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Islamic Economics and the Islamic Subeconomy

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  • Timur Kuran

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.

Suggested Citation

  • Timur Kuran, 1995. "Islamic Economics and the Islamic Subeconomy," Journal of Economic Perspectives, American Economic Association, vol. 9(4), pages 155-173, Fall.
    • 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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    File URL: http://www.aeaweb.org/articles.php?doi=10.1257/jep.9.4.155
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    References listed on IDEAS

    as
    1. Posner, Richard A, 1980. "A Theory of Primitive Society, with Special Reference to Law," Journal of Law and Economics, University of Chicago Press, vol. 23(1), pages 1-53, April.
    2. Kuran, Timur, 1983. "Behavioral norms in the Islamic doctrine of economics : A critique," Journal of Economic Behavior & Organization, Elsevier, vol. 4(4), pages 353-379, December.
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    JEL classification:

    • P40 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - General

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