The financialization of the economy has brought a number of interrelated problems which have contributed to growing income and wealth inequality. Askari and Mirakhor assert that it is time to make a bold change by putting our financial house in order and on a better path, advocating for a fundamental reform of the financial system.

Askari and Krichene provide a comprehensive background for recent international financial crises rapid expansion of interest-bearing debt and monetary expansion though the fractional reserve banking system. In this context, the authors provide an analysis of the experience and issues associated with international payments systems the various forms of the gold standard, the Bretton Woods system and the present system of flexible exchange rates. The authors go on to examine the case for fixed exchange rates (gold standard and other interesting variations) anchored in Islamic finance. The message of this book is that the gold standard could provide a solution for addressing international financial instability if and only if it is anchored in 100% reserve banking, which is an essential pillar of Islamic finance.

Since the discovery of oil, the countries of the Persian Gulf have been caught in a vicious circle. With increasing oil revenues, rulers have made self-enrichment their motivation while foreign powers have exploited the region and provided support for oppressive regimes. Early exploitation of the region's oil was colonial in practice; today, oppressive rulers and foreigners work hand-in-hand to the detriment of the citizenry. Rulers have no incentives to foster good institutions, especially the rule of law, as independent and efficient institutions would undermine their control over oil revenues.This book takes a chronological look at the impact of oil in the region and examines how vast oil revenues have encouraged oppressive governance and corrupted development policies, impeding human, political, and economic progress. Hossein Askari argues that there is an urgent need for visionary political and economic reform in order to prevent a regional catastrophe. Rulers must start by publicly acknowledging that oil belongs to the people of all generations and that it must be managed accordingly - efficiently, equitably, and transparently.

There is a cognitive deficit between the holistic vision for human and societal development in Islam and the results achieved by Muslim societies. The authors begin by looking at the Western concept of development, which in recent years has recognized the wider dimensions of human development and the role of institutions. Thus Western thinking has moved toward the Islamic vision and path of development, emphasizing human solidarity, belonging, wellbeing, sharing, concern for others, basic human entitlements, and modest living. The authors illuminate the Quranic vision and the experience of the society organized by the Prophet, which together represent the Islamic paradigm.

Challenges in Economic and Financial Policy Formulation provides an introductory, yet comprehensive, treatment of macroeconomic policies and their implementation in an Islamic-designed economic system.

Analyzing the origins of conflicts and wars in the Persian Gulf, this study assesses the conflicts' shared trajectories and fallouts. Although the origins of conflicts are varied (sectarian, religious, ethnic, and tribal, over territory and over resources), as conflicts evolve, the quest for "revenge" and the desire to settle old scores is only one, apparent fuel, which belies a more essential one. The evolution of most conflicts can, over time, be traced to a single source--the struggle for power and control over resources. Hossein Askari argues that reconciliation will require the simultaneous adoption of foundational political, social, and economic reforms by the countries in the region, as well as the cooperation of the global powers, especially the United States, to end support of dictators and reduce the human costs of aggression. The creation of a just society with freedom and equal opportunities for all is a necessary precondition if peace and prosperity are to flourish.

This book briefly surveys the evolution of the Western concept of development, recognizing the wider dimensions of human and economic development and the role of institutions and rules, which has moved toward the vision and the path of development envisaged in Islam.

Askari and Krichene provide a comprehensive background for recent international financial crises rapid expansion of interest-bearing debt and monetary expansion though the fractional reserve banking system. In this context, the authors provide an analysis of the experience and issues associated with international payments systems the various forms of the gold standard, the Bretton Woods system and the present system of flexible exchange rates. The authors go on to examine the case for fixed exchange rates (gold standard and other interesting variations) anchored in Islamic finance. The message of this book is that the gold standard could provide a solution for addressing international financial instability if and only if it is anchored in 100% reserve banking, which is an essential pillar of Islamic finance.

This book analyzes the origins of conflicts and wars in the Persian Gulf, assesses the common factor(s) that have been their essential fuel, determines their fallout for the political, economic, and human development of the region, and provides insight into how they may be better contained.

Challenges in Economic and Financial Policy Formulation provides an introductory, yet comprehensive, treatment of macroeconomic policies and their implementation in an Islamic-designed economic system.

This book is an analysis of how oil has affected governance and human, political, and economic development in the countries of the Persian Gulf and shaped these countries' relations with the rest of the world.

This book briefly surveys the evolution of the Western concept of development, recognizing the wider dimensions of human and economic development and the role of institutions and rules, which has moved toward the vision and the path of development envisaged in Islam.