Its core industry, financial services, grew because of the accumulation of capital and trade flows.

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New York and the country were in the throes of recession, which in those days normally was induced by excesses in inventory accumulation and plant over expansion, not financial mufti puffti.

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Banking scholars also argue that Islamic law blocked indigenous financial modernization in Muslim countries because of an inheritance system that restrained capital accumulation, inhibitions on pooling resources that discouraged investment diversification, and a traditional aversion to the concept of legal personhood for corporations, which hampered the development of financial entities.

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There was rapid accumulation of debt in 1998, in the aftermath of the Asian financial crisis, and then again as expected in 2009, following the global financial crisis.

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