The Foundations of Islamic Political Economy
This rigorously written book on the areas of Islamic principle theory and application is expected to break new ground in modern economic analysis, both for the Islamically inclined and others. The main features of the book include analytical treatments of
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Also by Masudul A/am Choudhury and published by Palgrave Macmillan CONTRIBUTIONS TO ISLAMIC THEORY ISLAMIC ECONOMIC CO-OPERATION
THE PRINCIPLES OF ISLAMIC POLITICAL ECONOMY
The Foundations of Islamic Political Economy Masudul Alam Choudhury Associate Professor of Economics University College of Cape Breton, Sydney, Nova Scotia
and Uzir Abdul Malik Associate Professor of Economics Universiti Kebangsaan Malaysia Bangi, Selangor, Malaysia
M
MACMILLAN
© Masudul Alam Choudhury and Uzir Abdul Malik 1992 Softcover reprint of the hardcover 1st edition 1992 978-0-333-54704-5 All rights reserved. No reproduction, copy or transmission of this publication may be made without written permission. No paragraph of this publication may be reproduced, copied or transmitted save with written permission or in accordance with the provisions of the Copyright, Designs and Patents Act 1988, or under the terms of any licence permitting limited copying issued by the Copyright Licensing Agency, 90 Tottenham Court Road, London WlP 9HE. Any person who does any unauthorised act in relation to this publication may be liable to criminal prosecution and civil claims for damages. First published 1992 Published by THE MACMILLAN PRESS LTD Houndmills, Basingstoke, Hampshire RG21 2XS and London Companies and representatives throughout the world
ISBN 978-1-349-21975-9 ISBN 978-1-349-21973-5 (eBook) DOI 10.1007/978-1-349-21973-5 A catalogue record for this book is available from the British Library
This book is dedicated to the truly thoughtful and God-fearing
Contents List of Figures
Xll
List of Tables
XV
Preface
XVll
Acknowledgements
XIX
Note on Arabic Transliterations
1
2
XX
The Essence of the Islamic Political Economy 1.1 Islamic Political Economy as a Branch of Ethico-economics 1.2 The Limits of the 'Shariah' 'Tawhid' and 'Shariah' Extended to Scientific 1.3 Inquiry A Formalisation for the Substantive and 1.4 Procedural Content of 'Shariah' The Essence of Political Economy 1.5 Ethico-Economic Elements of the Islamic 1.6 Political Economy Summary of the Content of This Book 1.7 Principles and Instruments of the Islamic Political Economy 2.1 A Definition of Economics in the Islamic Perspective 2.2 Derivation of the Principle of 'Tawhid' and Human Solidarity 2.3 Derivation of the Principle of Felicity 2.4 Formalisation of the 'Tawhid' and 'Taqwa' Sets 2.5 The Quranic Indispensability of the 'Shura' 2.6 Principle of Distributive Justice in Islam 2.7 Interrelationship Between Distributive Equity and Other Principles of the Islamic Political Economy 2.8 Distributive Equity in the Context of the Islamic Consumption-Investment Menu 2.9 Primacy of the Entitlement Goal Over the Full-employment Goal 2.10 'Shuratic' Policy Instruments Vll
1
1 3 7
9 11 14 16
19 19 21 24 26 32 34 37 42 43 48
Contents
Vlll
2.11 2.12
3
4
Scientific Reducibility of the Structure of the Islamic Political Economy Conclusion
'Zakat', the Wealth Tax in Islam The Essential Character of 'Zakat' in the Islamic Political Economy The Productive Essence o
