Ideal Islamic Economy: An Introduction (Political Economy of Islam)

This book provides an introduction to the vision of an economic system based completely on the Holy Qur’an—a system defined as a collection of institutions, representing rules of behavior, prescribed by Allah for humans, and the traditions of the Messenger. The authors argue that the main reason for the economic underperformance of Muslim countries and their economies has been non-compliance with the prescribed rules of behavior. Rule non-compliance has been chiefly due to the failure of Muslims to comprehend the Metaframework of the Qur’an and the Archetype Model of the Prophet Mohammad and interpret them in ways compatible with their own generation and time. Askari and Mirakhor believe these rules (institutions), properly adapted to prevailing conditions present what they consider as an ideal economic system. Read more... Abstract: This book provides an introduction to the vision of an economic system based completely on the Holy Qur’an—a system defined as a collection of institutions, representing rules of behavior, prescribed by Allah for humans, and the traditions of the Messenger. The authors argue that the main reason for the economic underperformance of Muslim countries and their economies has been non-compliance with the prescribed rules of behavior. Rule non-compliance has been chiefly due to the failure of Muslims to comprehend the Metaframework of the Qur’an and the Archetype Model of the Prophet Mohammad and interpret them in ways compatible with their own generation and time. Askari and Mirakhor believe these rules (institutions), properly adapted to prevailing conditions present what they consider as an ideal economic system Front Matter ....Pages i-xxi Introduction (Abbas Mirakhor, Hossein Askari)....Pages 1-31 Capitalism and the Islamic Economic System (Abbas Mirakhor, Hossein Askari)....Pages 33-92 Overview of an Ideal Islamic System (Abbas Mirakhor, Hossein Askari)....Pages 93-117 Institutional Structure of a Sound Economy (Abbas Mirakhor, Hossein Askari)....Pages 119-137 The Rules Governing an Islamic Economy (Abbas Mirakhor, Hossein Askari)....Pages 139-178 The Operational Features of an Islamic Economy (Abbas Mirakhor, Hossein Askari)....Pages 179-210 Contemporary Muslim Economies and Rule Compliance (Abbas Mirakhor, Hossein Askari)....Pages 211-223 Towards Achieving the Ideal Islamic Economy (Abbas Mirakhor, Hossein Askari)....Pages 225-232 Conclusions (Abbas Mirakhor, Hossein Askari)....Pages 233-237 Back Matter ....Pages 239-255