Institutions, the Rise of Commerce and the Persistence of Laws: Interest Restrictions in Islam and Christianity

@inproceedings{Rubin2011InstitutionsTR,
  title={Institutions, the Rise of Commerce and the Persistence of Laws: Interest Restrictions in Islam and Christianity},
  author={Jared Rubin},
  year={2011}
}
Why was economic development retarded in the Middle East relative to Western Europe, despite the Middle East being far ahead for centuries? A theoretical model inspired and substantiated by the history of interest restrictions suggests that this outcome emanates in part from the greater degree to which early Islamic political authorities derived legitimacy from religious authorities. This entailed a feedback mechanism in Europe in which the rise of commerce led to the relaxation of interest… CONTINUE READING
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