Merchant Capital and Islam

Abstract

This book, based substantially on the author's doctoral dissertation (UCLA, 1981), presents an economic interpretation of the early history of Islam. By studying the trends and consequences of pre-Islamic Makkah's commercial activities, it seeks to bring out both the material bases of the rise of Islam and the element of continuity between pre-Islamic Makkah and early Islamic history. The author bases his work on the following postulate: the development of merchant capital in sixth-century Makkah allowed it to become the dominant political and economic power in Arabia. The most successful wielder of this status, the Banii Umayyah, eventually consolidated its position as the wielder of authority. The growth of commercial capitalism, which caused social transformations within Makkah and made the effective regulation of its external relations a necessity so as to safeguard its commercial interests, resulted in the development of several institutions, such as sadaqah (charitable offerings), rifadah (support), siqayah (providing water to the pilgrims to Makkah), ilaf (a pact guaranteeing safety and safe-conduct), hums (those people inhabiting the haram at the time of the Prophet’s appearance who observed rigorous religious taboos), and hilf (confederacy). However, institutional development in Makkah proved inadequate to the demands created by rapid economic progress. The resultant problems gradually formed the material basis which caused the advent of Islam. Islam, in turn, sought to promote Makkah’s commercial capitalism through, for example, the concept of a monotheistic God’s absolute and everlasting authority, which solved the problems associated with the breakdown of pre-Islamic Makkah’s tribal authority, and through its concept of an ummah which transcended tribal barriers and made social and economic mobility possible ...