This book discusses the need for a paradigm shift from Islamic
economics universe of discourse to IqtisÄd, a socio-economic
system that is entirely independent from other economic doctrines
and systems of thought. It provides an overview of critiques of the
science and dogma of mainstream, orthodox, neoclassical, or simply
Economics, with its axioms of rationality, scarcity, and unlimited
wants. There is also a critical analysis of Islamic economics, and
its failures to set its own policy agenda and development
objectives. Our contention in this book is that IqtisÄd--the
Qurâanâs vision of how the economy is to be arrangedâprovides
such a paradigm with a radically different philosophical foundation
from that of Economics to the point that makes grafting one onto
the other Impossible. IqtisÄd offers a genuine and
authentic Islamic paradigm with unique etymological and
philosophical foundations. It is a unique system that derives
its organizing principles from the principal source
of the Quran, rather than Economics. The
logical coherence of its immutable system of rules compliance,
institutional structures, and risk-sharing relations provides the
foundations for economic dynamism, financial stability, and
shared prosperity. It ensures that resources are efficiently
managed, poverty is eradicated, income and wealth mal-distributions
are corrected, and the internal sources of economic injustices
gripping human societies are eliminated. The Impossibility
Theorem proposed in this book implies that, metaphysically,
ontologically, epistemologically, axiologically, and
teleologically, the two polar cases of IqtisÄd and
Economics are so radically different to rule out any grafting of
one onto the other in order to present an intermediate paradigm
with a synthetic discipline called Islamic economics. Given its
multidisciplinary contents, this book will be of interest to
a wide audience, including economists, policymakers, philosophers,
theologians, and jurists, and can guide also free-thinking readers
to a clarity of understanding about the conditions of humanity and
the imperative of change with a sincerity of purpose and coherence
in knowledge. Â
General
Imprint: |
Palgrave Macmillan
|
Country of origin: |
Switzerland |
Series: |
Palgrave Studies in Islamic Banking, Finance, and Economics |
Release date: |
October 2023 |
First published: |
2023 |
Authors: |
Nabil El Maghrebi
• Abbas Mirakhor
• Tarik Akin
• Zamir Iqbal
|
Dimensions: |
210 x 148mm (L x W) |
Pages: |
290 |
Edition: |
1st ed. 2023 |
ISBN-13: |
978-3-03-141133-5 |
Categories: |
Books
|
LSN: |
3-03-141133-1 |
Barcode: |
9783031411335 |
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