September 9th, 2002, 7:58 pm
If I may risk being accused of making an on-topic remark in an off-topic forum, I have been toying with the idea that Islamic economic and social outcomes are based on finance. The Arab conquests of 600-900 are not historically exceptional, the sudden creation of a 5,000 mile long area in the middle of the economicially significant world, with one language and one legal system was. During this period, Islam was the religion of the rulers, most subjects had not converted. The wealth of the early Islamic empire was based on finance and trade, intra-empire at first and later global exchange among India/East Asia on the East, Russia on the North, Europe on the West and Southern and Western Africa on the South.I think two important aspects of this are the monolingual focus of Islam and the primary employment of Islamic clerics as judges (as opposed to teachers in Judaism and pastors in Christianity).As trade and finance flourished, so did the Islamic empire's scientific, social, philosophic, artistic, military and literary advances.Then the Italians invent the bank. Suddenly Europe becomes the hotbed of financial innovation, which allows ventures that result in the mapping and conquest of most of the world, not to mention underwriting the Renaissance followed by scientific revolution, liberalism, rationalism, enlightenment and all that stuff. Most of the rest of the world either imitates the West or gets colonized by it. But the Ottoman empire and other Islamic political entities of this time are strong enough to resist colonization and proud and successful enough to eschew imitation. China is similar in this respect. So modern finance is much delayed, and the states lack the economic power to compete.I know there’s a lot of hand waving in all this, but I think it captures something important about the history of the region.