Money, Banks and Finance in Economic Thought

Money, Trade and Rent Exploring Arab Muslim Thinkers from VIII to XIII Centuries

Chaimae Aamoum, CRIISEA, University of Amiens
Nenovsky Nikolay, CRIISEA, University of Amiens

In his history of economic thought, Joseph Schumpeter crossed five centuries called which corresponds to the golden age of the Arab-Muslim civilization, and this under the pretext that during this period Arab-Muslim scholars were satisfied only with the translation and transmission of the works taken over from the Greek civilization so they occupied only the function of intermediation (“the so-called Schumpeter Great Gap”). As a result, the participation of Arab-Muslims in the foundation of economic thought remained unknown, while during this period Arab-Muslim civilization made an enormous contribution to the sciences, particularly in the economic sciences. In this paper, inspired by Omar Akalay's pioneering book "History of Economic Thought in Islam from the 8th to the 12th Century" (Paris, Le Harmattan, 1998), and based on a collection of documents and writings by former Arab-Muslim scholars (notably Al Makrizi, Ibn Khaldun and Al Ghazali) we analyse the economic development that took place between the 8th and 13th centuries in the Arab region. We will show how trade and the rent and distribution economy have facilitated the monetization and development of the area's economy. We will present the ideas of Arab-Muslim scholars about money, its nature, its functions, and the politics of money and so on. ****************************************************************************************************************** Bibliography Daniel, J. (2014). Histoire vivante de la pensée économique, Pearson France, Montreuil. Etner, F. (2006). Les historiens de la pensée économique, Economica, Paris. Ghazanfar, S.M. et Islahi, A.A. (2011). Economic thought of Al Ghazali, Scientific publishing center, KingAbdul-Aziz University, Jeddah. Islahi, A.A. (2011). Islamic economic thoughts in the 12th AH/18th CE century with special reference toshah Wali-Allah Al-Dihlawi, Scientific publishing center, King Abdul-Aziz university, Jeddah. Islahi, A.A. (2009). Muslim economic thinking and institutions in the 10th AH/16th CE century, Scientific publishing center, King Abdul-Aziz university, Jeddah. Kahf, M. (1995). Les textes économiques du coran et de la sunna, Centre de publication scientifique, Université du roi Abdul-Aziz, Djeddah. (En arabe)


Keywords: Arab Muslim economic thinking, trade, rent economy, money