The new capitalists: Islamists' political economy | openDemocracy - 1 views
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In the last four decades, centrist or modernist Islamists, most of whom accept the rules of the political game, brilliantly positioned themselves as the alternative to the failed secular "authoritarian bargain". They invested considerable capital in building social networks on the national and local levels, including non-government professional civil society associations, welfare, and family ties. In contrast to their secular-minded opponents, Islamists have mastered the art of local politics and built a formidable political machine that repeatedly has proved able to deliver the vote. Islamists’ recent parliamentary victories are not surprising, because they had paid their dues and earned the trust of voters
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Islamist parties are increasingly becoming "service" parties: an acknowledgment that political legitimacy and the likelihood of re-election rests on the ability to deliver jobs, economic growth, and to demonstrate transparency. This factor introduces a huge degree of pragmatism in their policies. The example of Turkey, especially its economic success, has had a major impact on Arab Islamists, many of whom would like to emulate the Turkish model. The Arab Islamists have, in other words, understood the truth of the slogan, "It is the economy, stupid!" The Turkish model, with the religiously observant provincial bourgeoisie as its kingpin, also acts as a reminder that Islam and capitalism are mutually reinforcing and compatible.
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It is notable that the Islamists' economic agenda does not espouse a distinctive "Islamic" economic model. This is unsurprising, however, as an Islamic economic model does not exist
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Nevertheless, what distinguishes centrist religious-based groups from their leftist and nationalist counterparts is a friendly sensibility toward business activities including wealth accumulation and free-market economics. Islamism is a bourgeois movement consisting mostly of middle-class professionals, businessmen, shopkeepers, petty merchants and traders.
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If there is a slogan that best describes Islamists’ economic attitude, it would be: "Islam-is-good-for-business". Many Arab Islamists admire and wish to imitate the example of Turkey
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some Islamist-specific economic measures and ideas will be introduced to complement free-market capitalism
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There is nothing in Islamists’ current statements and ideas that shows them to be socialist-oriented, though most readily accept the Keynesian model of active state intervention in the economy. Among Islamists, the interventionist approach appeals most to Salafists, who forcefully call for the adoption of distributive measures to address rampant poverty. Yet the dominant Islamist approach to the economy, with minor variations, is free-market capitalism
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These Islamists also face a huge challenge: to deliver critical economic improvements in the short term, while devising a long-term comprehensive reform agenda that lays the foundation of a productive economy. The dismal socioeconomic conditions in transitioning Arab countries - abject poverty, double-digit unemployment, the absence of a competitive private sector, against a background of rising expectations - mean that the new governments will be hard pressed to focus on distributive policies and urgent short-term needs.