A Critical Overview of Islamic Economics from a Welfare-State Perspective

Gerasimos Soldatos

MPRA Paper from University Library of Munich, Germany

Abstract: This paper builds upon the following critique of Islamic economics: (a) Persistence on the literal interpretation of what the theology of Islamic law implies socioeconomically, (b) Rejection subsequently of the core western economic principle of homo economicus-cum-competition, though homo economicus behavior is innermost to absence of riba al-fadl (of exploitation in the goods markets) in the large atleast impersonal markets of our times, (c) Rejection, because of the ahistorical view of the West and hence, of inability to realize that the Cold War European welfare state with a constitution inspired by social solidarity as it derives not politically but religiously from Islamic law, might be worth followed by Islam, and (d) Identification of riba an-nasiya (of exploitation in the financial markets) with zero interest rate charges and not with zero commercial bank seigniorage.

Keywords: Islamic economics; Deduction vs. theologically induced induction; Homo economicus; Riba (exploitation); Welfare State (search for similar items in EconPapers)
JEL-codes: B41 D63 D64 H11 P48 P51 Z12 (search for similar items in EconPapers)
Date: 2015, Revised 2016
New Economics Papers: this item is included in nep-hme
References: View references in EconPapers View complete reference list from CitEc
Citations:

Downloads: (external link)
https://mpra.ub.uni-muenchen.de/70066/1/MPRA_paper_70066.pdf original version (application/pdf)

Related works:
This item may be available elsewhere in EconPapers: Search for items with the same title.

Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text

Persistent link: https://EconPapers.repec.org/RePEc:pra:mprapa:70066

Access Statistics for this paper

More papers in MPRA Paper from University Library of Munich, Germany Ludwigstraße 33, D-80539 Munich, Germany. Contact information at EDIRC.
Bibliographic data for series maintained by Joachim Winter ().