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Islam, The Mediterranean And The Rise Of Capitalism

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Chapter Summary

In this chapter, the author argues that this is basically correct and the speculative core of a more internationalist historiography of capitalism than that implied in the transition debate. Portugal straddled two phases of commercial capitalism, subordinating the Atlantic to the Mediterranean, and then the Mediterranean to the Atlantic. Yet Portugals imperial adventure began as a confrontation with the commercial networks of Islam, an attempt to undermine those networks internationally. He explains Marxs definition of commercial capital as specific to the framework of his analysis of industrial capital, and constructs a circuit of commercial capital. He also suggests that the twelfth to fifteenth centuries as the period of the growth of capitalism in Europe (Mediterranean capitalism) and the sixteenth to eighteenth centuries as the period of Company-capitalism, marked by more brutal methods of accumulation and competition.

Keywords: Arabs; corporate revolution; East Mediterranean; industrial capitalism



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