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Financialization of the economy and income inequality in selected OIC and OECD countries - The role of institutional factors (Hardcover)
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Financialization of the economy and income inequality in selected OIC and OECD countries - The role of institutional factors (Hardcover)
Series: De Gruyter Studies in Islamic Economics, Finance and Business
Expected to ship within 9 - 15 working days
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Income inequality is a serious problem confronting not only the
developed world but also developing countries. Recently,
financialization has been one of the culprits identified in
literature as one of the cause of income inequality. This book
offers the only detailed presentation of the how financialization
aided the spread of income inequality in Organization of Islamic
Cooperation, OIC countries. Finance has taking a center stage in
the affairs of most developing economies, surpassing the real
sector of the economy. The result is the creation of an indebted
society in which people are comfortable with financing their
financial needs through credit. This creates a debt laden society
that is trapped in the cycle of debt. This book represents a
comprehensive and indispensable source for students, practitioners
and the general public at large. It presents data which shows the
buildup of debt and the rising income inequality in Muslim
countries. It includes discussion of the rise in rentier income,
financialization of everyday life, decline in physical capital
accumulation and deregulation of the financial sector. The book
therefore, proffers solutions on how Muslim countries can come out
of the present economic problem facing them. The promotion and
adoption of Islamic principles, which promotes risk sharing based
contracts as against debt based transaction is the way to go. When
financial contracts are based on the principles of risk sharing,
any gains from economic activities get to be shared equitably.
Hence, not only capital owners get to enjoy the benefit from the
income derived from investments, but rather, all parties that
partake in the contract. Distinguished by its clarity and
readability as it is written in a very easy to understand language,
it is an important reference work for any concerned individual
interested on the recent causes of income inequality in Muslim
World.
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