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Early free markets were also present in the Caliphate,[5] where an early market economy and early form of merchant capitalism was developed between the 8th-12th centuries, which some refer to as "Islamic capitalism".[6] A vigorous monetary economy was created on the basis of the expanding levels of circulation of a stable high-value currency (the dinar) and the integration of monetary areas that were previously independent...
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Early free markets were also present in the Caliphate,[5] where an early market economy and early form of merchant capitalism was developed between the 8th-12th centuries, which some refer to as "Islamic capitalism".[6] A vigorous monetary economy was created on the basis of the expanding levels of circulation of a stable high-value currency (the dinar) and the integration of monetary areas that were previously independent...
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