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Seyed Kazem Sadr, The Economic System of the Early Islamic Period: Institutions and Policies

Author

Listed:
  • Abbas MIRAKHOR

    (INCEIF Chair in Islamic Finance. International Centre for Education in Islamic Finance (INCEIF), Lorong Universiti, Kuala Lumpur, Malaysia.)

Abstract

The book is a major contribution to Islamic economic history and to Islamic economics in the English language. It presents a comprehensive yet concise economic hermeneutic of policies implemented by the Messenger (saas) in Medinah. It is an authoritative presentation based on the Qur’an, the Traditions of the Messenger, earliest writings of Muslim historians and jurists. Within the context of contemporary economic universe of discourse, the book discusses implications of policies of the Messenger with regards to allocation of resources, production, exchange, growth, development, environment, efficiency and justice. For those who think that zakat, prohibition against interest, waqf and the like are the only elements that distinguish an Islamic economy from other systems, the depth and the breadth of the book would provide a transformative experience. This Review argues that the appearance of the book is particularly timely given the distorted, dis-embedded, and fictitious model of an Islamic economy manufactured by Orientalists. The book will go a long way in correcting these distortions.

Suggested Citation

  • Abbas MIRAKHOR, 2016. "Seyed Kazem Sadr, The Economic System of the Early Islamic Period: Institutions and Policies," Journal of Economic and Social Thought, KSP Journals, vol. 3(3), pages 458-466, September.
    • Handle: RePEc:ksp:journ3:v:3:y:2016:i:3:p:458-466
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    References listed on IDEAS

    as
    1. Cizakca, Murat, 2010. "Was Shari'ah indeed the culprit?," MPRA Paper 22865, University Library of Munich, Germany.
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      Keywords

      History of economic thought; Macroeconomy; Macroeconomic policy; Economic policy; Economic history; Economic systems; Political economy.;
      All these keywords.

      JEL classification:

      • B10 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - General
      • E40 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - General
      • E60 - Macroeconomics and Monetary Economics - - Macroeconomic Policy, Macroeconomic Aspects of Public Finance, and General Outlook - - - General
      • N10 - Economic History - - Macroeconomics and Monetary Economics; Industrial Structure; Growth; Fluctuations - - - General, International, or Comparative
      • P40 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - General
      • P48 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Legal Institutions; Property Rights; Natural Resources; Energy; Environment; Regional Studies

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