The Economic System of the Early Islamic Period: Institutions and Policies (Political Economy of Islam)

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. "Foreword"--"Preface"--"Acknowledgements" -- "Contents" -- "List of Figures" -- "List of Tables" -- "Part I: Arabian Peninsula in the Eve of the Introduction of Islam" -- "Chapter 1: The Economic and Cultural Situation of the Arabian Peninsula prior to Islam" -- "1 Economic Geography" -- "2 Culture and Social Customs" -- "3 The Era of Barbarism or Jahiliyyah" -- "3.1 The Traditions of Abdul-Mottalib" -- "3.2 The Bilateral Trades of the Era of Jahiliyyah (Ignorance) " -- "3.2.1 Grit Throwing (Al Rami Bel Hesat)" -- "3.2.2 Monabazah" -- "3.2.3 Molamassah" -- "3.2.4 Moavama" -- "3.2.5 Mozabana" -- "3.2.6 Mohaqalah" -- "3.2.7 Habl ol Hableh" -- "3.2.8 Tasreyeh" -- "3.2.9 Sorar" -- "3.2.10 Najsh" -- "3.2.11 Maks" -- "3.2.12 Talaqqi Rokban" -- "4 Conclusion" -- "References" -- "Chapter 2: Invitation to Islam" -- "1 Introduction" -- "2 The Pre-Islam Social Position of Prophet Muhammad (SAAS)" -- "3 The Post-Islam Conflicts of Quraysh with the Holy Prophet Muhammad (SAAS)" -- "4 Before Hijrah to Madinah" -- "5 Precautions of the Holy Messenger, Before Hijrah" -- "5.1 Presentation of the Islamic Worldview and the Principles of Islamic Beliefs" -- "5.2 Declaration of Islamic Verdicts" -- "6 Summary" -- "References" -- "Chapter 3: Migration of the Holy Prophet (SAAS) to Madinah and the Formation of an Islamic State" -- "1 Introduction" -- "2 Post-Islam Economy of the Arabian Peninsula" -- "2.1 Population" -- "2.2 Occupations and Employment" -- "2.3 Income" -- "3 Formation of an Islamic Community and Codification of their Basic Rights" -- "3.1 The Basic Articles of an Islamic State Treaty" -- "3.1.1 The Community (Ummah)" -- "3.1.2 Dimension and the Limits of the Community" -- "3.1.3 The Community Leadership" -- "3.1.4 The Rights and Obligations of the Community Members." 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 Economic And Cultural Situation Of The Arabian Peninsula Prior To Islam -- Invitation To Islam -- Migration Of The Holy Prophet (saas) To Madinah And The Formation Of An Islamic State -- The Public Treasury (baitual Mal ) And The Governing State -- Fiscal Policies In Early Islam -- Money And Finance In The Early Islamic State -- The Markets In The Early Islamic State -- Consumption Theory -- Production Theory -- Exchange -- Investment And Saving -- Efficiency And Justice. Seyed Kazem Sadr. Includes Bibliographical References And Index. Front Matter....Pages i-xxi Front Matter....Pages 1-1 The Economic and Cultural Situation of the Arabian Peninsula prior to Islam....Pages 3-21 Invitation to Islam....Pages 23-35 Migration of the Holy Prophet (SAAS) to Madinah and the Formation of an Islamic State....Pages 37-66 Front Matter....Pages 67-67 The Public Treasury (Baitul Mal) and the Governing System....Pages 69-88 Fiscal Policies in Early Islam....Pages 89-133 Money and Finance in the Early Islamic Era....Pages 135-158 Front Matter....Pages 159-159 The Markets in the Early Islamic Era....Pages 161-185 Consumption Theory....Pages 187-207 Production Theory....Pages 209-220 Exchange....Pages 221-243 Investment and Saving....Pages 245-267 Front Matter....Pages 269-269 Efficiency and Justice....Pages 271-296 Back Matter....Pages 297-311