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Islamic Economic Systems

This major new study examines the central tenets of Islamic economics, both in theory and in practice. The authors pinpoint the uniqueness of the Islamic approach, both in its conception of the world's resources and in its attitude to human endeavour. Their book illuminates the distinctive nature of an economics which is based neither on meeting the demands of the individual consumer, nor on increasing the level of general welfare, but on maximising the pleasure of God. The different schools of Islamic thought are then compared and their interpretations analysed in terms of their approaches to plan and market, centralisation and decentralisation, property rights, profit and social obligation. A detailed historical survey follows of the experience of four very different Muslim countries: Libya, Saudi Arabia, Pakistan and Iran. The authors examine how the implementation of Islamic economic solutions has worked out in reality, often in the context of a tense political situation. They look at the practicality of such solutions in the present day, assessing both their economic performance and their success in guiding society towards the Islamic ideal. The book as a whole allows the reader to grasp the multifarious nature of Islamic thought in economic matters, its contradictory and often contentious character, and the uses to which Islam has been put by governments with clearly diverse aims. Students of economics and of the Middle East will find it a useful guide to the new terms in which an old and fierce debate is being conducted.

The book as a whole allows the reader to grasp the multifarious nature of Islamic thought in economic matters, its contradictory and often contentious character, and the uses to which Islam has been put by governments with clearly diverse ...

Consistency and Viability of Islamic Economic Systems and the Transition Process

Consistency and Viability of Islamic Economics Systems and the Transition Process outlines the transition problem for non-market economies and creates an analytic framework for understanding the cause and effect of these economies.

Consistency and Viability of Islamic Economics Systems and the Transition Process outlines the transition problem for non-market economies and creates an analytic framework for understanding the cause and effect of these economies.

Consistency and Viability of Islamic Economic Systems and the Transition Process

Consistency and Viability of Islamic Economics Systems and the Transition Process has the crucial intention of stimulating interest in Islamic economics by studying the Islamic Republic of Iran using the analytical framework of consistency and viability. This text develops an original analytic framework to understand the relationship between the economic, political, and ideological structures, the external environment, and the process of reform that gives rise to certain economic systems by establishing consistency. Consistency, however, is not enough; a consistent economic system must be flexible and have the internal mechanisms to be able to adapt to changes in social reality, thus making possible its survival over time. In other words, the economic system is viable when it is able to encourage increases in labor productivity and there is popular support. The collapse of centrally administered socialism in Central and Eastern Europe and the former Soviet Union resulted in what was commonly referred to as the transition problem.

Consistency and Viability of Islamic Economics Systems and the Transition Process outlines the transition problem for non-market economies and creates an analytic framework for understanding the cause and effect of these economies.