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- he problem, however, may not lie with the lack of opportunities to find knowledge but rather with the desire and willingness of the individual to gather it. In the hustle and bustle of the modern world, searching for knowledge outside of oneqs chosen profession can often be tiring, cumbersome and toilsome.
omists. Joseph Spengler, in concluding his work on Ibn Khaldun’s economic thought comments that Ibn Khaldun’s knowledge of man’s economic behaviour: “… extended far beyond the household, embracing market, price, monetary, supply, and demand phenomena, and hinting at some of the macro-economic relations stressed by Lord Keynes… one is compelled to infer from a comparison of Ibn Khaldun's economic ideas with those set down in Muslim moral-philosophical literature that the knowledge of economic behaviour in some circles was very great indeed, having been acquired through contact with cumulating experience, and that one must turn to the writings of those with access to this knowledge and experience if one would know the actual state of Muslim economic knowledge.” The final point intimates that Muslim economic thought ran far deeper than has often been credited. Ibn Khaldun did not live in a vacuum and his analysis must have been influenced by his peers and teachers. It would thereby lead to the conclusion that there were many other thinkers who have broached this topic. One cannot assume that Ibn Khaldun’s work was a flash in the pan and must accept that the Islamic intellectual heritage contained a space for economic thought.
The real world
There can be no denying that Islamic legal and philosophical thought is rich, intricate and complex. The literature is vast and tackles issues which modern scholars in these respective fields would be impressed by. There are however many people who refuse to grant the respect that
is due to the Islamic intellectual heritage either reducing its impact on the modern world or relying on anachronistic viewpoints of classical scholars which may be misogynistic or militant. Yet, western academics like Wael Hallaq, Bernard Weiss, George Makidsi, amongst a long list of others have shown that Islamic law and philosophy is a treasure trove of knowledge. We have to look beyond the intellectual realm, and look at day to day activity in Muslim societies, realising that the Islamic world was dynamic and fruitful. It certainly had to be, with an empire, which at one point spanned from Portugal in the east to Indonesia to the west. Subsequently, the trade network that the Islamic world development was remarkable. Maxime Rodinson, in his book ‘ Islam and Capitalism’, argues that capitalism is not inimical to Islamic dictates. Stress is laid on the intense commercialisation of the economy, its monetisation and specialisation in the agricultural and manufacturing sectors. Given the perilous economic and political state of the Ottoman Empire, leading up to the revolution of 1924 – the British labelled the Ottoman Empire as ‘the sick man of Europe – the fact that capitalism did not take root in the Muslim lands, until today, is surprising. Notwithstanding the post colonial condition of the Muslim world, the capitalist thesis promulgated by Rodinson is supported by plenty of historical evidence. Maya Shatzmiller, a professor at the University of Western Ontario, has conducted extensive work on Islamic economic history. Her current research work is upon the economic history of the Islamic world from 700 – 1000 AD, which will be both a quantitative and qualitative study of the period.
(For further information on the project, readers are advised to refer to https://sites.google.com/site/islamiceconomyuwo/) Her previous work has brought out interesting evidence about the mercantile economy of the Islamic world. She successfully shows that there was nothing intrinsic about Islamic institutions (legal, regulatory, and state) which prevented capitalistic enterprise and development. Networks were created consisting of merchants, agents and customers, which stretched across the globe. Markets were created and places like Fez, Cairo, Damascus, Samarqand, Java amongst others were thriving market places. The vibrant business arena was such that numismatic evidence is far greater than that of the Roman Empire. Piecing the evidence together, one sees a gradual but robust increase in money production and supply until the 11th century in the Islamic regions. Looking at the labour markets, one can see a division of sectors into primary, manufacturing and tertiary, and a great deal of literacy within the labour force. For more sophisticated occupations such as political scribes, physicians, jurists, manuals were created to aid trainees. It leads to the theory, that with the increase in literacy, this will lead to an increase in productivity; and coupled with the trading networks that spanned across the globe, the theory holds significant weight in the Islamic world.
Conclusion
A dynamic economy naturally begets analysis and undoubtedly scholars living in major cities such as Cairo and Damascus were aware of the changes in the social, economic, and political spheres. It would result in refined analysis, and while not technical from a modern viewpoint, was certainly perceptive and erudite. Time is progressive, and not regressive; and we are continually going forward, and not going backward. Therefore, many would regard the study of Islamic history as without utility for the development of Islamic finance and economics but there is much to be learned from historical economic thought and activity. Moreover, delving deep into the literature will reveal more about the elaborate thinking of the scholars which could benefit contemporary economy. Most of this literature is being scrutinized behind the hallowed walls of the university. It needs to be analysed effectively, efficiently, and disseminated. ISFIRE
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