The Long Divergence

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PART Ⅰ Introduction 3

1 The Puzzle of the Middle East’s Economic Underdevelopment 3

2 Analyzing the Economic Role of Islam 25

PART Ⅱ Organizational Stagnation 45

3 Commercial Life under Islamic Rule 45

4 The Persistent Simplicity of Islamic Partnerships 63

5 Drawbacks of the Islamic Inheritance System 78

6 The Absence of the Corporation in Islamic Law 97

7 Barriers to the Emergence of a Middle Eastern Business Corporation 117

8 Credit Markets without Banks 143

PART Ⅲ The Makings of Underdevelopment 169

9 The Islamization of Non-Muslim Economic Life 169

10 The Ascent of the Middle East’s Religious Minorities 189

11 Origins and Fiscal Impact of the Capitulations 209

12 Foreign Privileges as Facilitators of Impersonal Exchange 228

13 The Absence of Middle Eastern Consuls 254

PART Ⅳ Conclusions 279

14 Did Islam Inhibit Economic Development？ 279

Notes 303

References 349

Index 393