Homeland Elegies

by Ayad Akhtar

“So tell me. Why’d we fall behind?” “The corporation. Plain and simple.” “The corporation?” “The Romans created the corporation. It enabled them to protect assets from being redistributed after an owner’s death. Which meant money could have the time to really grow, take on its own center of gravity. We had no way to do that. Muslim inheritance laws are very clear. After death, the estate has to be divided among the wives and heirs. Because there was no loophole to get around it, businesses didn’t outlive their founders. Everyone wrote short-term contracts with each other, because you were always afraid parties in a deal would die, and you’d have to go to the wives and kids to be made whole. One-off deals were the rule, as there was no good way to shelter long-term ventures. Which meant no path to long-term material investments.” “We didn’t have any correlate for the corporation? I didn’t know that.” He shook his head: “Complete liquidation of assets in every generation until the late eighteen hundreds. Do you have any idea what that meant for private enterprise? And it only changed once we finally took a page from the Europeans and built a corporate concept of our own. But at that point, their money’d been growing for six hundred years! That’s banks and industries with a half millennium of accrued capital. That’s why we’re behind. Because Muslim laws were trying to take care of wives and children! We’re behind because we cared more about what happened to people than money!