Is Development Accumulation of Wealth? Islamic Views
Afro Eurasian Studies, 2013
48 Pages Posted: 23 Aug 2013
Date Written: August 15, 2013
The idea that development is mainly about the accumulation of wealth commands widespread support. Dissenters have introduced other dimensions of development, but nonetheless agree on the centrality and importance of wealth. However, Islam is primarily concerned with spiritual and moral development. Teachings of Islam created an inner revolution within the companions of the prophet, which led to the creation of a new form of society with distinctive institutions and ideology. Eclipse of Islamic civilization, and the rise to global dominance of capitalist societies has led to widespread acceptance, even among Muslims, of ideas antithetical to Islam. In this article, we expose and refute one dozen widely believed myths created to support Western hegemony, and provide alternative points of view.
Keywords: Development, Capitalism, Accumulation of Wealth, Power
JEL Classification: B19, B49
Suggested Citation: Suggested Citation