Haq, Shoaib Ul, Lone, Razi Allah and Ashraf, Naeem ORCID: 0000-0002-2817-4235 (2020) A theory of capitalist co-optation of radical alternatives: the case of Islamic banking industry. Organization, 29 (1). pp. 129-154. ISSN 1350-5084 (Print), 1461-7323 (Online) (doi:https://doi.org/10.1177/1350508420939245)

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Abstract

In this article, we use the critical theory literature to describe the processes of co-optation by which capitalism engages with its radical alternatives in order to subvert their emancipatory potential. We chose the global Islamic banking industry as our empirical context, which represents bold efforts to build a radical alternative embedded in Islamic moral precepts. However, we observed that the performative intent of capitalist discourse, reflected in a strong preoccupation with effectiveness and efficiency, has come to dominate all economic claims in the Islamic banking industry. The oppositional ideas that were intended to disturb the economic status quo now reproduce it along with its privileges, despite the vaulted rhetoric about establishing a genuine alternative. The article ends by mapping out some implications of re-introducing co-optation in the critical theory literature.

Item Type:	Article
Uncontrolled Keywords:	Islamic banking; co-optation; capitalism
Subjects:	B Philosophy. Psychology. Religion > BP Islam. Bahaism. Theosophy, etc H Social Sciences > HB Economic Theory H Social Sciences > HG Finance
Faculty / School / Research Centre / Research Group:	Faculty of Business Faculty of Business > Department of Systems Management & Strategy Faculty of Business > Networks and Urban Systems Centre (NUSC)
Last Modified:	06 Jun 2023 09:45
URI:	http://gala.gre.ac.uk/id/eprint/42720

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