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Innovative new business techniques and forms of business organisation were introduced, which included trading companies, bills of exchange, contracts, long-distance trade, big businesses, partnerships (mufawada in Arabic) such as limited partnerships (mudaraba), and the concepts of credit, profit, capital (al-mal) and capital accumulation (nama al-mal). Many of these early mercantile concepts were adopted and further advanced in medieval Europe from the 13th century onwards.[2]
Many European economists between 1500 and 1750 are today generally considered mercantilists; however, these economists did not see themselves as contributing to a single economic ideology...
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