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.
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