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A historical view of the (re)formation of markets in the context of Islamic capitalism (7th -13th centuries)

Jafari, Aliakbar (2010) A historical view of the (re)formation of markets in the context of Islamic capitalism (7th -13th centuries). In: 1st Interdisciplinary Market Studies Workshop, 2010-06-03 - 2010-06-04. (Unpublished)

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Abstract

Following a Weberian approach, in this paper, I expand on Islam and discuss that religion itself is one of the main causes that historically paved the way for the rapid development of markets in the Medieval Islamic period. Contrary to general belief, that there is an essential and philosophical discrepancy between Islam and secularity, I argue that secularity itself is embedded within the discourse and practice of Islam. Religious secularity is as much a cause of the rise of socio-economic development and market expansions as it is the consequence of them. I discuss that, through creating economic and socio-cultural values, markets not only did not push religion out of public sphere, but they further strengthened the foundations of religion.