Launching a revolution based on Islamic foundations

Other Title(s)

إطلاق ثورة في الاقتصاد تقوم على القيم الإسلامية

Author

Zaman, Asad

Source

Journal of King Abdulaziz University : Islamic Economics

Issue

Vol. 32, Issue 2 (31 Jul. 2019), pp.77-88, 12 p.

Publisher

King Abdulaziz University Scientific Publishing Center

Publication Date

2019-07-31

Country of Publication

Saudi Arabia

No. of Pages

12

Main Topic

Economy
Religion
Islamic Studies

Topics

Abstract EN

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 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 the Muslims today is to demonstrate this potential by translating these ideas into reality

American Psychological Association (APA)

Zaman, Asad. 2019. Launching a revolution based on Islamic foundations. Journal of King Abdulaziz University : Islamic Economics،Vol. 32, no. 2, pp.77-88.
https://search.emarefa.net/detail/BIM-888362

Modern Language Association (MLA)

Zaman, Asad. Launching a revolution based on Islamic foundations. Journal of King Abdulaziz University : Islamic Economics Vol. 32, no. 2 (Jul. 2019), pp.77-88.
https://search.emarefa.net/detail/BIM-888362

American Medical Association (AMA)

Zaman, Asad. Launching a revolution based on Islamic foundations. Journal of King Abdulaziz University : Islamic Economics. 2019. Vol. 32, no. 2, pp.77-88.
https://search.emarefa.net/detail/BIM-888362

Data Type

Journal Articles

Language

English

Notes

Includes bibliographical references : p. 85-87

Record ID

BIM-888362