The Economic Impact of Islam on Developing Nations

47 Pages Posted: 10 Sep 2006

Date Written: August 18, 2006

Abstract

This essay focuses on two questions: How do the current economic systems and institutions of Islamic nations differ from those of other nations at roughly the same stage of economic development? And what is the impact of Islam on the economic and social performance of these nations? Using a cluster analysis and data on forty-four economic institutions to define economic systems, I find that no special Islamic economic system can be isolated. Furthermore, a regression analysis shows that the share of Muslims in the population seems unrelated to the presence or absence of most particular economic institutions. Turning to twenty-three indicators of economic and social performance, I find that the presence of Islam has likewise very little influence.

Keywords: Islamic countries, economic institutions, economic systems, economic performance

JEL Classification: L10, O10, P40, Z12

Suggested Citation

Pryor, Frederic L., The Economic Impact of Islam on Developing Nations (August 18, 2006). Available at SSRN: https://ssrn.com/abstract=929104 or http://dx.doi.org/10.2139/ssrn.929104

Frederic L. Pryor (Contact Author)

Swarthmore College ( email )

500 College Ave
Swarthmore, PA 19081
United States

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