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Money and Sustainability

Author

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  • Othman, Jamal

Abstract

This paper overviews the political-economics of FIAT and asset-based money. The paper further highlights the presumably syariah standpoint of the impartiality character of money as the fundamental factor that differentiates money from her conventional counterpart. The paper argues that while it is ideal for asset-based money to make a comeback in the interest of holistic wellbeing (maslahah) of humankind, it necessarily be complemented by an appropriate financial and regulatory system to safeguard its impartiality, i.e., viz, non-tradable, non-interest bearing, and non-debt financing to avoid the recurring pitfalls which are immanent in conventional financial system. It is hoped this rather concise paper will offer a thought provoking discourse on how syariah principles may present the world a useful ideological construct for a new monetary and financial architecture in light of the global financial crises.

Suggested Citation

  • Othman, Jamal, 2009. "Money and Sustainability," MPRA Paper 20294, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:20294
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    File URL: https://mpra.ub.uni-muenchen.de/20294/2/MPRA_paper_20294.pdf
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    Citations

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    Cited by:

    1. Antonella Petrillo & Pasquale Carotenuto & Ilaria Baffo & Fabio De Felice, 2018. "A web-based multiple criteria decision support system for evaluation analysis of carpooling," Environment, Development and Sustainability: A Multidisciplinary Approach to the Theory and Practice of Sustainable Development, Springer, vol. 20(5), pages 2321-2341, October.
    2. Freire-González, Jaume, 2018. "Environmental taxation and the double dividend hypothesis in CGE modelling literature: A critical review," Journal of Policy Modeling, Elsevier, vol. 40(1), pages 194-223.

    More about this item

    Keywords

    Financial crises; Neutrality of money; FIAT money; Asset based money; Islamic perspectives of money; Financial regulatory system; Money and sustainability;
    All these keywords.

    JEL classification:

    • E42 - Macroeconomics and Monetary Economics - - Money and Interest Rates - - - Monetary Sytsems; Standards; Regimes; Government and the Monetary System
    • Q56 - Agricultural and Natural Resource Economics; Environmental and Ecological Economics - - Environmental Economics - - - Environment and Development; Environment and Trade; Sustainability; Environmental Accounts and Accounting; Environmental Equity; Population Growth
    • E4 - Macroeconomics and Monetary Economics - - Money and Interest Rates

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