Posts Tagged ‘interest’


Jared Rubin on Religion & Credit Risk in the Ottoman Empire

When it comes to gaining access to cheap financial credit, we normally assume that the economic, political, and cultural elite in society will have a better chance at obtaining favorable loans. However, during the late Ottoman Empire, the wealthy, males, and Muslims were considered to be higher credit risks than the poor, females, and non-Muslims. Prof. Jared Rubin of Chapman University explains why this is, referencing a fascinating historical study he conducted with Prof. Timur Kuran (another frequent guest on our podcast).

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Timur Kuran on Islamic Economics

Timur Kuran (Duke University) discusses the movement known as Islamic economics, focusing on its origins, policy prescriptions, and consequences. We survey the thought of Sayyid Abul-Ala Mawdudi in the middle part of the 20th century, how his ideas spread and were institutionalized in the 1970s. Attention is paid specifically to Islamic banking, interest rates, and social welfare policies.

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Jared Rubin on Christian and Islamic Economic History

Did religion or church-state institutions have anything to do with the great economic divergence between Christian Europe and the Islamic world beginning in the 11th century? Prof. Jared Rubin of Chapman University reviews the economic history of these two civilizations, covers the dominant explanations for the observed divergence, and then discusses his own research showing that the relationship between religious and political authorities in each region of the world had a great deal to do with why Europe surged ahead economically. We focus primarily on the role of usury laws and financial interest, but Prof. Rubin gives us a taste of some of his work relating to the economic importance of the printing press.

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