New York World And Its Impact On The Building Of One Of America 's Most Recognized Icons

739 Words Feb 24th, 2016 3 Pages
Often attributed as a recent phenomenon, the ‘sharing economy’ [sharing economy is the larger concept involving resources, vs crowdfunding; a subset which specifically deals with funding] is a methodology built around the sharing of resources. Such sharing can take place in the form of renting, shared ownership, exchanging and trading with the emphasis on sharing of physical, human and economic resources.

This very methodology was documented in America with the building of one of America’s most recognized icons; the Statue of Liberty. In 1885, Joseph Pulitzer raised over $100,000, for the pedestal, from over 125,000 people by public plea through his newspaper; ‘New York World.’ This enormous amount of money [over $2M equivalency today] raised remained the largest amount crowdfunded for nearly 130 years.

In recent financial terminology, crowdfunding methodology developed into an organized industry [circa 2005], leveraged with technology [the internet], that provided borrowers an alternative to commercial bank financing. Banking intermediaries could now be eliminated; borrowers connected directly with lenders at agreed upon terms.

The sharing economy methodology possesses attributes that are fully in line with Islamic concepts and ultimately Islamic business and social principles. Such interlinked attributes are summarized as follows;
Cooperation. Fundamental to the sharing economy is the collaboration and participation of individuals with identified resources. The…

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