Private sector capital accumulation and its impediments in the Ottoman / Islamic economy
As it is well known, interest prohibition constitutes one of the most important traits of Islamic economy and finance. The immediate consequence of the prohibition is the problem of combining the factors of production. Put differently, if Q=f (K, L, N, E, ....) is a simple production function, where Q is production, K is capital, L is labour, N is natural resources and E is entrepreneurship.
Turkey , History , Ottoman Empire , Islamic civilization , Islamic economics
Cizakca, Murat. (2012). Private sector capital accumulation and its impediments in the Ottoman / Islamic economy. In Hans Georg Majer, Yavuz Kose & Tobias Volker (Eds.), Sehrayin : die Welt der Osmanen, die Osmanen in der Welt : Wahrnehmungen, Begegnungen und Abgrenzungen (pp. 143-156). Istanbul, Turkey: Kure Yayinlari.