Top

Published in:

2024 | OriginalPaper | Chapter

8. The Clash of Ideals

Author : Samir Alamad

Published in: Beyond Profit

Publisher: Springer Nature Switzerland

Activate our intelligent search to find suitable subject content or patents.

search-config

AI-assisted search

Off

Abstract

This chapter navigates the intriguing realm of comparative analysis between Islamic economics, rooted in normative ideals, and conventional economic theory, which describes the practical realities of the world. It highlights the fundamental differences in their aims: Islamic economics seeks to inspire individuals to embody higher moral and ethical values and work toward societal well-being, while conventional economics focuses on analysing economic behaviour based on idealised market conditions. By delving into these disparities, this chapter elucidates the diverging paths of these two economic paradigms.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Online-Abonnement

Mit Springer Professional "Wirtschaft+Technik" erhalten Sie Zugriff auf:

über 102.000 Bücher
über 537 Zeitschriften

aus folgenden Fachgebieten:

Automobil + Motoren
Bauwesen + Immobilien
Business IT + Informatik
Elektrotechnik + Elektronik
Energie + Nachhaltigkeit
Finance + Banking
Management + Führung
Marketing + Vertrieb
Maschinenbau + Werkstoffe
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

Springer Professional "Wirtschaft"

Online-Abonnement

Mit Springer Professional "Wirtschaft" erhalten Sie Zugriff auf:

über 67.000 Bücher
über 340 Zeitschriften

aus folgenden Fachgebieten:

Bauwesen + Immobilien
Business IT + Informatik
Finance + Banking
Management + Führung
Marketing + Vertrieb
Versicherung + Risiko

Jetzt Wissensvorsprung sichern!

inform now

previous chapter Islamic Economics Model: The Counter Argument to Its Critiques

next chapter The Essence of Faith-Based Economics: The Islamic Economic Thought

Some of these scholars include Abu Yusuf (d. 798), al-Mawardi (d. 1058), Abu Ya’la (d. 1065), Nazam al-Mulk (d. 1092), al-Ghazali (d. 1111), Ibn Taymiyyah (d. 1328), Ibn Khaldun (d. 1406), Shah Walliyullah (d. 1762), Jamaluddin al-Afghani (d. 1897), Muhammad ‘Abduh (d. 1905), Muhammad Iqbal (d. 1938), Hasan al-Banna (d. 1949), Sayyid Mawdudi (d. 1979), and Baqir al-Sadr (d. 1980).

Some of these authors include al-Katib (d. 749), Ibn al-Muqaffa (d. 756) al-Nu’man (d. 974), al-Mawardi (d. 1058), Kai Ka’us (d. 1082), Nizam al-Mulk (d. 1092), al-Ghazali (d. 1111), al-Turtushi (d. 1127). (For details, see Essid, 1995, pp. 19–41.)

Alamad, S. (2016). Risk management methodologies: An empirical macro-prudential approach for a resilient regulatory framework for the Islamic finance industry. In M. Zulkhibri et al. (Eds.), Macroprudential regulation and policy for the Islamic financial industry theory and applications. Springer.

Alamad, S., et al. (2021). A shared boundary object: Financial innovation and engineering in Islamic financial institutions. The British Accounting Review, 53(3), 100958.CrossRef

Allouche, A. (1994). Mamluk economics: A study and translation of Al-Maqrizi’s Ighathah. University of Utah Press.

Baeck, L. (1994). The Mediterranean tradition in economic thought. Routledge.

Blanchflower, D., & Oswald, A. (2000). “Well-being over Time in Britain and USA.” NBER, Working Paper No. 7487.

Diener, E., & Oshi, S. (2000). Money and happiness: Income and subjective Well-being. In E. Diener & E. Suh (Eds.), Culture and subjective Well-being. MIT Press.CrossRef

Easterlin, R. (1974). Does economic growth improve the human lot? Some empirical evidence. In P. David & M. Reder (Eds.), Nations and households in economic growth: Essays in honor of Moses Abramowitz. Academic.

Easterlin, R. (1995). Will raising the income of all increase the happiness of all? Journal of Economic Behavior and Organization, 27(1), 35–48.CrossRef

Easterlin, R. (2001). Income and happiness: Towards a unified theory. Economic Journal, 111, 473.CrossRef

Essid, M. Y. (1995). A critique of the origins of Islamic economic thought. Brill.CrossRef

Feyerabend, P. (1993). Against method: Outline of an anarchistic theory of knowledge (3rd ed.). Verso.

Fischel, W. J. (1992). Djahbadh. In Encyclopedia of Islam (Vol. 2, pp. 382–383). Brill.

Friedman, M. (1953). Essays in positive economics. University of Chicago Press.

George, H. (1955). Progress and poverty. Robert Schalkenback Foundation.

Ghazanfar, S. M. (2003). Medieval Islamic economic thought: Filling the great gap in European economics. Routledge Curzon.

Issawi, C. (1950). An Arab philosophy of history: Selections from the prolegomena of Ibn Khaldun of Tunis (1332–1406). John Muray.

Jay, E., & Jay, R. (1986). Critics of capitalism: Victorian reactions to political economy. Cambridge University Press.CrossRef

Kenny, C. (1999). Does growth cause happiness, or does happiness cause growth? Kyklos, 52(1), 3–26.CrossRef

Khaldun, I. (n.d.). Muqaddimah, n.p. Dar al-Fikr.

Koopmans, T. C. (1969). Inter-temporal distribution and ‘optimal’ aggregate economic growth. In Fellner et al. (Eds.), Ten economic studies in the tradition of Irving fisher. John Willey and Sons.

Mahdi, M. (1964). Ibn Khaldun’s philosophy of history. University of Chicago Press.

Maqrizi, T. a.-D. A. i. A. (1956). Ighathah al-Ummah bi Kashf al-Ghummah. Dar ibn al-Wahid. (See its English translation by Allouche, 1994).

Mawardi, A. a.-H. (1960). Al-Ahkam al-Sultaniyyah wa al-Wilayat al-Diniyyah. Mustafa al-Babi al-Halabi. (The English translation of this book by Wafa Wahba has been published under the title, The Ordinances of Government. Reading: Garnet, 1996.).

Mawardi, A. a.-H. ‘. A. (1955). Adab al-Dunya wa al-Din. Mustafa al Saqqa, editor. Mustafa al-Babi al Halabi.

Misri, R. Y. (1981). Al-Islam Wa al-Nuqud. King Abdulaziz University.

Myers, M. L. (1983). The soul of modern economic man: Ideas of self-interest, Thomas Hobbes to Adam Smith. University of Chicago Press.

Najam, A. (2007). Portrait of a giving community: Philanthropy by the Pakistani-American diaspora. Harvard University Press.

Oswald, A. J. (1997). Happiness and economic performance. Economic Journal, 107(445), 1815–1831.CrossRef

Robbins, L. (1935). An essay on the nature and significance of economic science (2nd ed.). Macmillan.

Sarakhsi, S. a.-D. (1978). Kitab al-Mabsut. Beirut: Dar al-ma‘rifah (Vol. 30, 3rd ed., (particularly “Kitab al-Kasb” of al-Shaybani in, pp. 245–297).

Sen, A. (1987). On ethics and economics. Basil Blackwell.

Siddiqi, M. N. (1992a). History of Islamic economic thought. In A. Ahmad & K. R. Awan (Eds.), Lectures on Islamic economics (pp. 69–90). IDB/IRTI.

Siddiqi, M. N. (1992b). Islamic economic thought: Foundation, evolution and needed direction. In Sadeq & Ghazali (Eds.), Readings in Islamic economic thought (pp. 14–32). Longman Malaysia.

Solo, R. A. (1981). Values and judgments in the discourse of the sciences. In R. A. Solo & C. A. Anderson (Eds.), Value judgment and income distribution (pp. 9–40). Praeger.

Spengler, J. (1964). Economic thought in Islam: Ibn Khaldun. Comparative Studies in Society and History, 268–306.

Stiglitz, J. E. (2011). Of the 1%, by the 1%, for the 1%. Vanity Fair.

Taymiyyah, I. (1961). In Abd al-Rahman al-‘Asimi (Ed.), Majmu‘ Fatawa shaykh al-Islam Ahmad Ibn Taymiyyah. Matabi‘ al-Riyad. 1961-63.

Watt, W. M. (1972). The influence of Islam on medieval Europe. Edinburgh University Press.

Pfeifer, K. (2001). Islamic business and business as usual: A study of firms in Egypt. Development in Practice, Taylor & Francis Journals, 11(1), 20–33, February.

Carter, A. (2011). Towards a multidimensional, environmentalist ethic. Environmental Values, 20(3), 347–374. https://doi.org/10.3197/096327111X13077055166027CrossRef

Title: The Clash of Ideals
Author: Samir Alamad
Publisher: Springer Nature Switzerland
Book: Beyond Profit
Print ISBN: 978-3-031-49747-6

Electronic ISBN: 978-3-031-49748-3

Copyright Year: 2024
DOI: https://doi.org/10.1007/978-3-031-49748-3_8

Springer Professional

Abstract

Please log in to get access to your license.

Dont have a licence yet? Then find out more about our products and how to get one now:

Springer Professional "Wirtschaft+Technik"

Springer Professional "Wirtschaft"

Premium Partner