Lecture 3.docx

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Department
International Affairs
Course
INTA 2XXX
Professor
Murat
Semester
Spring

Description
1/28/13 Lecture 3 Islam and Business - Kuran – factors that hinder growth of business o Only three fortune 500 companies have originated in middle east o Inheritance System  The inheritance system – wealth was divided amongst sons  Kuran sanctioned that female children could also get a share  This factor led to a division of wealth  Every time a man dies, his wealth is divided between his children at every generation  Ordered and strictly enforced by Kuran  This led to the division of businesses  Did not allow for the accumulation of capital which is necessary for business growth  The right of the first born:  In Britain, a man’s wealth was passed to his first born son only  Completely opposite of Middle East where all wealth and land was divided  Extreme opposites  When technologies became available for investment, accumulated wealth in Britain was invested  No capital to invest in Middle East
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