Part I. Introduction -- The puzzle of the Middle East's economic underdevelopment ; Analyzing the economic role of Islam -- Part II. Organizational stagnation -- Commercial life under Islamic rule ; The persistent simplicity of Islamic partnerships ; Drawbacks of the Islamic inheritance system ; The absence of the corporation in Islamic law ; Barriers to the emergence of a Middle Eastern business corporation ; Credit markets without banks -- Part III. The makings of underdevelopment -- The Islamization of non-Muslim economic life ; The ascent of the Middle East's religious minorities ; Origins and fiscal impact of the capitulations ; Foreign privileges as facilitators of impersonal exchange ; The absence of Middle Eastern consuls -- Part IV. Conclusions -- Did Islam inhibit economic development?