Leading authority on the Islamic world and influential advisor to the Obama administration Vali Nasr shows that the West's best hope of winning the battle against Islamic extremists is to foster the growth of a vibrant new Muslim middle class. This flourishing of Muslim bourgeoisie is reshaping the mind-set, politics, and even the religious values of Muslims in much the same way the Western bourgeoisie lead the capitalist and democratic revolution in Europe. Whereas extremism has grown out of the dismal economic failures of the authoritarian Islamic regimes, Nasr explains, the wealth and aspirations of this Islamic "critical middle" put them squarely at odds with extremism. They have ushered in remarkable transformations already in Dubai, Turkey, and Indonesia, and they are the key to tipping the balance in both Iran and Pakistan. As he writes "the great battle for the soul of the Muslim world will be fought not over religion but over market capitalism."
The Fall of Capitalism and the Rise of Islam provides a critical analysis of the current financial crisis in the US and the world at large. It concludes that the current crisis could very well be a sign of failure of the underlying system of capitalism. The book shows that the system of capitalism contains serious faults and defects at the core theory level. Economic and financial crisis periodically occur whenever these defects are triggered by various conditions and political decisions during the life of capitalism. The collapse of financial institutions, the crash of the housing market, the evaporation of trillions of dollars, the creation of virtual unreal wealth, and the decline of productivity are symptoms of the potential failure of the ideology of capitalism. This failure has serious impact on the life quality of billions of people around the world who suffer from poverty, hunger, health insecurity, lack of education, and serious inhuman conditions. The world order under capitalism witnessed multiple world wars, political and economic instability, colonialism, absence of peace, deprivation of justice and polarization of wealth and power. This book predicts a potential crash and collapse of the world order under the pressure of a failing capitalism. Concurrent to the decline and potential collapse of capitalism, the book makes an account of another global phenomenon, namely the second rise of Islam. The rise of Islam, similar to the first one that lasted for thirteen hundred years, is a comprehensive rise that brings up the economic system together with the political system, and the moral system together with the legal system. It is much needed and sought to introduce to the world a system full of justice, fairness, and geared toward productivity and human righteousness. The new rise of Islam is argued to be in the best interest of the human societies around the world, and that the propagated fear of this rise is unfounded. The book provides a detailed description of the economic system and the political economy of Islam. It provides compelling evidence that the Islamic political economy characterized by sustained productivity and wealth distribution guarantees the satisfaction of the basic needs of a human. The Islamic political economy integrates several mechanisms for natural distribution of wealth, while it maintains a high level of productivity through the inhibition of usury, hoarding, and exploitation. The Fall of Capitalism and the Rise of Islam makes extensive references to a score of historians, scholars, and scientists who provide a fair testimony of the Islamic civilization and the ideology of Islam.
Early Islam and the Birth of Capitalism proposes a strikingly original thesis—that capitalism first emerged in Arabia, not in late medieval Italian city states as is commonly assumed. Early Islam made a seminal but largely unrecognized contribution to the history of economic thought; it is the only religion founded by an entrepreneur. Descending from an elite dynasty of religious, civil, and commercial leaders, Muhammad was a successful businessman before founding Islam. As such, the new religion had much to say on trade, consumer protection, business ethics, and property. As Islam rapidly spread across the region so did the economic teachings of early Islam, which eventually made their way to Europe. Early Islam and the Birth of Capitalism demonstrates how Islamic institutions and business practices were adopted and adapted in Venice and Genoa. These financial innovations include the invention of the corporation, business management techniques, commercial arithmetic, and monetary reform. There were other Islamic institutions assimilated in Europe: charities, the waqf, inspired trusts, and institutions of higher learning; the madrasas were models for the oldest colleges of Oxford and Cambridge. As such, it can be rightfully said that these essential aspects of capitalist thought all have Islamic roots.
Over the last decade, pious Muslims all over the world have gone through contradictory transformations. Though public attention commonly rests on the turn toward violence, this book's stories of transformation to "moderate Islam" in a previously radical district in Istanbul exemplify another experience. In a shift away from distrust of the state to partial secularization, Islamists in Turkey transitioned through a process of absorption into existing power structures. With rich descriptions of life in the district of Sultanbeyli, this unique work investigates how religious activists organized, how authorities defeated them, and how the emergent pro-state Justice and Development Party incorporated them. As Tuğal reveals, the absorption of a radical movement was not simply the foregone conclusion of an inevitable world-historical trend but an outcome of contingent struggles. With a closing comparative look at Egypt and Iran, the book situates the Turkish case in a broad historical context and discusses why Islamic politics have not been similarly integrated into secular capitalism elsewhere.
Leading authority on the Islamic world and influential advisor to the Obama administration Vali Nasr shows that the West’s best hope of winning the battle against Islamic extremists is to foster the growth of a vibrant new Muslim middle class. This flourishing of Muslim bourgeoisie is reshaping the mind-set, politics, and even the religious values of Muslims in much the same way the Western bourgeoisie lead the capitalist and democratic revolution in Europe. Whereas extremism has grown out of the dismal economic failures of the authoritarian Islamic regimes, Nasr explains, the wealth and aspirations of this Islamic “critical middle” put them squarely at odds with extremism. They have ushered in remarkable transformations already in Dubai, Turkey, and Indonesia, and they are the key to tipping the balance in both Iran and Pakistan. As he writes “the great battle for the soul of the Muslim world will be fought not over religion but over market capitalism.”
This paperback edition has an updated first chapter, resituating its main argument for today’s readers. New historical data on eighteenth- and nineteenth-century Egypt makes an extremely persuasive argument for the eighteenth-century roots of Egyptian modernity. The similarity, too, of Egyptian history with other Mediterranean countries is much more clearly demonstrated today than when Islamic Roots of Capitalism first was published.
Max Weber and Islam is a major effort by Islamic-studies specialists to reexamine and appraise Max Weber's perspectives on Islam and its historical development. Eight specialists on Islam and two sociologists explore many dimensions of Weber's comments on Islam, along with Weber's conceptual framework. The volume's introduction links the discussions to contemporary issues and debates. Wolfgang Schluchter reconstructs Weber's conceptual apparatus as it applies to Islam and its historical development. In subsequent chapters, Islamic specialists consider such major topics as the developmental history of Islam, Islamic fundamentalism, Islamic reform, Islamic law and capitalism, secularization in Islam, as well as the value of attempting to apply Weber's concept of sects to Islam. While some authors find flaws in Weber's factual knowledge of Islam, they also find considerable merit in the kinds of questions Weber raised. Contributors to the volume include highly respected contemporary international scholars of Islam: Ira Lapidus, Nehemia Levtzion, Richard M. Eaton, Peter Hardy, Rudolph Peters, Barbara Metcalf, Francis Robinson, Patricia Crone, Michael Cook, and S.N. Eisenstadt. Toby Huff's introduction not only knits the thematics of the separate essays together but adds its own stresses while engaging the contributors in dialogue and debate about fundamental issues. This acute collective analysis establishes a new benchmark for understanding Weber and Islam. This book also provides an up-to-date overview of the developmental history of many aspects of Islam. A major reappraisal of the entire span of Max Weber's sociological thought on Islam, this book will appeal to a wide range of scholars and laymen interested in the Islamic world. It will be of particular interest to sociologists specializing in religion and Middle East area specialists.
Islamist capital accumulation has split the Turkish bourgeoisie and polarized Turkish society into secular and religious social groupings, giving rise to conflicts between the state and political Islam. By providing a long-term historical perspective on Turkey's economy and its relationship to Islamism, this volume explores how Islamism as a political ideology has been utilized by the conservative bourgeoisie in Turkey, and elsewhere, to establish hegemony over labor. The contributors analyze the relationship between neoliberalism and the political fortunes of the Islamist Justice and Development Party (AKP), and examine the similarities and differences amongst new factions in the secular and Islamic middle class that have benefited economically, socially, and culturally during the AKP's reign. The articles also investigate the impact of the Gülen Movement and the role of the media in shaping the contours of intra-class struggle within contemporary Turkish political and social life.
This book is the first systematic scholarly study on the business history of Turkey from the nineteenth century until the present. It aims to place the distinctive characteristics of capitalism in Turkey within a global and comparative perspective, dealing with three related issues. First, it examines the institutional context that shaped the capitalist development in Turkey. Second, it focuses on the corporate actors, entrepreneurs and business enterprises that have led the national economic growth. Third, it explores the ethical foundations and social responsibility of business enterprises in the country. The comparative and historical approach sets the volume apart from previous books on the subject. Business, Ethics and Institutions aims to strengthen scholarly and policy understanding of Turkish capitalism and the diversified business groups which dominate the economy by providing a deep analysis of the evolution of political and social institutions which shaped corporate activity. It demonstrates the key role played by large family-owned business groups in Turkey’s development. It also seeks to identify both the similarities and the differences in the Turkish pattern of economic development, making comparisons with Japan, an early example of catch-up, and a more successful model than Turkey. The comparative perspective makes the book highly relevant to a wide range of scholars interested in the institutional foundations of modern capitalism and will be of value to researchers, academics, and students in the fields of business and economic history, ethics, organizational studies, and entrepreneurship.
In Europe and North America Muslims are often represented in conflict with modernity—but what could be more modern than motivational programs that represent Islamic practice as conducive to business success and personal growth? Daromir Rudnyckyj's innovative and surprising book challenges widespread assumptions about contemporary Islam by showing how moderate Muslims in Southeast Asia are reinterpreting Islam not to reject modernity but to create a "spiritual economy" consisting of practices conducive to globalization. Drawing on more than two years of research in Indonesia, most of which took place at state-owned Krakatau Steel, Rudnyckyj shows how self-styled "spiritual reformers" seek to enhance the Islamic piety of workers across Southeast Asia and beyond. Deploying vivid description and a keen ethnographic sensibility, Rudnyckyj depicts a program called Emotional and Spiritual Quotient (ESQ) training that reconfigures Islamic practice and history to make the religion compatible with principles for corporate success found in Euro-American management texts, self-help manuals, and life-coaching sessions. The prophet Muhammad is represented as a model for a corporate CEO and the five pillars of Islam as directives for self-discipline, personal responsibility, and achieving "win-win" solutions. Spiritual Economies reveals how capitalism and religion are converging in Indonesia and other parts of the developing and developed world. Rudnyckyj offers an alternative to the commonly held view that religious practice serves as a refuge from or means of resistance against modernization and neoliberalism. Moreover, his innovative approach charts new avenues for future research on globalization, religion, and the predicaments of modern life.
