Mohammed: prophet, trader . . . and capitalist?

穆罕默德:先知,商人……还是资本家?

Behind the Money

2026-08-19

48 分钟
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Did you know that the Prophet Mohammed was a caravan trader? He helped arrange convoys of thousands of camels carrying valuable goods across the Arabian desert. And he put his commercial nous to good use. Not only did he found one of the world’s great religions, but also a model of free-market capitalism that Friedrich Hayek would have approved of. That is the claim of this week’s guest, the libertarian economist and author Benedikt Koehler. He tells hosts Robin Wigglesworth and Gillian Tett how Islamic commercial practices were, in his view, eventually copied by medieval Europeans to great effect. Further reading: Early Islam and the Birth of Capitalism (2014), by Benedikt Koehler The Long Divergence: How Islamic Law Held Back the Middle East (2010), by Timur Kuran Muhammad: Man and Prophet (1995), by Adil Salahi Credits: Getty Images Love listening to The Story of Money? Join Robin and Gillian on Saturday September 5 at Kenwood House Gardens in London, or online as the FT Weekend paper comes to life. Register now at ft.com/festival and enjoy 10% off with code FTPodcast.  To enjoy future episodes, be sure to subscribe to The Story of Money wherever you get your podcasts, also on the show's dedicated YouTube channel here: https://www.youtube.com/@FTTheStoryOfMoney  Hosts: Gillian Tett and Robin Wigglesworth Producer: Laurence Knight  Executive producer: Manuela Saragosa With additional help from: Saffeya Ahmed Original music and sound design: Breen Turner Broadcast engineers: Bianca Wakeman and Petros Gioumpasis Podcast development: Laura Clarke FT global head of audio: Flo Phillips  Video editors: Josh Divney and Kristen Kenyon at Podcast Discovery Learn more at www.ft.com/tsom or get in touch at thestoryofmoney@ft.com. Read a transcript of this episode on FT.com Hosted on Acast. See acast.com/privacy for more information.
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  • He had started out in life, he came out of very good family, but he had absolutely nothing.

  • By the time he was in his midlife, he was a successful businessman and could have continued coasting that way.

  • He had this calling and becoming a prophet was a terrible challenge for him.

  • Today on the story of money.

  • Did you know that one of the world's great religions was founded not by a saint per se, but a businessman?

  • Yep, he was an international trader, he set up a commodities market, and he became quite wealthy along the way.

  • And if you're wondering who we're talking about, well, the answer is the Prophet Muhammad.

  • So to tell this very counterintuitive story, we are joined by Benedict Kohler.

  • Benedict, welcome to the show.

  • Well, thank you for inviting me.

  • One reason we wanted to talk to you is because you bring a really unusual perspective to the subject.

  • You know, you're a fellow at the Institute of Economic Affairs, which is the famously free market think tank in London.

  • So, presumably you describe yourself not just as a capitalist, but a libertarian too.

  • Well, and a reader of the work of Friedrich von Hayek.

  • And Hayek said governments aren't all that necessary for economies to prosper.

  • And having read Hayek and looking at early Islamic history,

  • I just felt the story of early Islam is the story of Hayek in Arabia.

  • Yeah, Hanukkah of Arabia.

  • That sounds like a great film.

  • I'd watch that.