A theory of capitalist co-optation of radical alternatives: The case of Islamic banking industry

Haq, Shoaib Ul

doi:10.1177/1350508420939245

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A theory of capitalist co-optation of radical alternatives: The case of Islamic banking industry

Haq, Shoaib Ul

2020 • In Organization

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https://hdl.handle.net/2268/260404

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10.1177/1350508420939245

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Keywords :

Alternatives to capitalism, co-optation, critical theory, discourses, Islamic banking, Marcuse, performativity, repressive tolerance, resistance

Abstract :

[en] 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.

Research Center/Unit :

CES - Centre d'Économie Sociale - ULiège

Disciplines :

General management, entrepreneurship & organizational theory

Author, co-author :

Haq, Shoaib Ul ; Université de Liège - ULiège > HEC Liège : UER > UER Management : Social Investment and Philanthropy

Language :

English

Title :

A theory of capitalist co-optation of radical alternatives: The case of Islamic banking industry

Alternative titles :

[en] Radical alternatives

Publication date :

2020

Journal title :

Organization

ISSN :

1350-5084

Publisher :

Sage

Peer reviewed :

Peer Reviewed verified by ORBi

Additional URL :

https://journals.sagepub.com/doi/full/10.1177/1350508420939245?casa_token=2D5OxsFNmB0AAAAA%3A5J-DGTlmjDiG78y2AhSYyQtWIcsMFEfX_yseEKUYt2ih8MEGw56mx50mvlsACDPCK9ARvJymXas

Name of the research project :

Social alternatives

Available on ORBi :

since 28 May 2021

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