What Would A World Without Interest Look Like?

comingkingofisrael · Mar 20, 2015

Any economists want to opine?

Georgii · Mar 20, 2015

If there was no interest in any form whatsoever, then nobody would lend anyone money! Would you? On the other hand if you're talking about 'no riba' type of situations (Islamic banking), you just have to look at the Islamic banking system to get an idea.

comingkingofisrael · Mar 20, 2015

Thanks,yes I was thinking along those lines but with a 'jewish' system.Followed by islamic a few years later.

i am nobody · Mar 20, 2015

comingkingofisrael said:
Any economists want to opine?

Maybe watch this, because it is related to your question:

murray t turtle · Mar 21, 2015

comingkingofisrael said:
Any economists want to opine?

%%%%%%%%%%
Well as a buyer + seller of Real Estate, that market would be a lot smaller, less liquid. Not a prediction.

piezoe · Mar 21, 2015

I am very happy to be an owner of Google, the owner of Youtube.

babyjake1961 · Mar 28, 2016

It would be an uninterested world.

i am nobody · Mar 28, 2016

babyjake1961 said:
It would be an uninterested world.

Islamic banking is without intrest. Maybe we would behave then like IS jihadis if we would do this too?

Some arabic countries don't need intrest... they have plenty of oil.

babyjake1961 · Mar 28, 2016

i am nobody said:
Islamic banking is without intrest. Maybe we would behave then like IS jihadis if we would do this too?
Some arabic countries don't need intrest... they have plenty of oil.

Oil is precisely why they could afford having no interest. Now that won't last for long.

Sig · Mar 28, 2016

babyjake1961 said:
Oil is precisely why they could afford having no interest. Now that won't last for long.

Islamic banking isn't lending money for free because you have lots of oil money. It's essentially charging fees that are the same as interest would be, or paying more for something than you otherwise would, or any of a number of other tricks used to have the same monetary effect as interest without actually being considered "interest" by the Islamic scholars who blessed the schemes. Not uncommon for religions to go through crazy roundabout ways to accomplish something that's vital in today's world but was OK to do without when you were a nomadic herder, an eruv is my favorite example.