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Islamic Economics: An Agenda for Intellectual and Institutional Reform الاقتصاد الإسلامي: جدول أعمال للإصلاح الفكري والمؤسسي

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  • Mabid Ali Mohamed Mahmoud Al-Jarhi

    (Professor of Economics and Finance, Ankara Social Sciences University, Turkey)

Abstract

This article agrees with Reardon (2019), that economics finds itself in a predicament caused by the neoclassical school. The dominance of neoclassical economics and its lack of response to calls for reform has been endemic. Reform must include both the neoclassical analysis as well as the system of market capitalism it strives to defend. This paper briefly discusses both aspects of reform. It introduces the new school of analytical Islamic economics and its agenda to reform both the discipline and the economic system. The paper enumerates several advantages of Islamic economics to the economics discipline itself as well as the economy, in addition to bringing together intellectuals and scholars of economics, both from East and West, in a more communicative and inclusive group. In addition, the article makes some proposals towards opening the doors in-between the different schools of thought for positive as well as enriching intellectual interactions. يتفق هذا المقال مع ريردون (2019م) ، في أن علم الاقتصاد يجد نفسه في مأزق تسببت فيه المدرسة النيوكلاسيكية. حيث أضحت هذه المدرسة مهيمنة لا تعبأ بنداءات الإصلاح المتعددة الذي يجب أن يشمل كلاً من التحليل النيوكلاسيكي ذاته، وكذلك نظام رأسمالية السوق التي يحاول الدفاع عنه. تناقش الورقة بإيجاز كلا جانبي الإصلاح. كما تقدم المدرسة الجديدة للاقتصاد الإسلامي التحليلي وجدول أعماله لإصلاح كل من علم الاقتصاد والنظام الاقتصادي. تعدد الورقة المزايا التي يجلبها الإصلاح لعلم لاقتصاد نفسه بالإضافة إلى النظام الاقتصادي السائد. ويسعى جدول الأعمال أيضا إلى الجمع بين المثقفين وعلماء الاقتصاد، من الشرق والغرب، في مجموعة تواصلية لا تستبعد أحدا. ويقدم المقال بعض المقترحات نحو فتح الأبواب بين المدارس الفكرية المختلفة من أجل التفاعلات الفكرية الإيجابية بغرض الإثراء المعرفي.

Suggested Citation

  • Mabid Ali Mohamed Mahmoud Al-Jarhi, 2019. "Islamic Economics: An Agenda for Intellectual and Institutional Reform الاقتصاد الإسلامي: جدول أعمال للإصلاح الفكري والمؤسسي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 99-108, January.
    • Handle: RePEc:abd:kauiea:v:32:y:2019:i:2:no:7:p:99-108
    DOI: 10.4197/Islec.32-2.7
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    References listed on IDEAS

    as
    1. Al-Jarhi, Mabid Ali M. M., 2016. "An Economic Theory of Islamic Finance Regulation," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 24, pages 1-44.
    2. Jack Reardon, 2019. "Dialogue on Reform in Mainstream Economics and its Implications for the Islamic Economics Discipline حوار حول الإصلاح في الاقتصاد السائد وانعكاسه على الاقتصاد الإسلامي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 32(2), pages 61-75, January.
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    More about this item

    Keywords

    Islamic economics; Neoclassical economics; Economic reform; Price searching models; Competitive search; Redistribution; Monetary policy; Financial markets. الاقتصاد الإسلامي، الاقتصاد الكلاسيكي الجديد، الإصلاح الاقتصادي، نماذج البحث عن الأسعار، البحث التنافسي، السياسة النقدية، الأسواق المالية، إعادة التوزيع.;
    All these keywords.

    JEL classification:

    • A2 - General Economics and Teaching - - Economic Education and Teaching of Economics
    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • P41 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Planning, Coordination, and Reform
    • Y8 - Miscellaneous Categories - - Related Disciplines

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