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COMPARATIVE ECONOMIC
PHILOSOPHIES
AND SYSTEMS
BY
M. UMER CHAPRA
RESEARCH ADVISOR
ISLAMIC RESEARCH AND TRAINING INSTITUTE
ISLAMIC DEVELOPMENT BANK
JEDDAH, SAUDI ARABIA
INTRODUCTION
TWO KEY EXPRESSIONS
ECONOMIC PHILOSOPHIES
ECONOMIC SYSTEMS
PHILOSOPHY (LOVE OF WISDOM)
SEARCH FOR THE ULTIMATE REALITY AND PURPOSE OF
HUMAN LIFE AND ACTIVITY
ADDITION OF ‘ECONOMIC’ TO IT CONFINES THE SEARCH
TO ECONOMIC ACTIVITY. HOWEVER, ALL HUMAN ACTIVITY
IS INTERRELATED AND IT IS NOT POSSIBLE TO TALK OF
ONE IN ISOLATION OF THE OTHERS
ECONOMIC SYSTEM
INFLUENCED BY THE SOCIETY’S PHILOSOPHY OF LIFE
ORGANIZATION OF ECONOMIC ACTIVITY IN SUCH A WAY
THAT THE WELL-KNOWN QUESTIONS OF WHAT TO
PRODUCE, HOW TO PRODUCE, AND WHO SHOULD GET HOW
MUCH OF WHAT IS PRODUCED GET ANSWERED IN
ACCORDANCE WITH THE SOCIETY’S PHILOSOPHY OF LIFE
1.
ULTIMATE REALITY AND PURPOSE OF HUMAN
LIFE AND ACTIVITY
ULTIMATE REALITY: WORLDVIEW
PURPOSE (GOAL):
TO REALIZE THE WELL-BEING
GENERATING
MACROECONOMIC
DAMAGING THE ENVIRONMENT
OF ALL WITHOUT
IMBALANCES
OR
THERE IS HARDLY ANY DIFFERENCE OF OPINION ON
THIS
DIFFERENCE ARISES WHEN WE DISCUSS WHAT
CONSTITUTES WELL-BEING AND THE STRATEGY TO
REALIZE THIS GOOD
2.WELL-BEING?
TO SATISFY THE MATERIAL NEEDS OF ALL
PHYSICAL NEEDS
FULL –EMPLOYMENT
EQUITABLE DISTRIBUTION
ECONOMIC AND FINANCIAL STABILITY
ECOLOGICAL BALANCE
TO SATISFY THE SPIRITUAL (NON-MATERIAL) NEEDS OF ALL
MENTAL PEACE AND HAPPINESS
FAMILY AND SOCIAL HARMONY
ABSENCE OF CRIME AND ANOMIE
INDIVIDUAL FREEDOM
ALL OF THESE ARE MUTUALLY DEPENDENT AND
NECESSARY FOR HUMAN WELL-BEING – EXCESSIVE
EMPHASIS ON ANY ONE AT THE EXPENSE OF THE OTHER
WILL JEOPARDIZE THE REALIZATION OF WELL-BEING
EFFICIENCY AND EQUITY MAY BE DEFINED IN KEEPING
WITH THIS CONCEPT OF WELL-BEING
3. THE STRATEGY
ELIMINATE OR MINIMIZE ALL USES OF SCARCE
RESOURCES THAT DO NOT CONTRIBUTE TO WELL-BEING
MECHANISMS OF THE STRATEGY
FILTERING
MOTIVATING SYSTEM
SOCIO-ECONOMIC AND POLITICAL RESTRUCTURING
THE WORLDVIEW OF A SOCIETY DETERMINES THESE
MECHANISMS
4. (A) FILTERING
PRICE MECHANISM?
CENTRAL PLANNING
PRICE MECHANISM AS WELL AS MORAL VALUES AND
INDIVIDUAL REFORM?
WHO CAN GIVE VALUES?
HOW TO ENSURE THAT
MOTIVATING SYSTEM?
VALUES
GET
ENFORCED?
4 (B) MOTIVATING SYSTEM
FORCE?
INCENTIVES AND DETERRENTS?
SELF INTEREST?
SOCIAL INTEREST?
•
•
•
•
•
COMPETITION?
REGULATION? COSTS OF ENFORCEMENT?
SELF-ENFORCEMENT?
COOPERATION AND SACRIFICE?
MOTIVATION?
4 (C) SOCIO-ECONOMIC AND POLITICAL
RESTRUCTURING
PRIVATE
PROPERTY
(A
TRUST),
MECHANISM AND COMPETITION
MARKET
IMPROVEMENT IN THE QUALITY OF HUMAN-BEINGS
MORAL REFORM
FAMILY AND SOCIAL SOLIDARITY
SOCIAL SELF-HELP PROGRAMME
ZAKAT, SADAQAT, AWQAF AND INHERITANCE
SYSTEM
REFORM OF THE FINANCIAL SYSTEM
ROLE OF THE STATE
5. ISLAM?
TAWHID (UNITY OF GOD)
KHILAFAH (VICEGERENCY)
ACCOUNTABILITY BEFORE GOD
HUMAN BROTHERHOOD
RESOURCES ARE A TRUST
TERMS OF THE TRUST?
ADALAH (JUSTICE)
6. THE MUSLIM MALAISE
7. AGENDA AND STRATEGY FOR REFORM IN THE
MUSLIM WORLD
