How has the Islamic world responded to capitalism as a social and economic phenomenon of the modern world? Is there any example of a contemporary Muslim country that is truly capitalist? I dont think there is. Turkey, for example, found out soon enough that merely adopting western armaments was not enough to stop the western encroachments, there had to be a cultural shift towards the west as well.
The Mulsim leadership overlooked the fact that the copying specific Western developments like their economy and defense technology would come at a cost of the moral decay of traditional Islamic societal values. They, therefore, should have invested in educating humanities, instead of only sciences. This gap was filled (and is still the case) by morality movements like Wahabism and Salafism.
The prevalence of zakat in the Islamic societies of today proves that Muslims have not accepted the norms of Western culture completely, why do we have to pay zakat when complying with our taxes in a social state like Britain for instance?