Monetary systems, sustainable growth and inclusive economic development
The main objective of this study is to review the literature on monetary issues and discuss how money and monetary systems contribute to the achievement of sustainable growth and inclusive economic development. The paper is based on an extensive review of literature that deals with monetary issues with the objective of building a case that the achievement of sustainable growth and inclusive economic development requires the right monetary system to be put in place which supports those objectives. The review of literature and theoretical reasoning assert that in order to achieve the stated economic objectives there is a need to develop and implement a different concept of money than the existing one. This study shows that the current monetary system does not provide a platform to achieve the desired economic objectives, irrespective of whether conventional or Islamic banking is the major banking and financial services provider. Theoretical models are outlined which can provide the foundation for healthy economic environment for sustainable growth and development. This including the discussion on a return to metallic moneys in form of the Islamic Gold Dinar system, a fiat monetary system based on the concept of Free-Money and a monetary model which is built on a commodity-based information system that can be easily implemented using today’s existing information and communication technology.
|Date of creation:||29 Jan 2013|
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- David Laidler, 2006.
"Free Banking and the Bank of Canada,"
Bank of Canada Review,
Bank of Canada, vol. 2005(Winter), pages 15-24.
- Marx, Karl, 2008. "Capital: An Abridged Edition," OUP Catalogue, Oxford University Press, number 9780199535705 edited by McLellan, David.
- Hoppe, Hans-Hermann, 1994. " How Is Fiat Money Possible?--or, the Devolution of Money and Credit," The Review of Austrian Economics, Springer, vol. 7(2), pages 49-74.
- van den Hauwe, Ludwig, 2007. "Gary Becker on Free Banking," MPRA Paper 12825, University Library of Munich, Germany, revised 05 Nov 2007.
- Hasan, Zubair, 2007. "Ensuring exchange rate stability: Is return to gold (Dinar)possible?," MPRA Paper 8134, University Library of Munich, Germany.
- Cizakca, Murat, 2010. "The case against the Islamic gold dinar," MPRA Paper 26645, University Library of Munich, Germany.
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