This
paper builds upon the following critique of Islamic economics: (a) Persistence
on the literal interpretation of what the theology of Islamic law implies
socioeconomically, (b) Rejection subsequently of the core western economicprinciple of homo economicus cum-competition, though homo economicus behavior
is innermost to absence of riba alfadl (of exploitation in the goods market) in
the large at least impersonal markets of our times, (c) Rejection, because of
the ahistorical view of the West and hence, of inability to realize that the
Cold War European welfare state with a constitution inspired by social
solidarity as it derives not politically but religiously from Islamic law might
be worth followed by Islam, and (d) Identification of riba an-nasiya (of
exploitation in the financial markets) with zero interest rate charges and not
with zero commercial bank seigniorage.
No comments:
Post a Comment