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Examining Theories of Growth & Development & Policy Response Based on Them from Islamic Perspective

Salman Shaikh

MPRA Paper from University Library of Munich, Germany

Abstract: Poverty and inequality around the world has been rising over the last three decades and the attainment of the Millennium Development Goals (MDGs) seems a far fetched goal. In explaining underdevelopment, Classical Economics has offered many theories and models including but not limited to Rostow’s Stages of Growth Theory, Harrod-Domar Model, Solow’s Growth Model, Dependency Theory, Lewis Two Sector Model, Neo-colonial Dependence Model, False-Paradigm Model, and Dualistic-Development Thesis etc. This study analyzes the theories of development proposed in classical literature in the light of Islamic Economics and investigates whether policy response influenced by some of these theories had been effective or not in selected countries and regions. In light of recent developments in growth literature, the last section of the paper also analyzes whether Islamic economics principles have the capacity to ensure that determinants of growth suggested by ‘new growth theory’ will exist in an Islamic economy and together with these, do Islamic economic principles have other distinctive mechanisms and institutions that can help in the development process.

Keywords: Interest free economy; Public finance; Taxation; Inequality; Income redistribution; Islamic economic system; fiscal policy; deficit financing (search for similar items in EconPapers)
JEL-codes: I31 L38 O11 (search for similar items in EconPapers)
Date: 2012-04-31
New Economics Papers: this item is included in nep-ara, nep-cwa and nep-hpe
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