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Oil, Dollars, Debt, and Crises studies the causes of the current
oil and global financial crisis and shows how America s and the
world s growing dependence on oil has created a repeating pattern
of banking, currency, and energy-price crises. Unlike other books
on the current financial crisis, which have focused on U.S.
indebtedness and American trade and economic policy, Oil, Dollars,
Debt, and Crises shows the reader a more complex picture in which
transfers of wealth to and from the Middle East result in a perfect
storm of global asset and financial market bubbles, increased
unrest, terrorism and geopolitical conflicts, and eventually rising
costs for energy. Only by addressing long-term energy policy
challenges in the West, economic development challenges in the
Middle East, and the investment horizons of financial market
players can policy makers ameliorate the forces that have been
causing repeating global economic crises.
Oil, Dollars, Debt, and Crises studies the causes of the current
oil and global financial crisis and shows how America s and the
world s growing dependence on oil has created a repeating pattern
of banking, currency, and energy-price crises. Unlike other books
on the current financial crisis, which have focused on U.S.
indebtedness and American trade and economic policy, Oil, Dollars,
Debt, and Crises shows the reader a more complex picture in which
transfers of wealth to and from the Middle East result in a perfect
storm of global asset and financial market bubbles, increased
unrest, terrorism and geopolitical conflicts, and eventually rising
costs for energy. Only by addressing long-term energy policy
challenges in the West, economic development challenges in the
Middle East, and the investment horizons of financial market
players can policy makers ameliorate the forces that have been
causing repeating global economic crises.
This book provides an overview of the practice of Islamic finance
and the historical roots that define its modes of operation. The
focus of the book is analytical and forward-looking. It shows that
Islamic finance exists mainly as a form of rent-seeking
legal-arbitrage. In every aspect of finance - from personal loans
to investment banking, and from market structure to corporate
governance - Islamic finance aims to replicate in Islamic forms the
substantive functions of contemporary financial instruments,
markets, and institutions. By attempting to replicate the substance
of contemporary financial practice using pre-modern contract forms,
Islamic finance has arguably failed to serve the objectives of
Islamic law. This book proposes refocusing Islamic finance on
substance rather than form. This approach would entail abandoning
the paradigm of 'Islamization' of every financial practice. It
would also entail reorienting the brand-name of Islamic finance to
emphasize issues of community banking, micro-finance, and socially
responsible investment.
This book provides an overview of the practice of Islamic finance
and the historical roots that define its modes of operation. The
focus of the book is analytical and forward-looking. It shows that
Islamic finance exists mainly as a form of rent-seeking
legal-arbitrage. In every aspect of finance -- from personal loans
to investment banking, and from market structure to corporate
governance -- Islamic finance aims to replicate in Islamic forms
the substantive functions of contemporary financial instruments,
markets, and institutions. By attempting to replicate the substance
of contemporary financial practice using pre-modern contract forms,
Islamic finance has arguably failed to serve the objectives of
Islamic law. This book proposes refocusing Islamic finance on
substance rather than form. This approach would entail abandoning
the paradigm of Islamization of every financial practice. It would
also entail reorienting the brand-name of Islamic finance to
emphasize issues of community banking, micro-finance, and socially
responsible investment.
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