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Islamic Economics and the Islamic Subeconomy

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  • Timur Kuran
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    Abstract

    Although Islamic economics was developed to serve cultural and political ends, efforts have been made to put its ideals into practice. There now exist Islamic banks, which claim to offer an interest-free alternative to conventional banking, and government-run Islamic redistribution systems, which were established to reduce inequalities. These institutions have not revolutionized the economic lives of Muslims. Yet, along with a wide variety of enterprises that have emerged outside the purview of Islamic economics, they have formed vibrant Islamic subeconomies in numerous metropolises. These subeconomies are expanding because they foster interpersonal trust and offer opportunities for guilt relief.

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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.9.4.155
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    Bibliographic Info

    Article provided by American Economic Association in its journal Journal of Economic Perspectives.

    Volume (Year): 9 (1995)
    Issue (Month): 4 (Fall)
    Pages: 155-173

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    Handle: RePEc:aea:jecper:v:9:y:1995:i:4:p:155-73

    Note: DOI: 10.1257/jep.9.4.155
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    Cited by:
    1. Darrat, Ali F., 2002. "The relative efficiency of interest-free monetary system: some empirical evidence," The Quarterly Review of Economics and Finance, Elsevier, vol. 42(4), pages 747-764.
    2. Abdulkader Cassim Mahomedy, 2012. "Islamic Economics: Still in Search of an Identity," Working Papers 283, Economic Research Southern Africa.
    3. François Facchini, 2013. "Economic freedom in Muslim countries: an explanation using the theory of institutional path dependency," European Journal of Law and Economics, Springer, vol. 36(1), pages 139-167, August.
    4. Fatima Lambarraa & Gerhard Riener, 2012. "On the Norms of Charitable Giving in Islam: A Field Experiment," Courant Research Centre: Poverty, Equity and Growth - Discussion Papers 111, Courant Research Centre PEG.
    5. Alvin E. Roth, 2007. "Repugnance as a Constraint on Markets," Journal of Economic Perspectives, American Economic Association, vol. 21(3), pages 37-58, Summer.
    6. Murizah Osman Salleh & Aziz Jaafar & M. Shahid Ebrahim, 2011. "The Inhibition of Usury (Riba An-Nasi'ah) and the Economic Underdevelopment of the Muslim World," Working Papers 11002, Bangor Business School, Prifysgol Bangor University (Cymru / Wales).
    7. Bohnet, Iris & Herrmann, Benedikt & Zeckhauser, Richard, 2005. "The Elasticity of Trust: Evidence from Kuwait, Oman, Switzerland, the United Arab Emirates and the United States," Working Paper Series rwp05-046, Harvard University, John F. Kennedy School of Government.
    8. repec:hal:journl:halshs-00587694 is not listed on IDEAS
    9. Czerniak, Adam, 2010. "Symptomy kryzysu globalnego a etyka gospodarcza religii światowych. Analiza porównawcza bankowości islamskiej i bankowości klasycznej w kontekście kryzysu finansowego
      [The differences between
      ," MPRA Paper 26971, University Library of Munich, Germany.
    10. Hearn, Bruce & Piesse, Jenifer & Strange, Roger, 2012. "Islamic finance and market segmentation: Implications for the cost of capital," International Business Review, Elsevier, vol. 21(1), pages 102-113.

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