Proto-capitalist economies and free markets were active during the Islamic Golden Age where an early market economy and form of merchant capitalism took root between the 8th–12th centuries.
A vigorous monetary economy was based on a widely circulated currency (the dinar) and the integration of monetary areas that were previously independent.
Business techniques and forms of business organisation employed during this time included:
Organizational enterprises independent from the state also existed in the medieval Islamic world, while the agency institution was also introduced.
Many of these early capitalist concepts were adopted and further advanced in medieval Europe from the 13th century onwards.
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