Ayan Local notable Bahşiş Bribe British Consols Long-term government bonds issued in Britain Bour... more Ayan Local notable Bahşiş Bribe British Consols Long-term government bonds issued in Britain Bourse Stock exchange Dönüm An Ottoman unit of area (1 dönüm = 919 square meters) Efendi Ottoman title, gentleman Egyptian Reftieh Duty on tobacco exports to Egypt Esham Bonds issued by the Ottoman government Fatwa Religious edict Feddan A unit of area used in Egypt (1 feddan= 4,200 square meters) Havale Payment order Hoca Muslim preacher İltizam Tax farming İmam Leader of the congregational prayer in Islam Kaime Form of paper money issued in the Ottoman Empire Khedive Title borne by Egyptian rulers after 1867 Kolcu Surveillance unit of the tobacco monopoly Lots Turcs Securities of the Ottoman Lottery Loan 1870-72 Malikane Life-term tax farm Muharrem The first month in the Muslim calendar Muhasebeci Accountant Muhassıl Tax collector Muhtar Village headman Mültezim Tax farmer Nargile Water pipe Nazır Minister Nezaret Office Okka An Ottoman unit of weight (1 okka = 1,280 grams) Öşür Tithe Paşa An honorary title granted to senior ministers and generals Porte Refers to the Ottoman court where government policies were established Ramazan Muslim month of fasting Sarraf Money lender Sergi Promissory notes issued by the Ottoman government Sheriat Islamic law Sipahi Cavalrymen assigned as the administrator of the tımar land Softa Muslim theological students Şeyhülislam Chief of religious affairs in the Ottoman state Tekke Religious gathering place Tımar Benefice holding Tömbeki A tobacco used when smoking a water pipe Vilayet Ottoman province PRINCIPAL ABBREVIATIONS ASIR Administration of Six Indirect Revenues BIO Banque Impériale Ottomane, Ottoman Bank CFB Council of Foreign Bondholders FDI F oreign Direct Investment GFD Global Financial Database Fr Francs LE Livre Égyptienne, Egyptian Pounds LT Livre Turque, Ottoman Lira (LT 1.1 = £1= Fr 22.727) OPDA Ottoman Public Debt Administration Pa Para (LT 1= Pa 4000) Ps Piastres (LT 1= Ps 100) A NOTE ON THE PRONUNCIATION OF TURKISH WORDS C,c = 'j' as in juice Ç,ç = 'ch' as in church Ğ,ğ = not pronounced, lengthens the preceding vowel I,ı = without a dot, as 'er' in farmer İ,i = with a dot, as 'ee' in see Ö,ö = as in the umlaut 'ö' in German Ş,ş = 'sh' as in sheep Ü,ü = as in the umlaut 'ü' in German xviii THE POLITICAL ECONOMY OF OTTOMAN PUBLIC DEBT as well as in the modernization of the economy and the reorganization of state bureaucracy (particularly in fiscal matters), which in turn facilitated the influx of foreign investment into the empire. This book is a revision of my doctoral dissertation submitted to the University of Southern California. Among many who made this work possible, my advisor Timur Kuran deserves a special place. His academic and editorial guidance was essential to the completion of this project. He tirelessly read numerous drafts and raised issues that had previously gone largely unnoticed in the literature. Other members of my committee were Howard Sherman and the late Hayward Alker, whose suggestions contributed to the originality of my work. I am also grateful to Barış Kablamacı, the late Burhaneddin Ulutan, Erdoğan Keskinkılıç, Erol Manisalı, Farideh Motamedi, Hakan Ongan, the late
The International Journal of Interdisciplinary Social and Community Studies, 2018
This article explores the socioeconomic determinants of subjective well-being in Turkey based on ... more This article explores the socioeconomic determinants of subjective well-being in Turkey based on the nationwide Turkish Statistical Institute (TURKSTAT) survey held in 2015. Our empirical results point out relationships between subjective well-being and a wide range of factors such as age, gender, marital status, education, income, financial debt, health, religiosity, employment status, type of employment, social security, crime victimization, and perception of insecurity and revealed significant gender-based disparities. Findings from this survey contribute to a broader discussion on determinants of well-being and the role of gender differences, enabling us to draw cultural comparisons.
Sanayi devriminden bir asir once yazmis bir dusunur olarak Locke'un mesrulastirmayi amacladig... more Sanayi devriminden bir asir once yazmis bir dusunur olarak Locke'un mesrulastirmayi amacladigi bireysel yapidaki endustri oncesi mulkiyet bicimidir. Ne var ki teorisinin 19. yuzyilin liberal dusunurleri uzerindeki belirleyici etkisinden de anlasildigi gibi argumanlari zamaninin otesine gecmis ve degisen uretim bicimiyle birlikte sosyal bir karaktere burunmus olan modern kapitalist mulkiyetin teorik temelini olusturmustur. Emek deger teorisi mulkiyetin mesridastiribnastna yonelik bu argumanlar zincirinde kritik bir rol oynamaktadir. Ote yaridan, Marx ozel mulkiyeti yabancilasmanin temel nedeni ve bireysel, ozgurluklerin onundeki en onemli engel olarak degerlendirmistir. Ozel mulkiyeti bireysel ozgurluklerin temeli olarak ele alan Locke'un aksine Marx'm elinde emek deger teorisi ozel mulkiyete dayali kapitalist sistemin elestirisine yonelik en onemli araca donusur. Makalede iki dusunurun karsilastirmasi uzerinden kisisel mulkiyet haklarini demokrasi ile iliskilendiren popu...
In the midst of political decline and burgeoning financial problems in the late nineteenth centur... more In the midst of political decline and burgeoning financial problems in the late nineteenth century, the Ottoman Empire became embroiled in a borrowing frenzy, which eventually resulted in the financial collapse of the empire. Under political pressure and with the growing need for external funds, the Ottoman court compromised its fiscal sovereignty by ceding the most liquid revenue sources to a financial administration controlled by European creditors. In this book, Murat Birdal sheds light on the handling of the external debt crisis, one of the most controversial periods of Ottoman economic history. Based on extensive archival research foreign archives, he explores the pivotal role of the Ottoman Public Debt Administration (OPDA) in the peripheralization of the Ottoman economy. This book will be invaluable to scholars of Ottoman, Middle East and economic history.
Bu calismada anket verileri kullanilarak tuketici davranislarinda statu kaygisinin rolu, bu kaygi... more Bu calismada anket verileri kullanilarak tuketici davranislarinda statu kaygisinin rolu, bu kayginin on plana ciktigi alanlar ve determinantlari incelenmektedir. Ampirik bulgular statu kaygisinin fiziksel cekicilik, fiziksel yetenek, cocugun egitimi ve kimi tuketim kararlarinda digerlerine gore cok daha baskin oldugunu gosterdigi gibi ozellikle yas, egitim ve gelir seviyesi ile statu kaygisi arasinda guclu iliskinin varligini da gozler onune sermektedir. Son olarak elde edilen bulgular isiginda statu kaygisinin bireylerin tuketici davranisi uzerindeki rolu ve bunun makroekonomik sonuclari tartisilmaktadir.
This chapter examines institutional change in the Ottoman economy with a focus on its financial c... more This chapter examines institutional change in the Ottoman economy with a focus on its financial crises and subsequent reform attempts. Traditional fiscal institutions functioned well until the late sixteenth century when the state introduced tax reforms and dismantled the traditional tımar system. In the nineteenth century, the administration sought solutions such as the debasement of the coinage and domestic borrowing to finance its deficits. In 1854, the government resorted to foreign borrowing and initiated reforms to improve its financial accounting to gain credibility in foreign markets. After twenty years of borrowing, the Porte defaulted in 1875, and in 1881 signed the Decree of Muharrem, which led to the establishment of the Ottoman Public Debt Administration (OPDA). The OPDA era saw unprecedented levels of foreign direct investment and played a pivotal role in the integration of the Ottoman Empire into the world economy.
This paper uses survey data to provide empirical evidence regarding the importance of positional ... more This paper uses survey data to provide empirical evidence regarding the importance of positional concerns in different domains and their determinants. In the survey, respondents are asked to choose between a world in which they have more of a good than others and a world in which their endowment along with everyone else is greatly improved, but they have less than others. Our results lend support to the claim that positional concerns play a crucial role in the decision-making process of individuals, though they appear to be more influential in some domains than others. Moreover, empirical results point out relationships between the age, gender, education, and income level of the respondents and their positional concerns in different domains.
Including the editors, a team of 29 scholars have contributed some 80 short essays to this impres... more Including the editors, a team of 29 scholars have contributed some 80 short essays to this impressive volume, their discussions aided by no fewer than 309 specially prepared maps and diagrams reproduced in full colour. In most cases, four county-wide maps are provided to illustrate each essay, with a double-page layout being adopted. Most are concerned with depicting change over time, though some make comparisons at points in time. They are standardized by using a base map that divides the county into its constituent parishes and townships. It was compiled from the first-edition 25-inch Ordnance Survey maps of the county, which were surveyed and published during the last quarter of the nineteenth century. Tables, graphs, and contemporary illustrations are also included in the texts. An introductory section covers the geology and natural resources of the county, along with developments in its administrative areas, both secular and religious, and, from the sixteenth century, the ways in which it was mapped, with extracts from early small-scale maps being included. Sections follow in chronological order dealing with the county's history in pre-conquest times and at Domesday, going back to Roman times; during the later medieval period, reaching into the sixteenth century; and in the modern era, though not usually tending to extend into very recent times. Reflecting the amount of source material available, emphasis is on the modern period, discussion of which occupies about two-thirds of the book. Within each section, various common themes are covered. These are demography, agriculture, industry, urbanization, communications, distribution of wealth, political organization, and religion. In the modern period especially, the themes are explored using several double-page spreads, enabling discussion to be undertaken in some depth. Moreover, revisiting the themes in each of the sections brings advantage in enabling readers to obtain long-term perspectives on matters in which they have particular interests. Even so, the lengthy time periods covered in the sections mean that some elements of change can only be dealt with in summary fashion and without consideration of how they came about, nor their impact. In a study of this type, the identification and analysis of variations within the county inevitably comprise the major component of the book, with evidence being derived from a range of key primary sources. As might be anticipated, the patterns arising reveal marked variations between localities, serving as a reminder of the dangers and difficulties that arise in seeking to generalize about past developments. What emerges is a wide-ranging set of studies that provide original insights into matters of major historical concern and that demonstrate the types of historical analysis that can be meaningfully undertaken through locally based comparisons. They are presented in a highly accessible form-a matter of great importance in promoting and sustaining interest in social and economic history-that should appeal to a wide readership. The editors point out that, given the restricted length available for each essay, the analysis offered cannot be exhaustive. Accordingly, they aim to provoke readers into making their own enquiries and reaching their own conclusions, helped in so doing by a reference and bibliographical section that draws together the primary and secondary sources used in preparing the essays. In places, a little more in the way of critical comment on these sources, and of the broader historiographical bs_bs_banner
The International Journal of Interdisciplinary Social and Community Studies, 2018
This article explores the socioeconomic determinants of subjective well-being in Turkey based on ... more This article explores the socioeconomic determinants of subjective well-being in Turkey based on the nationwide Turkish Statistical Institute (TURKSTAT) survey held in 2015. Our empirical results point out relationships between subjective well-being and a wide range of factors such as age, gender, marital status, education, income, financial debt, health, religiosity, employment status, type of employment, social security, crime victimization, and perception of insecurity and revealed significant gender-based disparities. Findings from this survey contribute to a broader discussion on determinants of well-being and the role of gender differences, enabling us to draw cultural comparisons.
In his seminal work, The Great Transformation, Karl Polanyi argued that contrary to the claims of... more In his seminal work, The Great Transformation, Karl Polanyi argued that contrary to the claims of the economic orthodoxy, the arrival of laissez-faire was neither inevitable nor the result of an evolutionary process and pointed out the role of government regulations and political manipulations during capitalist transformation. This paper analyzes the dynamics of another "great transformation" that enlarged the borders of capitalism as a world system to a scale that never existed before. The paper argues that integration of the periphery to the international free trade system was not an evolutionary process generated by the internal dynamics of peripheral economies. By focusing particularly on the international debt crisis in the 1980s, it suggests that this period was the turning point in restoring the hegemony of the core over the periphery and restructuring the world economy in accordance with the emerging needs of the core economies during economic stagnation in 1970s.
This paper explores distinctive features of the Islamic corporations focusing on their role in th... more This paper explores distinctive features of the Islamic corporations focusing on their role in the incorporation of religious values into the economic sphere. Religious values play different roles on the demand and supply sides of the economic activities. On the supply side, selective use of religious values serves as a tool for these Islamic corporations in marketing their products and ruling out their rivals. On the demand side, incorporation of religious values into the economic activities serves as a mechanism reducing the moral dissonance caused by the clash of different values or value systems. Identifying the role of religious values both on the supply side as a marketing strategy and on the demand side as a mechanism for the reduction of moral dissonance will also enable us to identify the dynamics behind the rise of these corporations.
Ayan Local notable Bahşiş Bribe British Consols Long-term government bonds issued in Britain Bour... more Ayan Local notable Bahşiş Bribe British Consols Long-term government bonds issued in Britain Bourse Stock exchange Dönüm An Ottoman unit of area (1 dönüm = 919 square meters) Efendi Ottoman title, gentleman Egyptian Reftieh Duty on tobacco exports to Egypt Esham Bonds issued by the Ottoman government Fatwa Religious edict Feddan A unit of area used in Egypt (1 feddan= 4,200 square meters) Havale Payment order Hoca Muslim preacher İltizam Tax farming İmam Leader of the congregational prayer in Islam Kaime Form of paper money issued in the Ottoman Empire Khedive Title borne by Egyptian rulers after 1867 Kolcu Surveillance unit of the tobacco monopoly Lots Turcs Securities of the Ottoman Lottery Loan 1870-72 Malikane Life-term tax farm Muharrem The first month in the Muslim calendar Muhasebeci Accountant Muhassıl Tax collector Muhtar Village headman Mültezim Tax farmer Nargile Water pipe Nazır Minister Nezaret Office Okka An Ottoman unit of weight (1 okka = 1,280 grams) Öşür Tithe Paşa An honorary title granted to senior ministers and generals Porte Refers to the Ottoman court where government policies were established Ramazan Muslim month of fasting Sarraf Money lender Sergi Promissory notes issued by the Ottoman government Sheriat Islamic law Sipahi Cavalrymen assigned as the administrator of the tımar land Softa Muslim theological students Şeyhülislam Chief of religious affairs in the Ottoman state Tekke Religious gathering place Tımar Benefice holding Tömbeki A tobacco used when smoking a water pipe Vilayet Ottoman province PRINCIPAL ABBREVIATIONS ASIR Administration of Six Indirect Revenues BIO Banque Impériale Ottomane, Ottoman Bank CFB Council of Foreign Bondholders FDI F oreign Direct Investment GFD Global Financial Database Fr Francs LE Livre Égyptienne, Egyptian Pounds LT Livre Turque, Ottoman Lira (LT 1.1 = £1= Fr 22.727) OPDA Ottoman Public Debt Administration Pa Para (LT 1= Pa 4000) Ps Piastres (LT 1= Ps 100) A NOTE ON THE PRONUNCIATION OF TURKISH WORDS C,c = 'j' as in juice Ç,ç = 'ch' as in church Ğ,ğ = not pronounced, lengthens the preceding vowel I,ı = without a dot, as 'er' in farmer İ,i = with a dot, as 'ee' in see Ö,ö = as in the umlaut 'ö' in German Ş,ş = 'sh' as in sheep Ü,ü = as in the umlaut 'ü' in German xviii THE POLITICAL ECONOMY OF OTTOMAN PUBLIC DEBT as well as in the modernization of the economy and the reorganization of state bureaucracy (particularly in fiscal matters), which in turn facilitated the influx of foreign investment into the empire. This book is a revision of my doctoral dissertation submitted to the University of Southern California. Among many who made this work possible, my advisor Timur Kuran deserves a special place. His academic and editorial guidance was essential to the completion of this project. He tirelessly read numerous drafts and raised issues that had previously gone largely unnoticed in the literature. Other members of my committee were Howard Sherman and the late Hayward Alker, whose suggestions contributed to the originality of my work. I am also grateful to Barış Kablamacı, the late Burhaneddin Ulutan, Erdoğan Keskinkılıç, Erol Manisalı, Farideh Motamedi, Hakan Ongan, the late
The International Journal of Interdisciplinary Social and Community Studies, 2018
This article explores the socioeconomic determinants of subjective well-being in Turkey based on ... more This article explores the socioeconomic determinants of subjective well-being in Turkey based on the nationwide Turkish Statistical Institute (TURKSTAT) survey held in 2015. Our empirical results point out relationships between subjective well-being and a wide range of factors such as age, gender, marital status, education, income, financial debt, health, religiosity, employment status, type of employment, social security, crime victimization, and perception of insecurity and revealed significant gender-based disparities. Findings from this survey contribute to a broader discussion on determinants of well-being and the role of gender differences, enabling us to draw cultural comparisons.
Sanayi devriminden bir asir once yazmis bir dusunur olarak Locke'un mesrulastirmayi amacladig... more Sanayi devriminden bir asir once yazmis bir dusunur olarak Locke'un mesrulastirmayi amacladigi bireysel yapidaki endustri oncesi mulkiyet bicimidir. Ne var ki teorisinin 19. yuzyilin liberal dusunurleri uzerindeki belirleyici etkisinden de anlasildigi gibi argumanlari zamaninin otesine gecmis ve degisen uretim bicimiyle birlikte sosyal bir karaktere burunmus olan modern kapitalist mulkiyetin teorik temelini olusturmustur. Emek deger teorisi mulkiyetin mesridastiribnastna yonelik bu argumanlar zincirinde kritik bir rol oynamaktadir. Ote yaridan, Marx ozel mulkiyeti yabancilasmanin temel nedeni ve bireysel, ozgurluklerin onundeki en onemli engel olarak degerlendirmistir. Ozel mulkiyeti bireysel ozgurluklerin temeli olarak ele alan Locke'un aksine Marx'm elinde emek deger teorisi ozel mulkiyete dayali kapitalist sistemin elestirisine yonelik en onemli araca donusur. Makalede iki dusunurun karsilastirmasi uzerinden kisisel mulkiyet haklarini demokrasi ile iliskilendiren popu...
In the midst of political decline and burgeoning financial problems in the late nineteenth centur... more In the midst of political decline and burgeoning financial problems in the late nineteenth century, the Ottoman Empire became embroiled in a borrowing frenzy, which eventually resulted in the financial collapse of the empire. Under political pressure and with the growing need for external funds, the Ottoman court compromised its fiscal sovereignty by ceding the most liquid revenue sources to a financial administration controlled by European creditors. In this book, Murat Birdal sheds light on the handling of the external debt crisis, one of the most controversial periods of Ottoman economic history. Based on extensive archival research foreign archives, he explores the pivotal role of the Ottoman Public Debt Administration (OPDA) in the peripheralization of the Ottoman economy. This book will be invaluable to scholars of Ottoman, Middle East and economic history.
Bu calismada anket verileri kullanilarak tuketici davranislarinda statu kaygisinin rolu, bu kaygi... more Bu calismada anket verileri kullanilarak tuketici davranislarinda statu kaygisinin rolu, bu kayginin on plana ciktigi alanlar ve determinantlari incelenmektedir. Ampirik bulgular statu kaygisinin fiziksel cekicilik, fiziksel yetenek, cocugun egitimi ve kimi tuketim kararlarinda digerlerine gore cok daha baskin oldugunu gosterdigi gibi ozellikle yas, egitim ve gelir seviyesi ile statu kaygisi arasinda guclu iliskinin varligini da gozler onune sermektedir. Son olarak elde edilen bulgular isiginda statu kaygisinin bireylerin tuketici davranisi uzerindeki rolu ve bunun makroekonomik sonuclari tartisilmaktadir.
This chapter examines institutional change in the Ottoman economy with a focus on its financial c... more This chapter examines institutional change in the Ottoman economy with a focus on its financial crises and subsequent reform attempts. Traditional fiscal institutions functioned well until the late sixteenth century when the state introduced tax reforms and dismantled the traditional tımar system. In the nineteenth century, the administration sought solutions such as the debasement of the coinage and domestic borrowing to finance its deficits. In 1854, the government resorted to foreign borrowing and initiated reforms to improve its financial accounting to gain credibility in foreign markets. After twenty years of borrowing, the Porte defaulted in 1875, and in 1881 signed the Decree of Muharrem, which led to the establishment of the Ottoman Public Debt Administration (OPDA). The OPDA era saw unprecedented levels of foreign direct investment and played a pivotal role in the integration of the Ottoman Empire into the world economy.
This paper uses survey data to provide empirical evidence regarding the importance of positional ... more This paper uses survey data to provide empirical evidence regarding the importance of positional concerns in different domains and their determinants. In the survey, respondents are asked to choose between a world in which they have more of a good than others and a world in which their endowment along with everyone else is greatly improved, but they have less than others. Our results lend support to the claim that positional concerns play a crucial role in the decision-making process of individuals, though they appear to be more influential in some domains than others. Moreover, empirical results point out relationships between the age, gender, education, and income level of the respondents and their positional concerns in different domains.
Including the editors, a team of 29 scholars have contributed some 80 short essays to this impres... more Including the editors, a team of 29 scholars have contributed some 80 short essays to this impressive volume, their discussions aided by no fewer than 309 specially prepared maps and diagrams reproduced in full colour. In most cases, four county-wide maps are provided to illustrate each essay, with a double-page layout being adopted. Most are concerned with depicting change over time, though some make comparisons at points in time. They are standardized by using a base map that divides the county into its constituent parishes and townships. It was compiled from the first-edition 25-inch Ordnance Survey maps of the county, which were surveyed and published during the last quarter of the nineteenth century. Tables, graphs, and contemporary illustrations are also included in the texts. An introductory section covers the geology and natural resources of the county, along with developments in its administrative areas, both secular and religious, and, from the sixteenth century, the ways in which it was mapped, with extracts from early small-scale maps being included. Sections follow in chronological order dealing with the county's history in pre-conquest times and at Domesday, going back to Roman times; during the later medieval period, reaching into the sixteenth century; and in the modern era, though not usually tending to extend into very recent times. Reflecting the amount of source material available, emphasis is on the modern period, discussion of which occupies about two-thirds of the book. Within each section, various common themes are covered. These are demography, agriculture, industry, urbanization, communications, distribution of wealth, political organization, and religion. In the modern period especially, the themes are explored using several double-page spreads, enabling discussion to be undertaken in some depth. Moreover, revisiting the themes in each of the sections brings advantage in enabling readers to obtain long-term perspectives on matters in which they have particular interests. Even so, the lengthy time periods covered in the sections mean that some elements of change can only be dealt with in summary fashion and without consideration of how they came about, nor their impact. In a study of this type, the identification and analysis of variations within the county inevitably comprise the major component of the book, with evidence being derived from a range of key primary sources. As might be anticipated, the patterns arising reveal marked variations between localities, serving as a reminder of the dangers and difficulties that arise in seeking to generalize about past developments. What emerges is a wide-ranging set of studies that provide original insights into matters of major historical concern and that demonstrate the types of historical analysis that can be meaningfully undertaken through locally based comparisons. They are presented in a highly accessible form-a matter of great importance in promoting and sustaining interest in social and economic history-that should appeal to a wide readership. The editors point out that, given the restricted length available for each essay, the analysis offered cannot be exhaustive. Accordingly, they aim to provoke readers into making their own enquiries and reaching their own conclusions, helped in so doing by a reference and bibliographical section that draws together the primary and secondary sources used in preparing the essays. In places, a little more in the way of critical comment on these sources, and of the broader historiographical bs_bs_banner
The International Journal of Interdisciplinary Social and Community Studies, 2018
This article explores the socioeconomic determinants of subjective well-being in Turkey based on ... more This article explores the socioeconomic determinants of subjective well-being in Turkey based on the nationwide Turkish Statistical Institute (TURKSTAT) survey held in 2015. Our empirical results point out relationships between subjective well-being and a wide range of factors such as age, gender, marital status, education, income, financial debt, health, religiosity, employment status, type of employment, social security, crime victimization, and perception of insecurity and revealed significant gender-based disparities. Findings from this survey contribute to a broader discussion on determinants of well-being and the role of gender differences, enabling us to draw cultural comparisons.
In his seminal work, The Great Transformation, Karl Polanyi argued that contrary to the claims of... more In his seminal work, The Great Transformation, Karl Polanyi argued that contrary to the claims of the economic orthodoxy, the arrival of laissez-faire was neither inevitable nor the result of an evolutionary process and pointed out the role of government regulations and political manipulations during capitalist transformation. This paper analyzes the dynamics of another "great transformation" that enlarged the borders of capitalism as a world system to a scale that never existed before. The paper argues that integration of the periphery to the international free trade system was not an evolutionary process generated by the internal dynamics of peripheral economies. By focusing particularly on the international debt crisis in the 1980s, it suggests that this period was the turning point in restoring the hegemony of the core over the periphery and restructuring the world economy in accordance with the emerging needs of the core economies during economic stagnation in 1970s.
This paper explores distinctive features of the Islamic corporations focusing on their role in th... more This paper explores distinctive features of the Islamic corporations focusing on their role in the incorporation of religious values into the economic sphere. Religious values play different roles on the demand and supply sides of the economic activities. On the supply side, selective use of religious values serves as a tool for these Islamic corporations in marketing their products and ruling out their rivals. On the demand side, incorporation of religious values into the economic activities serves as a mechanism reducing the moral dissonance caused by the clash of different values or value systems. Identifying the role of religious values both on the supply side as a marketing strategy and on the demand side as a mechanism for the reduction of moral dissonance will also enable us to identify the dynamics behind the rise of these corporations.
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