Skip to Main Content
HBS Home
  • About
  • Academic Programs
  • Alumni
  • Faculty & Research
  • Baker Library
  • Giving
  • Harvard Business Review
  • Initiatives
  • News
  • Recruit
  • Map / Directions
Faculty & Research
  • Faculty
  • Research
  • Featured Topics
  • Academic Units
  • …→
  • Harvard Business School→
  • Faculty & Research→
Publications
Publications
  • 2020
  • Chapter
  • Business, Ethics and Institutions

Islamic Capitalism and the Rise of Religious-Conservative Big Business

By: Kristin Fabbe, Űmit Őzlale and Efe Murat Balikçioğlu
  • Format:Print
ShareBar

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

Citation

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.
  • Find it at Harvard
  • Purchase

About The Author

Kristin E. Fabbe

Business, Government and the International Economy
→More Publications

More from the Authors

    • February 2023
    • Faculty Research

    Saudi Arabia: A Vision in Progress

    By: Kristin Fabbe, Adel Hamaizia and Tom Quinn
    • 2022
    • Faculty Research

    Between Human Dignity and Security: Identifying Citizen and Elite Preferences and Concerns over Refugee Reception

    By: Kristin Fabbe, Eleni Kyrkopoulou and Mara Vidali
    • 2022
    • Faculty Research

    When Fifth Columns Fall: Religious Groups and Loyalty-Signaling in Erdoğan's Turkey

    By: Kristin Fabbe and Efe Murat Balıkçıoğlu
More from the Authors
  • Saudi Arabia: A Vision in Progress By: Kristin Fabbe, Adel Hamaizia and Tom Quinn
  • Between Human Dignity and Security: Identifying Citizen and Elite Preferences and Concerns over Refugee Reception By: Kristin Fabbe, Eleni Kyrkopoulou and Mara Vidali
  • When Fifth Columns Fall: Religious Groups and Loyalty-Signaling in Erdoğan's Turkey By: Kristin Fabbe and Efe Murat Balıkçıoğlu
ǁ
Campus Map
Harvard Business School
Soldiers Field
Boston, MA 02163
→Map & Directions
→More Contact Information
  • Make a Gift
  • Site Map
  • Jobs
  • Harvard University
  • Trademarks
  • Policies
  • Accessibility
  • Digital Accessibility
Copyright © President & Fellows of Harvard College