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dc.contributor.author Kuran, T
dc.date.accessioned 2010-06-28T18:49:53Z
dc.date.issued 2005-09-01
dc.identifier.citation American Journal of Comparative Law, 2005, 53 (4), pp. 785 - 834
dc.identifier.issn 0002-919X
dc.identifier.uri http://hdl.handle.net/10161/2546
dc.description.abstract Classical Islamic law recognizes only natural persons; it does not grant standing to corporations. This article explores why Islamic law did not develop a concept akin to the corporation, or borrow one from another legal system. It also identifies processes that delayed the diffusion of the corporation to the Middle East even as its role in the global economy expanded. Community building was central to Islam's mission, so early Muslim jurists had no use for a concept liable to facilitate factionalism. Services with large setup costs and expected to last indefinitely were supplied through the waqf, an unincorporated trust. The waqf thus absorbed resources that might otherwise have stimulated an incorporation movement. Partly because the waqf spawned constituencies committed to preserving its key features, until modern times private merchants and producers who stood to profit from corporate powers were unable to muster the collective action necessary to reform the legal system. For their part, Muslim rulers took no initiatives of their own to supply the corporate form of organization, because they saw no commercial or financial organizations worth developing for the sake of boosting tax revenue.
dc.format.extent 785 - 834
dc.format.mimetype application/pdf
dc.language.iso en_US
dc.relation.ispartof American Journal of Comparative Law
dc.title The absence of the corporation in Islamic law: Origins and persistence
dc.type Journal Article
dc.department Economics
pubs.issue 4
pubs.organisational-group /Duke
pubs.organisational-group /Duke/Trinity College of Arts & Sciences
pubs.organisational-group /Duke/Trinity College of Arts & Sciences/Economics
pubs.organisational-group /Duke/Trinity College of Arts & Sciences/Political Science
pubs.publication-status Published
pubs.volume 53

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