{Writeup: http://bit.ly/AZia2sm } This is a brief summary/intro to a lead paper for JKAU IE journal. The paper demonstrates that while modern economics claims to be positive and objective, it is a disguised normative argument for the justification and idealization of capitalism. Once this is realized, the path is open to create a revolutionary alternative based on the dramatically different moral foundations of Islam.
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Islamic Alternatives to Secular Moral Foundations of Economics
1. Brief Intro: Islamic Alternatives
to Secular Moral Foundation of
Modern Economics
Lead Paper for Discussion: JKAU IE (2021, forthcoming)
Dr. Asad Zaman
https://ssrn.com/abstract=3786667
https://papers.ssrn.com/sol3/papers.cfm?abstract_id=3786667
2. Amartya Sen: Poverty & Famines
Analyzed Causes of Four Major Famines
Scarcity: No Food Entitlement: No Compassion
At height of Bengal Famine, Tons of Rice was shipped
out of Bengal under ARMED GUARD, to buyers able
to pay higher prices.
3. WHY was food shipped out of famine area?
Economic Theory: Supply & Demand
Products should be sold to highest bidder.
Economics CLAIMS to be POSITIVE
However, Economic Theory is a DISGUISED ideological argument
To JUSTIFY EXPLOITATION of LABOR, LAND, and ACCUMULATION of
Wealth by Capitalists.
4. European Transition to Secular Modernity
• Society as an Organic Whole, with collective purpose
• Society of individuals, each with his own purpose
• Let everyone be free to pursue his goals – Laissez Faire
• Those with wealth and power get increasing shares.
• Intermediate Goals – MEANS – converted to Purpose of Life
7. Individual
• Individual Behavior: Search for EXCELLENCE in Conduct
• Ideal Pattern: Prophet Mohammad SAW as role model
• Mercy to all nations.
• Compassion – he feels your suffering
• Love and service for all creation
• They feed the poor, for the love of Allah
8. Legal Framework
• Shari’ah
• Need Ijtihad to adapt to modern institutions and environment
• JUSTICE: cooperative search for the “right thing to do”
• Versus: Adversarial – Michael Sandel - Rationality
12. Service Versus Profits
Service Orientations
Guilds: responsible for service
Firm Structure: Equal partners in
provision of service
Meaningful Labor/Life
Profits: Multinationals
MNC’s: Profits above ALL
Nestle: Killing babies for profits
The Oil Wars: Destruction of Iraq,
Libya, Syria
Firm Structure: Sell lives for
money, Boss is owner, labor is
wage-slave, meaningless lives
13. Concluding Remarks
• Modern Economic Theory CLAIMS to be positive, objective, factual
• In fact, it is a DEEPLY NORMATIVE theory.
• The purpose of modern economics is to JUSTIFY and IDEALIZE
capitalism: Exploitation of Laborers, Concentration of Wealth
• These are DISASTROUSLY bad moral foundations.
• A revolutionary new approach to economics can be built on the
radically different moral foundations of Islam.