Islam, entrepreneurship, and embeddedness

This study centers on the premise that entrepreneurship is an embedded process. Although “the entrepreneur” is inherently an “individual,” entrepreneurship can never be fully disembedded from the more general social settings within which any business venture is situated. An Islamic‐based economic di...

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Bibliographic Details
Published in:Thunderbird international business review 2019-09, Vol.61 (5), p.697-705
Main Authors: Tok, M. Evren, Kaminski, Joseph Jon
Format: Article
Language:English
Subjects:
Capitalism
Case studies
Discursive practices
Economic models
Entrepreneurs
Entrepreneurship
Exploitation
Individualism
Islam
Reification
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Summary:This study centers on the premise that entrepreneurship is an embedded process. Although “the entrepreneur” is inherently an “individual,” entrepreneurship can never be fully disembedded from the more general social settings within which any business venture is situated. An Islamic‐based economic discursive framework should be cognizant of the different forms of sociality, spatiality, and community as well as the various norms, codes, and symbols that define society more generally. The work of Karl Polanyi on embeddedness is engaged and juxtaposed with Islam's understanding of the ideal mode of economic discursive practices. Islamic economic models and Polanyi are both critical of the corrosive effects of unbridled capitalism and individualism that ultimately lead to reification and exploitation. The conclusion recommends more small‐N case studies by researchers and entrepreneurial educational materials that emphasize the importance of networks and local embeddedness.
ISSN:1096-4762
1520-6874
DOI:10.1002/tie.21970