This paper examines & explores the original sociocultural & economic context where musharakah & mudarabah, or shirkat, have been widely practiced in history until the emergence of western style markets & political transformations in the Muslim world. The idealists in Islamic banking and academia...

This study investigates the evolution of market integration in Ottoman Eastern Mediterranean and Europe until World War I. We find that market integration levels were the highest in northwest Europe while Ottoman lands were part of the less integrated periphery. Over the centuries, most European...