Islamic Capitalism and the Rise of Religious-Conservative Big Business

Kristin  Fabbe; Űmit  Őzlale; Efe Murat Balikçioğlu

Chapter | Business, Ethics and Institutions | 2019

Islamic Capitalism and the Rise of Religious-Conservative Big Business

by Kristin Fabbe, Űmit Őzlale and Efe Murat Balikçioğlu

Abstract

This chapter argues that the rise of “Islamic capitalism” and the country’s so-called “conservative bourgeoisie” owes much to the pragmatism and agility of Islamic actors who are quick to seize upon new economic and political opportunities by leveraging religious identity markers, religious discourse, and religious networks. By revealing their pragmatic approach to introducing the idea of Islamic capitalism in Turkey, and especially their efforts to distinguish it from capitalism more generally, the chapter sheds light on how religious and cultural values both shape and are shaped by the economic imperatives of participation in the global economic system. We find that Islamist political actors and pious business elites have molded business culture in ways that are mutually beneficial, selectively drawing upon ethical norms and religious networks in an adaptive fashion. Over the last fifty years, as they constantly shift and adapt Islamic values to justify economic positions and policymaking, the country’s political Islamists and the emergent pious bourgeoisie alike have consistently sought to increase their power and influence vis-à-vis the coastal big-business elite and their traditional political allies.

Keywords: Islamic capitalism; Economic Systems; Religion; Values and Beliefs; Government and Politics; Power and Influence; Turkey;

Format: Print

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Fabbe, Kristin, Űmit Őzlale, and Efe Murat Balikçioğlu. "Islamic Capitalism and the Rise of Religious-Conservative Big Business." Chap. 5 in Business, Ethics and Institutions: The Evolution of Turkish Capitalism in Global Perspectives, edited by Asli M. Colpan and G. Jones, 97–122. New York: Routledge, 2019.

Situated between Europe and Asia, Turkey occupies a critical geostrategic position in the world. This unique geography, no doubt, has much to do with the complexities and continuities that have characterized the country’s political development. Turkey is anchored to Europe, both through a vast network of trade linkages, its membership in NATO, and its bid for European Union membership. So too is it enmeshed in the politics of the greater Middle East by virtue of its proximity to and involvement in conflict zones in Syria and Iraq, as well as its dependence on Iranian energy resources. As this chapter describes, since the birth of the Republic, striking this balance has proved challenging, and so too have the dynamics of Turkey’s domestic politics, which are marked by a strong tradition of executive rule punctuated by fleeting stints of democratic deepening and political liberalization.

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Islamic Capitalism and the Rise of Religious-Conservative Big Business

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