Angus Maddison, the Middle East accounted for about 9.5% of global GDP in the year 1000 while Western Europe’s share was less than 9%. By 1700, however, the situation had totally reversed, with Western Europe commanding a hefty 22% of global GDP and the Middle East a pathetic 3%……………………………………….Full Article: Source