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During the modern post-colonial era, as Western ideas, including Western economics, began to influence the Muslim world, some Muslim writers sought to produce an Islamic discipline of economics. In the 1960s and 70s Shia Islamic thinkers worked to develop a unique Islamic economic philosophy with "its answers to contemporary economic problems."
Islamic economics grew naturally from the Islamic revival and political Islam whose adherents considered Islam to be a complete system of life in all its aspects, rather than a spiritual formula [86] and believed that it logically followed that Islam must have an economic system, unique from and superior to non-Islamic economic systems.
The metaphor of a golden age began to be applied in 19th-century literature about Islamic history, in the context of the western aesthetic fashion known as Orientalism.The author of a Handbook for Travelers in Syria and Palestine in 1868 observed that the most beautiful mosques of Damascus were "like Mohammedanism itself, now rapidly decaying" and relics of "the golden age of Islam".
A market economy was established in the Islamic world on the basis of an economic system resembling merchant capitalism. Capital formation was promoted by labour in medieval Islamic society, and financial capital was developed by a considerable number of owners of monetary funds and precious metals.
The Cambridge illustrated history of the Islamic world. Cambridge University Press. ISBN 978-0-521-66993-1. K. N. Chaudhuri (1985) Trade and civilisation in the Indian Ocean: an economic history from the rise of Islam to 1750 CUP. Nelly Hanna, ed. (2002). Money, land and trade: an economic history of the Muslim Mediterranean. I.B.Tauris.
Mosul, a major city in northern Iraq, in the 19th century The Print Collector via Getty ImagesFor people who would like to learn more about Islam, The Conversation is publishing a series of ...
The Islamic world also influenced other aspects of medieval European culture, partly by original innovations made during the Islamic Golden Age, including various fields such as the arts, agriculture, alchemy, music, pottery, etc. Many Arabic loanwords in Western European languages, including English, mostly via Old French, date from this ...
Islam, a religion governed by its own set of laws, developed an alternate world view with many of the elements of globalization contradicting it. It has a powerful and cohesive community which at times acts like a cultural defence wall [2] against the Western influence and, as a result, limits the use of European languages in the Middle East.