Table Of ContentMutual Life, Limited
Mutual Life, Limited
ISLAMIC BANKING,
ALTERNATIVE CURRENCIES,
LATERAL REASON
Bill Maurer
PRINCETON UNIVERSITY PRESS
PRINCETON AND OXFORD
Copyright©2005byPrincetonUniversityPress
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Maurer,Bill,1968–
Mutuallife,limited:Islamicbanking,alternativecurrencies,
lateralreason/BillMaurer.
p.cm.
Includesbibliographicalreferencesandindex.
ISBN0-691-12196-6(alk.paper)—ISBN0-691-12197-4(alk.paper)
1.Banksandbanking—Religiousaspects—Islam.2.Banksandbanking—
Islamiccountries.3.Finance—Religiousaspects—Islam.4.Finance—
Islamiccountries.5.Money.6.Currencyquestion.I.Title.
HG3368.A6M3782005
332.1′0917′67—dc22 2004019757
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For Tom, side by side.
And for S., B., G., and G., in that order.
Fragment of an Ancient Mythologist
“InanislandneartheOrcades,achildwasbornwhosefatherwasAeolus,
thegodofthewinds,andhismotheranymphofCaledonia.Theytellof
himthathelearnedunaidedtocountwithhisfingers;andthatfromhis
fourthyearhedistinguishedmetalssowell,thathismotherhavinggiven
himaringoftininexchangeforoneofgold,heperceivedthedeceit,and
threwitaway.
“Whenhehadgrownup,hisfathertaughthimthesecretofenclosing
thewindsinskins,whichheafterwardssoldtoallthetravelers:butas
thetradeinwindswasnotverybriskinhiscountry,heleftit,andwentup
anddowntheworld,accompaniedbytheblindgodofchance.
“DuringhistravelshelearnedthatgoldglitteredineverypartofBetica;
andhehurriedthitheratonce.HewasverybadlyreceivedbySaturn,who
reignedthen:butthatgodhavingquittedtheearth,hejudgeditwiseto
gointoallthecross-roadsandcrycontinuallyinahoarsevoice,‘Peopleof
Betica,youthinkyourselvesrich,becauseyouhavesilverandgold!Ipity
yourerror.Beruledbyme:leavethelandofthebasemetals;comeintothe
empireoftheimagination,andIpromiseyouricheswhichastonisheven
you.’Heimmediatelyopenedagreatnumberoftheskinswhichhehad
broughtwithhim,anddealtouthismerchandisetoallwhowishedit.
“Nextmorninghereturnedtothesamecross-roads,andcried,‘People
ofBetica,wouldyouberich?ImaginethatIamveryrich,andthatyouare
veryrich:getyourselvesintothebeliefeverymorningthatyourfortune
hasbeendoubledduringthenight:rise,then,andifyouhaveanycreditors,
goandpaythemwithwhatyouhaveimagined,andtellthemtoimagine
intheirturn.’
“Afewdaysafterheappearedagain,andspokeasfollows:‘Peopleof
Betica,Iperceivethatyourimaginationisweakerthanitwasadayortwo
ago;trytobringituptothestrengthofmine:Iwillplacebeforeyouevery
morningabill,whichwillbethesourceofwealthforyou:youwillsee
onlyfourwords,buttheywillbeofthehighestsignificance,astheywill
settletheportionsofyourwives,thefortunesofyourchildren,andthe
numberofyourdomestics.And,asforyou’—addressingthoseofthecrowd
whowerenearesthim—‘asforyou,mydearchildren(Imaycallyouby
thatname,sinceyouhavereceivedfrommeasecondbirth),mybillshall
decideastothemagnificenceofyourequipages,thesplendourofyourfeasts,
andthenumberandpensionsofyourmistresses.’
“Somedayslaterhecameintothestreet,quiteoutofbreath,andcried
outinaviolentpassion,‘PeopleofBetica,Icounseledyoutoimagine,
viii • Fragment of an Ancient Mythologist
butyouhavenotdoneso:wellthen,Inowcommandyoutoimagine.’
Withthatheleftthemabruptly;butonsecondthoughtsretracedhis
steps.‘Iunderstandthatsomeofyouareodiousenoughtokeepyourgold
andsilver.Forthesilver,letitgo:butthegold...thegold...Ah!Thatstirs
myanger!...Iswear,bymysacredwindbags,thatifyoudonotbringit
tome,Iwillinflictdirepunishmentuponyou.’Thenheadded,inthe
most seductive manner imaginable, ‘Do you think it is to keep these
wretchedmetalsthatIaskthemfromyou?Aproofofmygoodfaithis,
thatwhenyoubroughtmethemsomedaysago,Igaveyoubackatonce
onehalf.’
“Nextday,hekeptatsomedistance,andendeavoredwithsoftandflat-
teringvoicetowormhimselfintotheirfavor.‘PeopleofBetica,Ilearn
thataportionofyourwealthisinforeigncountries:Ibegyoutohaveit
senttome;itwillobligemeverymuch,andIwillneverforgetyourkindness.’
“ThesonofAeoluswasaddressingpeoplewhowereinnomoodtobe
amused,yettheycouldnotrestraintheirlaughter;whichcausedhimto
slinkawayinashame-facedmanner.But,hiscouragehavingreturned,he
riskedanotherlittlepetition.‘Iknowthatyouhavepreciousstones:in
thenameofJupiter,getridofthem;nothingwillsoimpoverishyouas
thingsofthatkind;getridofthem,Itellyou.Shouldyoubeunableto
dosoyourselves,Icanprovideexcellentagents.Whatwealthwillpourin
uponyou,ifyoufollowmyadvice!Yes,Ipromiseyoutheverybestmy
windbagscontain.’
“Thenhegotuponaplatform,and,inamoreresolutetone,said,‘Peo-
pleofBetica,Ihavecomparedthehappyconditioninwhichyounoware
withthatinwhichIfoundyouwhenIfirstcamehere;Ibeholdyouthe
richestpeopleintheworld:but,inordertocrownyourgoodfortune,
allowmetodepriveyouofthehalfofyourwealth.’Withthesewords,the
sonofAeolussoaredawayonrapidwings,andlefthisaudiencedumb
withamazement,aresultwhichbroughthimbacknextday,whenhespoke
asfollows:‘Iperceivedyesterdaythatmyspeechdispleasedyouvery
much.Verywell!supposethatIhavesaidnothingatallasyet.Itisquite
true;onehalfistoomuch.Wemustfindsomeotherexpedienttoarrive
attheresultwhichIhaveproposed.Letusgatherallourwealthintoone
place;wecandosoeasily,becauseitdoesnotoccupymuchspace.’Im-
mediatelythree-quartersoftheirwealthhaddisappeared.”
—Montesquieu,1899.PersianLetters.TranslatedbyJohnDavidson
London:GibbingsandCo.Letter142.
Contents
ListofIllustrationsandTables xi
Preface xiii
Acknowledgments xvii
ANoteonTransliteration xxi
INTRODUCTION
LateralReasonsforaPost-reflexiveAnthropology 1
CHAPTER1
IntheMatterofIslamicBankingandLocalCurrencies 24
CHAPTER2
OfLawandBelief 55
CHAPTER3
OfMonetaryAlternativesandtheLimitsofValuesPast 77
CHAPTER4
InnumerateEquivalencies:MakingChangewith
AlternativeCurrencies 100
CHAPTER5
Wiseman’sandFool’sGold 122
CHAPTER6
MutualLife,Limited:Insurance,MoralValue,and
BureaucraticForm 136
CONCLUSION
RestagingAbstractionandAdequation 154
Notes 169
ReferencesCited 185
Index 205
