By Timur Kuran
ISBN-10: 0691126291
ISBN-13: 9780691126296
The doctrine of "Islamic economics" entered debates over the social function of Islam within the mid-twentieth century. in view that then it has pursued the aim of restructuring economies in keeping with perceived Islamic teachings. past its so much noticeable functional achievement--the institution of Islamic banks intended to prevent interest--it has promoted Islamic norms of monetary habit and based redistribution platforms modeled after early Islamic monetary practices.
In this daring and well timed critique, Timur Kuran argues that the doctrine of Islamic economics is simplistic, incoherent, and mostly inappropriate to give fiscal demanding situations. watching that few Muslims take it heavily, he additionally unearths that its useful purposes have had no discernible results on potency, progress, or poverty relief. Why, then, has Islamic economics loved any charm in any respect? Kuran's solution is that the true function of Islamic economics has now not been monetary development yet cultivation of a different Islamic id to withstand cultural globalization.
The Islamic subeconomies that experience sprung up around the Islamic international are usually seen as manifestations of Islamic economics. in truth, Kuran demonstrates, they emerged to fulfill the commercial aspirations of socially marginalized teams. The Islamic companies that shape those subeconomies supply development possibilities to the deprived. by means of improving interpersonal belief, in addition they facilitate intragroup transactions.
These findings elevate the query of no matter if there exist hyperlinks among Islam and monetary functionality. Exploring those hyperlinks relating to the long-unsettled query of why the Islamic international turned underdeveloped, Kuran identifies numerous pertinent social mechanisms, a few valuable to financial improvement, others damaging.
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Extra resources for Islam and Mammon: The Economic Predicaments of Islamism
Example text
91 The system has one million beneficiaries, which represents about 10 percent of the Pakistanis situated below the country’s poverty line. An official report notes in this connection that in its eight years of operation Pakistan’s state-administered zakat system has had little visible impact on inequality. There has been no noticeable decline, it says, in the number of beggars and no discernible alleviation of poverty. ”92 It would be a gross error, the report goes on to say, to attribute the system’s failure merely to a shortage of resources.
But in exercising this freedom he must avoid harming others. Nor must he earn more than his efforts justify; he must pay “fair” wages to his employees and charge “just” prices to his customers. Remaining honest in his economic dealings, he must admit his mistakes and avoid false advertising. 114 In the early centuries of Islam these general injunctions were applied to a panoply of situations, generating multitudes of specific injunctions. For example, the requirement to earn no more than one’s fair share was taken to imply that Islam prohibits the sale or purchase of a fruit tree in blossom.
He must refrain from abusing goods at his disposal and from keeping them unutilized. As a producer or trader, he is free to seek personal profit. But in exercising this freedom he must avoid harming others. Nor must he earn more than his efforts justify; he must pay “fair” wages to his employees and charge “just” prices to his customers. Remaining honest in his economic dealings, he must admit his mistakes and avoid false advertising. 114 In the early centuries of Islam these general injunctions were applied to a panoply of situations, generating multitudes of specific injunctions.
Islam and Mammon: The Economic Predicaments of Islamism by Timur Kuran
by Ronald
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