Launching a Revolution based on Islamic Foundations

12 Pages Posted: 10 Oct 2019

See all articles by Asad Zaman

Asad Zaman

Al-Nafi; Akhuwat University

Multiple version iconThere are 2 versions of this paper

Date Written: 2019

Abstract

Conventional economics is deeply and fundamentally flawed, beyond the possibility of reform and repair. Its failings in the real world became obvious to all following the global financial crisis. The root of the problem is the theory of human behavior represented by “homo economicus”. The idea that short-sighted greed is “rational” is sheer folly. The theory is maintained in the face of overwhelming empirical evidence to the contrary only because it serves the ideological interests of the rich and powerful capitalist classes. The philosophy of wealth maximization has led to the destruction of families, societies, economies, environment, fauna, and flora, as all are ruthlessly exploited for the creation and maximization of profits. Islamic teachings created a revolution in world history by promoting a society based on cooperation, generosity, and social responsibility. These ideas, completely missing from modern economics, have the same revolutionary potential today. The challenge for Muslims today is to demonstrate this potential by translating these ideas into reality.

Keywords: Economics education, Pluralism, Islamic economics, Power/Knowledge

JEL Classification: A2, B2, Y8

Suggested Citation

Zaman, Asad, Launching a Revolution based on Islamic Foundations (2019). Journal of King Abdulaziz University: Islamic Economics, Vol. 32, No. 2, 2019, Available at SSRN: https://ssrn.com/abstract=3466589

Asad Zaman (Contact Author)

Al-Nafi ( email )

64 Fullerton Crecent
Markham, Ontario L35 3G5
Canada

Akhuwat University ( email )

Lalyani
Ferozepur Road
Kasur, Punjab 55110
Pakistan
55110 (Fax)

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