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A Critical Overview of Islamic Economics from a Welfare-State Perspective

Listed author(s):
  • Soldatos, Gerasimos T.

This paper builds upon the following critique of Islamic economics: (a) Persistence on the literal interpretation of what the theology of Islamic law implies socioeconomically, (b) Rejection subsequently of the core western economic principle of homo economicus-cum-competition, though homo economicus behavior is innermost to absence of riba al-fadl (of exploitation in the goods markets) in the large atleast impersonal markets of our times, (c) Rejection, because of the ahistorical view of the West and hence, of inability to realize that the Cold War European welfare state with a constitution inspired by social solidarity as it derives not politically but religiously from Islamic law, might be worth followed by Islam, and (d) Identification of riba an-nasiya (of exploitation in the financial markets) with zero interest rate charges and not with zero commercial bank seigniorage.

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File URL: https://mpra.ub.uni-muenchen.de/70066/1/MPRA_paper_70066.pdf
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Paper provided by University Library of Munich, Germany in its series MPRA Paper with number 70066.

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Date of creation: 2015
Date of revision: 2016
Handle: RePEc:pra:mprapa:70066
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  1. Jerry Evensky, 1993. "Retrospectives: Ethics and the Invisible Hand," Journal of Economic Perspectives, American Economic Association, vol. 7(2), pages 197-205, Spring.
  2. Diamond, Douglas W & Dybvig, Philip H, 1986. "Banking Theory, Deposit Insurance, and Bank Regulation," The Journal of Business, University of Chicago Press, vol. 59(1), pages 55-68, January.
  3. Gerasimos T. Soldatos & Erotokritos Varelas, 2014. "A Letter on Full-Reserve Banking and Friedman’s Rule in Chicago Tradition," Credit and Capital Markets, Credit and Capital Markets, vol. 47(4), pages 677-687.
  4. Jerry Evensky, 2005. "Adam Smith's Theory of Moral Sentiments: On Morals and Why They Matter to a Liberal Society of Free People and Free Markets," Journal of Economic Perspectives, American Economic Association, vol. 19(3), pages 109-130, Summer.
  5. Eichengreen, Barry, 1996. "Golden Fetters: The Gold Standard and the Great Depression, 1919-1939," OUP Catalogue, Oxford University Press, number 9780195101133.
  6. Shams, Rasul, 2004. "A Critical Assessment of Islamic Economics," HWWA Discussion Papers 281, Hamburg Institute of International Economics (HWWA).
  7. Zaman, Asad, 2008. "Islamic Economics: A Survey of the Literature," MPRA Paper 11024, University Library of Munich, Germany.
  8. Gavin Kennedy, 2009. "Adam Smith and the Invisible Hand: From Metaphor to Myth," Econ Journal Watch, Econ Journal Watch, vol. 6(2), pages 239-263, May.
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