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The Economic System of the Early Islamic Period - Institutions and Policies (Hardcover, 1st ed. 2016)
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The Economic System of the Early Islamic Period - Institutions and Policies (Hardcover, 1st ed. 2016)
Series: Political Economy of Islam
Expected to ship within 12 - 17 working days
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This book provides an economic analysis of the earliest Islamic
society, focusing on the policies of the Messenger of Islam (Sawa)
and his successors during the first four formative decades of
Islam. Two institutions of great importance - the market and the
public treasury (Baitul Mal) - and their roles in the development
of the private and public sectors are particularly emphasized in
this study. The first part of the book is devoted to the economic
and cultural dimensions of life in the Arabian Peninsula during the
pre-Islamic period, including an analysis of trade and financial
relationships with the Roman and Persian economies; the challenges
faced by the Messenger's mission and the economic policies of the
Messenger after the migration to Madinah are also examined in
detail. The author then moves on to a devoted analysis of the
nature and functions of the public treasury, its revenues and
expenditures, as well as financial and fiscal policies. Also
examined is the role of the public sector in maintaining
equilibrium in the financial and real sectors, as well as in
promoting economic growth and employment. Analysis of the
institution of the market, its characteristics, and its functions
during the earliest Islamic period constitutes the third section of
the book. The behaviors of consumers, producers, and investors in
an economy without an interest rate mechanism are also addressed
here. The final section investigates the fundamental objective of
Islam for human societies - that is, justice - within the context
of discussions in earlier parts of the book. The author uses
historical economic data, facts, and evidences that are reported
from the period, both prior to and after the establishment of the
Islamic State, to explore the economic relations, policies, and
models that were in practice and applied at that time.
General
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