Principles and Instruments of the Islamic Political Economy

Masudul Alam Choudhury and Uzir Abdul Malik
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Masudul Alam Choudhury: University College of Cape Breton
Uzir Abdul Malik: Universiti Kebangsaan Malaysia

Chapter 2 in The Foundations of Islamic Political Economy, 1992, pp 19-62 from Palgrave Macmillan

Abstract: Abstract In this chapter our main objective will be to develop the central principles and instruments of the Islamic political economy in a way that will help establish the ethical general equilibrium and objective criteria of this order. Within that framework, we will show how the nature of goods, choice of technology and the pricing of goods are well determined. The most important explanation of the endogenous nature of ethics and values in this order will thus be demonstrated. In establishing the system of key principles and instruments of the Islamic economic order recourse will be made to the Quran and ‘sunnah’ (Prophetic traditions). A comparative study of the Islamic principles and instruments will also be made.

Keywords: Social Justice; Banach Algebra; Distributive Justice; Hard Core; Policy Variable (search for similar items in EconPapers)
Date: 1992
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Persistent link: https://EconPapers.repec.org/RePEc:pal:palchp:978-1-349-21973-5_2

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DOI: 10.1007/978-1-349-21973-5_2

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