(In)compatibility of Islam and Capitalism: A Historical Perspective

Abstract

The second chapter deals with the debates on (in)compatibility of Islam and capitalism, as a background for the discussion on the Islamic capitalism and Islamic democracy in Turkey. It mainly argues that there is not a unified position among the Muslim and non-Muslim scholars and intellectuals with regard to the question of (in)compatibility of Islam and capitalism. While most of the Muslim scholars advocate that Muslims should be active players in the global market along with fusion of modernity and Islam, most of the non-Muslim scholars propose that Islam and capitalism are two incompatible modes of existence.