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millennium-wisdom t1_j2d1kre wrote

The Arabian civilization were the first capitalist society. They invented capitalism.

Muhammad ﷺ was the first Capitalist

Here are eleven basic principles set by him.

1 The Prophet ﷺ set up a market for the people, not controlled by the state.

2 He ﷺ did not tax it.

3 He ﷺ "was going to set prices, but determined that prices are in the hands of Allah."

4 People can own wealth, land, & the means of production.

5 The ruler has no rights over people's wealth (this hugely limits the ability to levy taxes).

6 The primary concern of the ruler, as per Sayyidna Umar, is "the stomachs of the poor."

7 Wealth sitting idle for a year is to be given to the poor at a rate of 2.5%.

8 Money-lending is an unlawful industry when the loan results in an increased return for the lender.

9 Finance requires partnership.

10 Wealth is better from the aspect of helping others: advancing the deen, supporting the needy, not having to ask people for money.

11 Poverty is better for one's own individual soul, based on the hadith, "You will conquer Persian & Byzantium and have one dress for the morning and another one in the evening.

See. Early Islam and the Birth of Capitalism Book by Benedikt Koehler

Egyptian invented lots of things. Off my head all musical instruments, the calendar alchemy.

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