ISLAM AND FREE MARKET CAPITALISM


Source: Bruce Bartlett, senior fellow, National Center for Policy 
Analysis, September 19, 2001.


For text http://www.ncpa.org/oped/bartlett/bartlett01.html



Contrary to popular belief, the hatred of capitalism behind the 
terrorist World Trade Center bombing does not come from Islam.  
Indeed, one could argue that Islam is the most pro-business of 
all the world's major religions.


The Prophet Muhammad was a businessman who engaged in extensive 
commerce before devoting himself exclusively to religious affairs 
in the year 611.  Even afterwards, Muhammad often made comments 
and took actions that demonstrated his support for business and 
the free market.  


   o   For example, he forbade the imposition of price controls, 
       saying that prices were in God's hands and that he wished 
       to meet God without having to answer for some injustice 
       that he might commit in this respect.


   o   Taxes were collected directly from individuals, instead of 
       businesses -- he forbade the imposition of special taxes 
       on markets, calling the market "a charitable endowment." 


   o   The Koran, Islam's holy book, is filled with passages that 
       can be interpreted as favoring commerce -- for example, it 
       says, "O you who believe!  Squander not your wealth among 
       yourselves in vanity, except it be a trade by mutual 
       consent....And who does that through aggression and 
       injustice, We shall cast him into Fire."


For this reason, scholars have long looked upon Islam as 
fundamentally pro-capitalism.  As Maxime Rodinson wrote in "Islam 
and Capitalism" (1966):  "Economic activity, the search for 
profit, trade, and consequently, production for the market, are 
looked upon with no less favor by Muslim tradition than by the 
Koran itself."


This is one reason why the Muslim world was the most vibrant on 
earth during the latter part of the Middle Ages.


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