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Notes and References
Foreword
1. For a more detailed answer see M. Umer Chapra, What is Islamic Economics? (Jiddah: IDB/IRTI, IDB Prize Winner's Lecture Series, no. 9, 1996).
2. Narrated from Anas ibn Malik by Imam al-Bayhaqi (d. 485/1094) in his Shu'ab al-lman (Beirut: Dar al-Kutub al-Tlmiyyah, 1990), vol. 2, no. 1779, p. 285.
3. Arnold Toynbee, A Study of History, abridged by D. C. Somervelle (London: Oxford University Press, 1958), vol. 2, p. 380, and vol. 1, pp. 495-6.
4. Will and Ariel Durant, The Lessons of History (New York: Simon & Schuster, 1968), p. 51.
5. See, for example, M. Umer Chapra, Towards a Just Monetary System (Leicester: The Islamic Foundation, 1985) and Islam and the Economic Challenge (Leicester: The Islamic Foundation, 1992).
1 Dualism, Perception and World View
1. R. Descartes, 'Discourse on the Method of Rightly Conducting the Reason, and Seeking Truth in the Sciences', in S. Commins and R. N. Linscott (eds), Man and the Universe: The Philosophers of Science (New York: Pocket Books, 1954), pp. 163-220.
2. Cultural pluralism for Islam is treated by A. A. Mazrui in 'Islam and the End of History', The American Journal of Islamic Social Sciences, vol. 10, no. 4 (Winter 1993), pp. 512-35.
3. D. Howard, From Marx to Kant (Albany, NY: State University of New York Press, 1985).
4. F. Fukuyama, The End of History and the Last Man (New York: Free Press, 1992).
5. P. Minford and D. Peel, 'The Political Economy of Democracy', in Rational Expectations and the New Macroeconomics (Oxford: Martin Robertson, 1983), pp. 144-58.
6. O. Lange and F. M. Taylor, On the Economic Theory of Socialism (Minneapolis, MA: University of Minnesota Press, 1938).
7. J. A. Schumpeter, Capitalism, Socialism, and Democracy (New York: Harper & Row, 1950).
8. G. L. S. Shackle, Epistemics and Economics (Cambridge: Cambridge University Press, 1971).
9. J. M. Henderson and R. E. Quandt, Microeconomic Theory (New York: McGraw-Hill, 1980).
10. E. S. Phelps, 'Distributive Justice', in J. Eatwell, M. Milgate and P. Newman (eds), The New Palgrave: Social Economics (New York: W. W. Norton, 1989), pp. 31-4.
185
186 Notes and References
U . S . Bowles discusses endogenous preferences in his 'What Markets Can -and Cannot - Do', Challenge, vol. 34, no. 4 (July/August 1991), pp. 11-16.
12. F. A. Hayek, Studies in Philosophy, Politics and Economics (Chicago, 111: The University of Chicago Press, 1967).
13. L. von Mises, Epistemological Problems of Economics (Princeton, NJ: Princeton University Press, 1960).
14. See M. Stanifeld, What is Political Economy? A Study of Social Theory and Under development (New Haven, Conn.: Yale University Press, 1985).
15. R. Nozick, Anarchy, State and Utopia (New York: Basic Books, 1974); J. Rawls, A Theory of Justice (Cambridge, MA: Harvard University Press, 1971).
16. T. Aquinas, Summa Theologia, Vol. 1 (New York: Benziger Brothers, 1947). 17. On Bergson see B. Russell, A History of Western Philosophy (London:
Unwin, reprinted 1990). See also H. Bergson, 'The Evolution of Life', in S. Commons and R. N. Linscott (eds), The Philosophers of Science (New York: Pocket Books, 1954), pp. 279-97.
18. The problem of 'one-many' is discussed in R. Rucker, Infinity and the Mind (New York: Bantam New Age Books, 1983) pp. 203-37.
19. E. Mandel (trans. B. Pearce), The Foundation of the Economic Thought of Karl Marx, 1843 to Capital (New York: Monthly Review Press, 1971).
20. J. A. Schumpeter, A History of Economic Analysis (New York: Oxford University Press, 1968).
21. L. Walras, Elements of Pure Economics (trans. W. Jaffe) (Richard D. Irwin, 1954).
22. The ethical views of J. M. Keynes are discussed by R. M. O'Donnell in Keynes: Philosophy, Economics and Politics (London: Macmillan, 1989).
23. An extensive account of liberal philosophy in economics and politics is given in O. H. Taylor, Economics and Liberalism (Cambridge, MA: Harvard University Press, 1967).
24. P. Drucker, Post-Capitalist Society (New York: Harper Business, 1993). 25. E. Husserl, The Crisis of European Sciences and Transcendental Phenom
enology (trans. D. Carr) (Evanston, 111.: Northwestern University Press, 1970).
26. For the mathematical concept of open cover of sets, see I. J. Maddox, Elements of Functional Analysis (Cambridge: Cambridge University Press, 1970).
27. On the inductive nature of econometric methodology, see L. A. Boland, The Methodology of Economic Model Building, Methodology after Samuelson (London: Routledge, 1991).
28. On instrumentalism and econometrics, see J. Pheby, Methodology and Economics, a Critical Introduction (London: Macmillan, 1988)
29. D. F. Hendry, 'Econometric Modelling with Cointegrated Variables: An Overview', Oxford Bulletin of Economics and Statistics, vol. 45, no. 3 (1986), pp. 201-12.
30. H. J. Berman, 'Beyond Marx, Beyond Weber', in Law and Revolution (Cambridge, MA: Harvard University Press, 1983).
31. S. Hawking, A Brief History of Time (New York: Bantam Books, 1988). 32. For a treatment of Darwinism, see R. Dawkins, The Selfish Gene (Ox
ford: Oxford University Press, 1976). A good discussion of biological
Notes and References 187
and social Darwinism is provided in C. N. Degler, In Search of Human Nature (Oxford: Oxford University Press, 1991).
33. For the developmental application of the concept of world view, see M. A. Choudhury, Comparative Development Studies: In Search of the World View (London: Macmillan; New York: St Martin's Press, 1993).
34. M. A. Choudhury, The Unicity Precept and the Socio-Scientific Order (Lanham, MA: University Press of America, 1993).
35. On the topic of political cycles, see W. D. Nordhaus, 'The Political Business Cycle', Review of Economic Studies, vol. 42 (1975), pp. 169-90.
36. D. Levine, Needs, Rights, and the Market (Boulder, CO: Lynne Rienner, 1988). 37. P. J. Hammond, 'On Reconciling Arrow's Theory of Social Choice with
Harsanyi's Fundamental Utilitarianism', in G. R. Feiwel (ed.), Arrow and the Foundations of the Theory of Economic Policy (London: Macmillan, 1987), pp. 179-221.
38. O. Mehmet, 'Alternative Concept of Development: A Critique of Euro-Centric Theorizing', Humanomics, vol. 6, no. 3 (1990), pp. 55-67.
39. J. Buchanan and G. Tullock, The Calculus of Consent (Ann Arbor, Mich.: Michigan University Press, 1962).
40. K. Popper, 'Scientific Reduction and the Essential Incompleteness of All Sciences', in The Open Universe: An Argument for Indeterminisn (Totowa, NJ: Rowman & Littlefield, 1982), pp. 131-62.
41. A discussion on the thoughts of all these philosophers can be found in B. Russell, A History of Western Philosophy, op. cit.
42. C. M. Sherover, Heidegger, Kant and Time (Bloomington, IN: Indiana University Press, 1972).
43. For good discussions of some of R. Carnap's views on scientific theory construction, see E. Nagel, 'The Logical Character of Scientific Laws', 'The Cognitive Status of Theories' and 'The Reduction of Theories' in The Structure of Science, Problems in the Logic of Scientific Explanation (New York: Harcourt, Brace & World, 1961), pp. 5-38; R. Carnap, 'Causality and Determinism', in M. Gardner (ed.), Philosophical Foundations of Physics (New York: Basic Books, 1966). See also A. N. Whitehead, 'Fact and Form', in D. R. Griffin and D. W. Sherburne (eds), Process and Reality (New York: The Free Press, 1978), pp. 39-61; K. Godel, 'On Formally Undecidable Propositions of Principia Mathematica and Related Systems', in M. Davies (ed.), Undecidable (Hewlett, NY: Raven Press, 1965), pp. 5-38; K. E. Boulding, 'Evolution and Revolution in the Developmental Process', in Social Change and Economic Growth (Paris: Development Centre of the Organization for Economic Co-operation and Development, 1967), pp. 19-29.
44. M. A. Choudhury, 'The Epistemic-Ontic Circular Causation and Continuity Model of Socio-Scientific Reality: The Knowledge Premise', International Journal of Social Economics, vol. 20, no. 1, 1994, pp. 64-77.
45. J. D. Barrow, Theories of Everything, the Quest for Ultimate Explanation (Oxford: Oxford University Press, 1991); S. Weinberg, Dreams of a Final Theory (New York: Pantheon, 1992).
46. D. F. Hendry, PC-Give, An Interactive Econometric Modelling System (Oxford: Institute of Economics and Statistics and Nuffield College, University of Oxford, 1989). For a treatment of stationary and evolutionary
188 Notes and References
stochastic processes, see P. J. Dhrymes, 'Spectral Analysis', Econometrics, Statistical Foundations and Applications (New York: Harper & Row, 1970), pp. 382-443. For a reduced treatment of non-stationary series in a weakly stationary form, see J. Johnston, 'Lagged Variables', Econometric Methods (New York: McGraw-Hill, 1984), pp. 343-83.
47. M. A. Choudhury, The Epistemological Foundations of Islamic Economic, Social and Scientific Order, 6 Vols (Ankara, Turkey: Statistical, Economic and Social Research and Training Centre for Islamic Countries, 1995).
2 Post-Marxian, Post-Humean and Post-Kantian Epistemology: Towards the Unification of Knowledge
1. G. W. F. Hegel, The Philosophy of History (trans. J. Sibree) (New York: Dover Publications, 1956).
2. H. J. Berman, Law and Revolution (see the section on 'Beyond Marx, Beyond Weber') (Cambridge, MA: Harvard University Press, 1983). For a treatise on Marx's approach to scientific inquiry, see S. A. Resnick and R. D. Wolff, Knowledge and Class, A Marxian Critique of Political Economy (Chicago, 111.: University of Chicago Press, 1987).
3. M. A. Choudhury, 'The Muslim Republics of the Commonwealth of Independent States: Their Political Economy under Communism, Capitalism and Islam', in J. C. O'Brien (ed.), The Evils of Soviet Communism and Other Essays (West Yorkshire: MCB University Press), pp. 3-32.
4. G. D. H. Cole, The Meaning of Marxism (Ann Arbor, Mich.: University of Michigan Press, 1966).
5. M. Blaug, Economic Theory in Retrospect (Homewood, 111.: Richard D. Irwin, 1968).
6. M. Heidegger, Being and Time (trans. J. Macquarrie and E. Robinson) (Oxford: Basil Blackwell, 1962).
7. D. Hume, Treatise on Human Nature (ed. S. Bigge) (Oxford: Clarendon Press, 1988).
8. J. A. Schumpeter, History of Economic Analysis (New York: Oxford University Press, 1954).
9. E. Doak, '100% Money', in M. A. Choudhury (ed.), Policy-Theoretic Foundations of Ethico-Economics (Sydney, NS: Centre of Humanomics, University College of Cape Breton, 1988), pp. 97-107.
10. D. Laidler, 'The Quantity Theory is Always and Everywhere Controversial, Why?', Atlantic Canada Economic Association Papers, vol. 18 (1989), pp. 98-122.
11. Aristotle (trans. J. E. C. Welldon), The Nicomachean Ethics (Buffalo, NY: Prometheus Books, 1987).
12. I. Kant, 'Critique of Pure Reason', in C. Friedrich (ed.), The Philosophy of Kant (New York: The Modern Library, 1987), pp. 24-39.
13. I. Kant, 'Metaphysical Foundations of Morals', The Philosophy of Kant, op. cit., pp. 140-208.
14. I. Kant, 'Critique of Pure Practical Reason', The Philosophy of Kant, op. cit., pp. 209-64.
15. S. Hawking, Is the End in Sight for Theoretical Physics? (Cambridge: Cambridge University Press, 1980).
Notes and References 189
16. I. Kant, 'Metaphysical Foundations of Morals', Philosophy of Kant, op. cit.
17. I. Kant, 'Trust in God and the Concept of Faith', in Immanuel Kant Lectures on Ethics (ed. L. Infeld) (Indianapolis, IN: Hackett, 1963), pp. 95-8.
18. I. Kant, 'Religion Within the Limits of Reason Alone', The Philosophy of Kant, op. cit., pp. 365-411.
19. Ibid. 20. M. Hammond, J. Howarth and R. Keat, Understanding Phenomenology
(Oxford: Basil Blackwell, 1991). For a discussion of the crisis of Western science, see also E. Husserl, The Crisis of European Sciences and Transcendental Phenomenology (trans. D. Carr) (Evanston, 111.: Northwestern University Press, 1970).
21. H. Reichenbach, The Philosophy of Space and Time (trans. M. Reichenbach and J. Freund) (New York: Dover Publications, 1958).
22. K. Hubner, 'The Question of Foundation for the Natural Sciences in Hume's Critical Empiricism, Kant's Transcendentalism, and Reichenbach's Operationalism', in A Critique of Scientific Reason (trans. P. R. Dixon, Jr. and H. M. Dixon) (Chicago, 111.: University of Chicago Press, 1985), pp. 4-12.
23. B. Russell, The Analysis of Mind (London and New York: G. Allen & Unwin, 1921).
24. A. N. Whitehead, Process and Reality (ed. D. R. Griffin and D. W. Sherburne) (New York: The Free Press, 1978), pp. 61-109.
25. M. A. Choudhury, 'Epistemic-Ontic Circular Causation and Continuity Model of Socio-Scientific Reality: The Knowledge Premise', International Journal of Social Economics, vol. 20, no. 1, 1994, pp. 64-77. Another good account of the evolutionary nature of Islamic Law (Shari'ah) in the context of Ijtehad and Ijma is given by M. Asad in The Principles of State and Government in Islam (Gibraltar: Dar al-Andalus, 1985).
3 Evolutionary Epistemology and Ethical Social Choice in the Islamic Perspective
1. M. A. Choudhury, The Epistemological Foundations of Islamic Economic, Social and Scientific Order, six volumes (Ankara, Turkey: Statistical, Economic and Social Research and Training Centre for Islamic Countries, 1995).
2. I. Kant [1786], The Foundations of the Metaphysics of Morals (New York: Bobb-Merrill, 1959). For a critique of Kant's a priori philosophy see V. J. Seidler, Kant, Respect and Injustice, the Limits of Liberal Moral Theory (London: Routledge & Kegan Paul, 1986); M. A. Choudhury, 'Kantian Perspectives and Ethical Alternative in Social Contract Theory', Atlantic Canada Economic Association Papers, vol. XVIII (1989), pp. 164-86.
3. For a treatment of perception with regard to the physical world and sensibility, see M. Sainsbury, Russell (London: Routledge & Kegan Paul, 1985), chapter entitled 'Knowledge'. See also Bergson's philosophy on the concept of perception in B. Russell, A History of Western Philosophy (London: Unwin, 1990, reprinted).
4. K. R. Popper, Objective Knowledge (Oxford: Clarendon Press, 1972).
190 Notes and References
5. K. R. Popper, 'Natural Selection and the Emergence of Mind', in G. Radnitzky and W. W. Bartley, III (eds), Evolutionary Epistemology, Rationality, and the Sociology of Knowledge (La Salle, 111.: Open Court, 1987), pp. 137-55.
6. D. T. Campbell, 'Evolutionary Epistemology', in Evolutionary Epistemology, Rationality, and the Sociology of Knowledge, op. cit., pp. 47-89.
7. W. C. Chittick, Sufi Path of Knowledge (Albany, NY: State University of New York, 1989). For a good account of many of the early Muslim philosophers see S. H. Nasr, Science and Civilization in Islam (Cambridge, Mass.: Harvard University Press, 1968) and his Introduction to Islamic Cosmological Doctrines (Boulder, CO: Shambhala, 1978).
8. These properties may be thought of as essential characteristics of tawhidi precept rather than of field. The difference between the concepts of field and precept lies in the primordiality of the latter and the sense perception of the former in the act of creation and knowing. However, this is simply a working concept to help build up an analysis, not a real one in essence, as the unicity precept essentially provides a unified world view.
9. K. E. Boulding, 'Evolution and Revolution in the Development Process', in Social Change and Economic Growth (Paris: Organization for Economic Co-operation and Development, 1967), pp. 19-29.
10. K. E. Boulding, 'The Economics of Knowledge and the Knowledge of Economies', in F. R. Glabe (ed.), Boulding: Collective Papers, vol. 2 (Boulder, CO: Colorado Association University Press, 1971), pp. 369-79.
11. K. E. Boulding, The Image: Knowledge in Life and Society (Ann Arbor, Mich.: University of Michigan Press, 1961).
12. A. Okun, Equality and Efficiency, the Big Tradeoff (Washington, DC: Brookings Institute, 1975).
13. For a good account of this neoclassical rationality concept, see R. M. O'Donnell, Keynes: Philosophy, Economics and Politics (London: Macmillan, 1989), ch. 12: 'The General Theory II: Behaviour and Rationality'.
14. P. Cagan, 'Monetarism', in J. Eatwell, M. Milgate and P. Newman (eds), New Palgrave: Money (New York: W.W. Norton, 1989), pp. 195-205.
15. R. Matthews, The Creation of Regional Dependency (Toronto: University of Toronto Press, 1983).
16. I. Wallerstein, The Modern World System (New York: Academic Press, 1974).
17. S. A. Resnick and R. D. Wolff, Knowledge and Class, A Marxian Critique of Political Economy (Chicago, 111.: University of Chicago Press, 1987).
18. F. Capra, The Tao of Physics (New York: Bantam Books, 1977). 19. I. J. Maddox, Elements of Functional Analysis (Cambridge: Cambridge
University Press, 1970). 20. M. Blaug, An Introduction to the Economics of Education (London: Pen
guin, 1970). 21. I. J. Maddox, Elements of Functional Analysis, op. cit. 22. J. Sheehan, The Economics of Education (London: George Allen & Unwin,
1973) 23. M. A. Choudhury, A Theory of Ethico-Economics (Hull: Barmarick Pub
lications, 1993).
Notes and References 191
24. A. Sen, 'The Moral Standing of the Market', in E. F. Paul, J. Paul and F. D. Miller Jr. (eds), Ethics and Economics (Oxford: Basil Blackwell, 1985), pp. 1-28.
25. S. Hallaq, 'A Note on the Existence of an Islamic Social Welfare Function', Humanomics, vol. 10, no. 2 (1994), pp. 50-7.
26. H. Nikaido, 'Fixed Point Theorems', in J. Eatwell et al. (eds), New Palgrave: General Equilibrium (New York: W. W. Norton, 1989), pp. 139-44.
27. M. A. Choudhury and U. A. Malik, The Foundations of Islamic Political Economy (London: Macmillan; New York: St Martin's Press, 1992).
4 A Theory of Renewal and Continuity in Islamic Science
1. N. Faghih, 'Some Scientific Doctrines in the Mathnawi of Mawlana Jalal Al-Din Mawlawi Rumi', Hamdard Islamicus, vol. XVI, no. 2 (1993), pp. 79-96.
2. R. A. Nicholson (trans.), The Mathnawi of Jalaladdin Rumi (London: Luzac & Co. 1926).
3. For a brief treatment of Laplace transformation see M. Kline, 'Integral Equations', in Mathematical Thought from Ancient to Modern Times, vol. 3 (New York: Oxford University Press, 1990), pp. 1052-75.
4. M. Rosenlicht, Introduction to Analysis (New York: Dover Publications, 1968).
5. H. Nikaido, 'Fixed Point Theorems', in J. Eatwell, M. Milgate and P. Newman (eds), General Equilibrium (New York: W.W. Norton, 1989), pp. 139-44.
6. R. Rucker, 'Infinity', in Infinity and the Mind, the Science and Philosophy of the Infinite (New York: Bantam Books, 1983), pp. 1-56.
7. A. W. Moore, 'Reactions', and 'Post-Kantian Metaphysics of the Infinite', in The Infinite (London: Routledge, 1991), pp. 131-43, 96-109.
8. G. Cantor, Contributions to the Foundations of the Theory of Transfinite Numbers (trans. E. B. Jourdain) (New York: Dover, 1955).
9. I. M. Gel'fand, Lectures on Linear Algebra (trans. A. Shenitzer) (New York: Interscience, 1961).
10. A. P. Robertson and W. J. Robertson, Topological Vector Spaces (Cambridge: Cambridge University Press, 1966).
11. M. A. Choudhury, The Epistemological Foundations of Islamic Economic, Social and Scientific Order, six volumes (Ankara, Turkey: Statistical, Economic and Social Research and Training Centre for Islamic Countries, January 1995).
12. B. Russell, Introduction to Mathematical Philosophy (London: George Allen & Unwin, 1970, reprinted).
13. Azm, Kant's Theory of Time (New York: The Philosophical Library, 1967). 14. N. Georgescu-Roegen, The Entropy Law and the Economic Process (Cam
bridge, Mass.: Harvard University Press, 1971). 15. M. A. Choudhury, 'The Epistemic-Ontic Circular Causation and Continu
ity Model of Unified Reality: The Knowledge Premise', paper presented at the Congress of the Society for the Advancement of Socio-Economics, New School of Social Research, March, 1992. Published in International Journal of Social Economics, vol. 20, no. 1 (1994), pp. 64-77.
192 Notes and References
16. For ideas of supersymmetry and renormalisation that look for non-infinite solutions of early universe models in the light of quantum chromodynamic theory or the solution of Einstein's fundamental equation around black holes, see H. Pagel, Perfect Symmetry, the Search for the Beginning of Time (New York: Bantam Books, 1986).
17. M. A. Choudhury, M. A. and U. A. Malik, The Foundations of Islamic Political Economy (London: Macmillan; New York: St Martin's Press, 1992).
18. M. Arif, 'Toward the Shari'ah Paradigm of Islamic Economics: The Beginning of a Scientific Revolution', American Journal of Islamic Social Sciences, vol. 2, no. 1 (July, 1985), pp. 79-99.
19. M. A. Choudhury, The Unicity Precept and the Socio-Scientific Order (Lanham, MA: University Press of America, 1993).
20. Convolution integrals across a nexus of higher topological spaces can also be used to explain the process of inter-systemic interaction-integration.
21. A. Einstein, Relativity, the Special and the General Theory (trans. R. W. Lawson) (London: Methuen, 1960).
22. M. Abu-Saud, 'The Methodology of the Islamic Behavioural Sciences', American Journal of Islamic Social Sciences, vol. 10, no. 3 (Fall 1993), pp. 382-95; S. Husain, 'Islamic Science: The Making of a Formal Intellectual Discipline', American Journal of Islamic Social Sciences, vol. 10, no. 3 (Fall 1993), pp. 305-11; M. A. Choudhury, 'A Critical Examination of the Concept of Islamicization of Knowledge in Contemporary Times', Muslim Education Quarterly, vol. 10, no. 4 (Jan. 1994), pp. 3-34.
It is centrally important in the development of an Islamic approach to science and the philosophy of science to keep away from metaphysics as a substantive ground of knowledge. The roots of scientific Ahqam in the Qur'an are distinct from and opposed to the perceptual basis of speculative philosophy. The universe, according to the Qur'an, is a purposeful and definitive spring of unified knowledge. We discover this spring by substantive reference to the Qur'an, the authentic Sunnah and continuous discursion (Ijtehad).
The Islamic philosophers drifted from such epistemic-ontic roots of the Qur'an when they took to metaphysics as the scientific premise. By so doing they were inevitably driven to rely upon and borrow from Greek philosophy. The Muslim rationalists thus introduced pantheism into the framework of what otherwise could have been a pure Islamic approach to scientific reasoning.
Western philosophy of science is derived from the primordial premise of metaphysics. Hence we have the open-ended universes of Popper and Kant; the Judaic influences of the Vienna Circle; and the empiricism of Descartes and Hume. The debate between science and metaphysics is an unresolved one in modern philosophy of science.
For a discussion of these Western roots of science in metaphysics, see D. Gillies, Philosophy of Science in the Twentieth Century, Four Central Themes (Oxford: Basil Blackwell, 1993). For the unresolved question of phenomenology, see M. Hammond, J. Howarth and R. Keat, Understanding Phenomenology (Oxford: Basil Blackwell, 1991). For the role of metaphysics in the works of philosophers of Kalam (the rationalists), see
Notes and References 193
S. H. Nasr, Science and Civilization in Islam (New York: Barnes & Noble, 1992) and S. M. H. Al-Attas, 'Islam and the Philosophy of Science', MAAS Journal of Islamic Science, vol. 6, no. 1 (1990). On the other hand, in recent times there has been renewed interest in deriving scientific roots from the Qur'an: M. Bucaille, The Bible, Qur'an and Science (Paris: Sejhers, 1987); Keith Moore's work on embryology in the Qur'an, and M. A. Choudhury, The Epistemological Foundations of Islamic Economic, Social and Scientific Order, six vols (Ankara, Turkey: Statistical, Economic and Social Research and Training Centre for Islamic Countries, 1995); and M. A. Choudhury, The Unicity Precept and the Socio-Scientific Order (Lanham, MA: University Press of America, 1993). There is also the interesting work by O. Bakar, Tawhid and Science, Essays on the History and Philosophy of Islamic Science (Kuala Lumpur: Secretariat for Islamic Philosophy and Science and Nurin Enterprise, 1991).
5 What is Islamic Political Economy?
1. This is also the view of the following authors: H. Enayat, Modern Islamic Political Thought (London: Macmillan, 1982); E. Sivan, Radical Islam: Medieval Theology and Modern Politics (New Haven, Conn.: Yale University Press, 1985). K. Ahmad, Principles of Islamic Economics (Lahore, Pakistan: Islamic Publications, 1968). K. Ahmad and Z. I. Ansari (eds), Islamic Perspectives: Studies in Honour of Sayyid Abul A 'la Mawdudi (Leicester: The Islamic Foundation, 1979); M. N. Siddiqi, Muslim Economic Thinking, A Survey of Contemporary Literature (Leicester: The Islamic Foundation, 1981); A. A. Maududi, Mashiyat-e-lslami (Economics of Islam) (Lahore: Islamic Publications, 1969).
2. Al-Qur'an, ch. ill, vs. 190. 3. M. Mahdi, Ibn Khaldun s Philosophy of History (Chicago, 111.: University
of Chicago Press, 1964). 4. J. Lovelock, 'Ghaia', in Ghaia, a Way of Knowing (ed. W. Thompson)
(Great Barrington, MA: Lindisfarne Press, 1987). 5. Imam Ghazzali, Ihya Ulum-id-Din, vol. 1: The Book of Worship (tr. M. F.
Karim) (New Delhi: Kitab Bhavan, 1982). 6. A. Mirakhor, 'Muslim Scholars and the History of Economies', The American
Journal of Islamic Social Sciences, vol. 4, no. 2 (Dec. 1987), pp. 245-76. 7. Imam Shatibi, Al-Muwafaqat Fi Usul al-Shariah (Cairo: Abdallah Draz
al-Maktabah al-Tijariyah al-Kubra, undated). 8. A. H. Maslow, Motivation and Personality (New York: Harper & Row, 1954). 9. O. Mehmet, Islamic Identity & Development (London: Routledge, 1990);
V. Nienhaus, 'Epistemology, Methodology and Economic Policy: Some Thoughts on Mainstream, Austrian and Islamic Economies', Humanomics, vol. 5, no. 1 (1989), pp. 10-38.
10. M. M. Metwally, 'The Role of the Rate of Interest in Contemporary Islamic Societies', The Middle East Business and Economic Review, vol. 1, no. 1 (January 1989), pp. 32-47.
11. H. Zangeneh, 'Islamic Banking: Theory and Practice in Iran', Comparative Economic Studies, vol. XXXI, no. 3 (Fall, 1989), pp. 67-84; M. Iqbal and M. F. Khan, A Survey of Issues and a Program for Research in Monetary
194 Notes and References
and Fiscal Economics of Islam (Islamabad: Institute of Policy Analysis, 1981).
12. V. Nienhaus, 'Visions and Realities of Islamic Banking', in Lectures on Islamic Economics and Banking (Ruhr-Universitat Bochum Seminar Fur Wirtschafts- Und Finanzpolitik, Diskussionsbeitrage, nr. 6, Dec. 1988), pp. 1-66.
13. Z. Ahmed, M. Iqbal and M. F. Khan (eds), Fiscal Policy and Resource Allocation in Islam (Islamabad: Institute of Policy Analysis, 1983); A. H. M. Sadeq, Financing Economic Development, Islamic and Mainstream Approaches (Petaling Jaya, Malaysia: Longman, 1992); M. S. Khan and A. Mirakhor, Theoretical Studies in Islamic Banking and Finance (Houston, Texas: Institute of Research and Islamic Studies, 1987); M. N. Siddiqi, Banking Without Interest (Leicester: The Islamic Foundation, 1988); A. A. Islahi, Economic Views of Ibn Taimiyyah (Leicester: The Islamic Foundation, 1986); M. A. Choudhury, Islamic Economic Co-operation (London: Macmillan; New York: St Martin's Press, 1989); M. A. Choudhury, Theory and Practice of Islamic Development Co-operation: Recent Experience of Some Asian Countries (Ankara: Statistical, Economic and Social Research and Training Centre for Islamic Countries, 1993).
14. M. Kahf, The Islamic Economy: Analytical Study of the Functioning of the Islamic Economic System (Plainfield, IN: Muslim Students Association of the U.S. and Canada, 1978); M. A. Choudhury, Contributions to Islamic Economic Theory: A Study in Social Economics (London: Macmillan Press, 1986); M. A. Choudhury, 'A Theory of Moral Entitlement in Resource Allocation', in Z. Sattar (ed.), Resource Mobilization and Investment in an Islamic Economic Framework (Herndon, VA: International Institute of Islamic Thought, 1992), pp. 45-70.
15. M. A. Choudhury, 'A Critique of Developments in Social Economics and the Alternative', International Journal of Social Economics, vol. 18. nos 11, 12 (1991), pp. 36-61; M. A. Choudhury, A Theory of Ethico-Economics (Hull: Barmarick Publications, 1993); R. Kurtner, 'Economists Really Should Get Out More Often', Business Week, 24 April 1989; M. Prowse, 'The Birth of a Broader Economic Discipline', London Financial Times, 2 April 1991; P. M. Boarman, 'Beyond Supply and Demand: The Framework of the Market Economy', Challenge, March/April 1994, pp. 31-8.
16. A. Shariati, On the Sociology of Islam (trans. H. Algar) (Berkeley, CA: Mizan Press, 1979); M. Yadegari, 'Shariati and the Reconstruction of Social Sciences', American Journal of Islamic Studies, vol. 1, no. 1 (Spring 1984), pp. 53-9.
17. A. M. Baqir as-Sadr, Our Philosophy (tr. S. C. Inati) (London: Muhammadi Trust & KPI Ltd. 1987); A. M. Baqir, Iqtisaduna (Beirut: Dar al-Fikr, 1968).
18. Z. Sardar, Islamic Futures, the Shape of Ideas to Come (Petaling Jaya, Malaysia: Pelanduk Publications, 1988).
19. M. A. Choudhury and U. A. Malik, The Foundations of Islamic Political Economy (London: Macmillan, 1992).
20. M. A. Choudhury, 'Syllogistic Deductionism in Islamic Social Choice Theory', International Journal of Social Economics, vol. 17, no. 11 (1990), pp. 4-20.
21. M. Staniland, What is Political Economy? A Study of Social Theory and
Notes and References 195
Under development (New Haven, Conn.: Yale University Press, 1985). 22. J. M. Buchanan, What Should Economists Do? (Indianapolis, Ind.: Lib
erty Press, 1979). 23. A. Quinton, Utilitarian Ethics (La Salle, 111.: Open Court, 1989). 24. D. R. Fusfeld, The Age of the Economist (Scott, Foresman & Co., 1986). 25. K. J. Arrow, The Limits of Organization (New York: W. W. Norton, 1974). 26. M. A. Choudhury, 'Micro-Macro Interface in Islamic Economic Theory',
The Middle East Business and Economic Review, vol. 3, no. 1 (1991), pp. 29-38. For a coverage of Keynesian political economy, see K. K. Kurihara, The Keynesian Theory of Economic Development (New York: Columbia University Press, 1959).
27. W. C. Mitchell, 'The Shape of Political Theory to Come: From Political Sociology to Political Economy', The American Behavioural Scientist, vol. II, no. 2 (1967), pp. 8-21.
28. D. C. Mueller, Public Choice (Cambridge: Cambridge University Press, 1979).
29. G. W. F. Hegel, The Philosophy of History (New York: Dover Publications, 1956); M. Cornforth, Dialectical Materialism, Vol. Three: The Theory of Knowledge (London: Lawrence & Wishart: 1954).
30. G. D. H. Cole, The Meaning of Marxism (Ann Arbor, Mich.: The University of Michigan Press, 1966).
31. F. A. Hayek (ed.) Collectivist Economic Planning (London: Routledge & Kegan Paul, 1935).
32. F. A. Hayek, The Constitution of Liberty (Chicago, 111.: The University of Chicago Press, 1960); L. von Mises, The Ultimate Foundation of Economic Science (Kansas City: Sheed Andrews & McMeel, 1976).
33. A. Sen, 'Freedom and Consequences', in On Ethics and Economics (Oxford: Basil Blackwell, 1990), pp. 58-89.
34. R. Nozick, Anarchy, State and Utopia (New York: Basic Books, 1974). 35. von Mises, The Ultimate Foundation, op. cit. 36. M. A. Choudhury, 'The Tawhidi Precept in the Sciences', MAAS Journal
of Islamic Science, vol. 7, no. 1 (Jan.-June 1991), pp. 29-44. 37. M. A. Choudhury, 'The Ethical Numeraire', International Journal of So
cial Economics, vol. 19, no. 1 (1992), pp. 60-72. 38. Such a concept of unfolding knowledge is recognised by Al-Arabi. See
W. C. Chittick, Sufi Path of Knowledge (Albany, NY: State University of New York, 1989).
39. M. A. Choudhury, 'Social Choice in an Islamic Economic Framework', The American Journal of Islamic Social Sciences, vol. 8, no. 2 (Sept. 1991), pp. 259-74; 'The Humanomic Structure of Islamic Economic Theory', Journal of King Abdulaziz University: Islamic Economics, vol. 2 (1990), pp. 47-64.
40. Ibn Taimiyyah, Al-Hisbah fil Islam (Public Duties in Islam: The Institution of the Hisbah) (trans. M. Holland) (Leicester: The Islamic Foundation, 1983).
41. F. I. Abdallah, 'Notes on Ibn Hazm's Rejection of Analogy (Qiyas) in Matters of Religious Law', The American Journal of Islamic Social Sciences, vol. 2, no. 2 (Dec. 1985), pp. 207-24.
42. Imam Ghazzali, Ihya Ulum id-Din, op. cit.
196 Notes and References
43. Al-Qur'an, chapter xxix, verses 19-20. 44. G. L. S. Shackle, Epistemics and Economics (Cambridge: Cambridge
University Press, 1972). 45. For the concept of bounded uncertainty, see G. L. S. Shackle, Decision, Order
and Time in Human Affairs (Cambridge: Cambridge University Press, 1969). 46. M. A. Choudhury, The Principles of Islamic Political Economy: A Meth
odological Inquiry (London: Macmillan, 1992). 47. M. A. Choudhury, 'Islamic Economics as a Social Science', International
Journal of Social Economics, vol. 17, no. 6 (1990), pp. 35-59. 48. A. Kaufmann, Introduction to the Theory of Fuzzy Subsets, vol. I (Aca
demic Press, 1975). 49. J.-M. Grandmont, 'Temporary Equilibrium', in John Eatwell, M. Milgate
and P. Newman (eds), The New Palgrave: General Equilibrium (New York: W. W. Norton, 1989), pp. 297-304.
50. This is also in the nature of sustainable development. See G. H. Brundtland, Our Common Future (New York: Oxford University Press, 1987).
51. This is a type of Herbert Simon's 'satisfycing' model. See H. A. Simon, The New Science of Management Decision (New York: Harper & Row, 1960).
52. For an explanation of this, see B. Kanitscheider, 'Einstein's Treatment of Theoretical Concepts', in P. C. Aichelburg and R. U. Sexl (eds), Albert Einstein, His Influence on Physics, Philosophy and Politics (Germany: Friedr. Vieweg & Sohn, 1979), pp. 137-58. See also G. Maxwell, 'The Ontological Status of Theoretical Entities', in H. Feigl and G. Maxwell (eds), Minnesota Studies in the Philosophy of Science, Vol. Ill, Scientific Explanation, Space and Time (Minneapolis, Minn.: University of Minnesota Press, 1962), pp. 3-27.
53. The idea of Islamicisation of knowledge has found new favour among contemporary Muslim writers. See I. al-Faruqi, Islamization of Knowledge: General Principles and Work Plan (Herndon, VA: International Institute of Islamic Thought, 1989).
54. I. J. Maddox, Elements of Functional Analysis (Cambridge: Cambridge University Press, 1970).
55. G. Becker, The Economic Approach to Human Behavior (Chicago, 111.: The University of Chicago Press, 1976).
56. M. A. Choudhury, 'Contemporary Islamic Economic Thought', Muslim Education Quarterly, vol. 8, no. 1 (1990), pp. 40-9.
57. Al-Qur'an, chapter II. 58. Al-Qur'an, chapter XLV, verse 22. 59. M. A. Choudhury, 'A Theory of Moral Entitlement Applied to Resource
Allocation', in Z. Sattar (ed.), Resource Mobilization and Investment in an Islamic Economic Framework (Herndon, VA: International Institute of Islamic Thought, 1992), pp. 45-70.
60. This is one of the fundamental concerns of the last sermon of Prophet Muhammad. See also Al-Qur'an, chapter II, verse 188. The entire Chapter II of Qur'an is implicative of establishing entitlement through the act of spending in the good cause as God has ordained it.
61. See for example Z. Ahmad, Islam, Poverty and Income Distribution (Leicester: The Islamic Foundation, 1991); S. N. H. Naqvi, Ethics and Economics:
Notes and References 197
An Islamic Synthesis (Leicester: The Islamic Foundation, 1981); A. Ghazali, Development, An Islamic Perspective (Petaling Jaya, Malaysia: Pelanduk Publications, 1990).
62. Al-Qur'an, chapter II, verses 274-80. The abolition of Riba is a central point of the last sermon of Prophet Muhammad.
63. M. A. Saud, 'Money, Interest and Qirad', in K. Ahmed (ed.), Studies in Islamic Economics (Leicester: The Islamic Foundation, 1980), pp. 59-84; M. A. Mannan, Islamic Economics: Theory and Practice (Lahore, Pakistan: Shah Muhammad Ashraf Press, 1975); M. A. Choudhury, 'The Doctrine of Riba', (Peshawar) Journal of Development Studies, vol. II, no. 1 (1979), pp. 47-68.
64. S. M. Ismail, 'Musharekat and Muzarebat', in Capitalism, Socialism and Islamic Economic Order (Lahore, Pakistan: Oriental Publications, 1989), pp. 440-75; M. N. Siddiqi, 'Some Economic Aspects of Mudarabah', Review of Islamic Economics, vol. 1, no. 2 (1991), pp. 21-33.
65. For the grants economy, see K. E. Boulding and T. F. Wilson, Redistribution Through the Financial System, The Grants Economy of Money and Credit (New York: Praeger, 1978).
66. Al-Qur'an, chapter vil, verse 31. 67. For a list of the various types of instrument used in Islamic financial
institutions, see Annual Reports of the Islamic Development Bank (Jeddah, Saudi Arabia, various issues).
6 Why Cannot Neoclassicism Explain Resource Allocation and Development in the Islamic Political Economy?
1. M. A. Choudhury, Comparative Development Studies: In Search of the World View (London: Macmillan; New York: St Martin's Press, 1993); 'A Mathematical Formulation of a Knowledge-Based World View of Development Theorizing', in E. Ahmed (ed.), Economic Growth and Human Resource Development in Islamic Perspective (Herndon, VA: The International Institute of Islamic Thought, 1993), pp. 17-29; 'A Critique of Developments in Social Economics and Alternative', International Journal of Social Economics, vol. 17, nos 11/12 (1991), pp. 36-61; 'Islamic Economics as a Social Science', International Journal of Social Economics, vol. 17, no. 6 (1990), pp. 35-59; and Chapter 5 of this book.
2. O. H. Taylor, Economics and Liberalism (Cambridge, MA: Harvard University Press, 1967); O. Lange and F. M. Taylor, On the Economic Theory of Socialism (ed. B. E. Lippincott) (Minneapolis, Minnesota: University of Minnesota Press, 1938); O. Lange, 'The Foundations of Welfare Economies', Econometrica, vol. 10 (1942), pp. 215-28.
3. E. S. Phelps, 'Distributive Justice', in J. Eatwell, M. Milgate and P. Newman (eds), New Palgrave: Social Economics (New York: W.W. Norton, 1989), pp. 31-4.
4. J. Quirk and R. Saposnik, Introduction to General Equilibrium Theory and Welfare Economics (New York: McGraw-Hill, 1968).
5. A. Sen, 'The Moral Standing of the Market', in E. F. Paul, J. Paul and F. D. Miller Jr. (eds), Ethics and Economics (Oxford: Basil Blackwell, 1985), pp. 1-28.
198 Notes and References
6. L. Robbins, An Essay on the Nature and Significance of Economic Science (London: Macmillan, 1935).
7. G. Debreu, Theory of Value, An Axiomatic Analysis of Economic Theory (New York: John Wiley & Sons, 1959).
8. J. M. Henderson and R. E. Quandt, Microeconomic Theory, A Mathematical Approach (New York: McGraw-Hill, 1971).
9. S. Martin, Industrial Economics, Economic Analysis and Public Policy (New York: Macmillan, 1988).
10. M. Parkin and R. Bade, 'Talking with Assar Lindbeck', in Economics, Canada in the Global Environment (Don Mills, Ont.: Addison-Wesley, 1991), pp. 1-4.
11. J. M. Buchanan, The Limits of Liberty, Between Anarchy and Leviathan (Chicago, 111.: The University of Chicago Press, 1975).
12. P. Minford and D. Peel, 'The Political Economy of Democracy', in Rational Expectations and the New Macroeconomics (Oxford: Martin Robertson, 1983), pp. 144-58.
13. K. J. Arrow, The Limits of Organization (New York: W. W. Norton, 1974); J. K. Whitaker, 'The Limits of Organization Revisited', in G.R. Feiwel (ed.), Arrow and the Foundations of the Theory of Economic Policy (London: Macmillan, 1987), pp. 565-83; O. E. Williamson, 'Kenneth Arrow and the New Institutional Economies', in G. R. Feiwel, Arrow and the Foundations, op. cit., pp. 584-99.
14. A. Bergson, 'A Reformulation of Certain Aspects of Welfare Economies', Quarterly Journal of Economics, vol. 52 (Feb. 1938), pp. 310-34.
15. W. F. Sharpe, Portfolio Theory and Capital Markets (New York: McGraw-Hill, 1970).
16. G. L. S. Shackle, Epistemics and Economics (Cambridge: Cambridge University Press, 1972).
17. E. Barker, The Political Thought of Plato and Aristotle (New York: Dover Publications, 1959).
18. B. Russell, A History of Western Philosophy (London: Unwin Hyman, 1990, reprinted); C-Yao Hsieh and M-Hua Ye, Economics, Philosophy, and Physics (Armonk, NY: M. E. Sharpe, 1991).
19. M. A. Choudhury, 'Kantian Perspectives and Ethical Alternatives in Social Contract Theory', Atlantic Canada Economic Association Papers, vol. 18 (1989), pp. 164-86.
20. The following sections are extracts from the author's conference paper, 'Epistemic-Ontic Circular Causation and Continuity Model of Socio-Sci-entific Reality: The Knowledge Premise', paper presented at the Congress of the Society for the Advancement of Socio-Economics, New School of Social Research, New York, March 1992. The paper appeared in The International Journal of Social Economics, vol. 21, no. 1 (1994), pp. 64-77.
21. J. M. Henderson and R. E. Quandt, Microeconomic Theory, A Methematical Approach (New York: McGraw-Hill, 1958).
22. J. Quirk and R. Saposnik, Introduction to General Equilibrium Theory and Welfare Economics (New York: McGraw-Hill, 1968).
23. G. L. S. Shackle, Epistemics and Economics, A Critique of Economic Doctrines (Cambridge: Cambridge University Press, 1972); T. Parsons,
Notes and References 199
The Structure of Social Actions (New York: The Free Press of Glencoe, 1964).
24. Henderson and Quandt, Microeconomic Theory, op. cit. 25. Y. P. Venieris and F. D. Sebold, Macroeconomic Models and Policy (New
York: John Wiley & Sons, 1977). The quantity theory equation has a post hoc error in terms of the indeterminacy of the causal relation between prices and money supply. See D. Laidler, 'The Quantity Theory is Always and Everywhere Controversial - Why?', Atlantic Canada Economic Association Papers, vol. 18 (1989), pp. 98-122; M. Desai, 'Endogenous and Exogenous Money', in J. Eatwell, M. Milgate and P. Newman (eds), The New Palgrave: Money (New York: W. W. Norton, 1989), pp. 146-50; M. A. Choudhury, 'The Endogenous Theory of Money and Islamic Capital Markets', Journal of Economic Cooperation Among Islamic Countries, vol. 12, nos 3 and 4 (1991), pp. 75-96.
26. Various kinds of rationalism are discussed by A. Etzioni in The Moral Dimension, Toward a New Economics (New York: The Free Press, 1988).
27. S. Bowles, 'What Markets Can - and Cannot - Do', Challenge, vol. 34, no. 4 (July-August 1991), pp. 11-16.
28. The following sections are summarised from the author's paper, 'The Muslim Republics of the Commonwealth of Independent States: Their Political Economy under Communism, Capitalism and Islam', presented at the Sixty-Eighth Western Economic Association Conference, Lake Tahoe, Nevada, July 1993. Published in J. C. O'Brien (ed.), The Evils of Soviet Communism and Other Essays (Bradford, West Yorkshire: MCB University Press, 1994), pp. 3-32.
29. I. Kant, Groundwork of the Metaphysic of Morals (trans. H. J. Paton) (New York: Harper Torchbooks, 1964); C. M. Sherover, Heidegger, Kant and Time (Bloomington, IN: Indiana University Press, 1972); M. A. Choudhury, The Unicity Precept and the Socio-Scientific Order (Lanham: University Press of America, 1993).
30. M. A. Choudhury, The Epistemological Foundations of the Islamic Economic, Social and Scientific Order, 6 vols (Ankara, Turkey: Statistical, Economic and Social Research and Training Centre for Islamic Countries, January 1995).
31. M. A. Choudhury, 'Islamic Economics as a Social Science', International Journal of Social Economics, vol. 17, no. 6 (1990), pp. 35-59.
32. M. A. Choudhury, 'Conflict Resolution and Social Consensus Formation in Islamic Social Choice and Welfare Menu', International Journal of Social Economics, vol. 20. no. 1 (1993), pp. 64-77.
33. E. Borensztein, 'The Strategy of Reform in the Centrally Planned Economies of Eastern Europe: Lessons and Challenges', Papers on Policy Analysis and Assessment (Washington, DC: International Monetary Fund Paper Series, 1993).
34. IMF Survey, 9 August 1993, 'Reforming Centrally Planned Economies: What Have We Learned?'.
35. R. A. Gordon, Goal of Full Employment (New York: John Wiley, 1967). Note that the social welfare function, W = W(x,p,u) satisfies all the conditions required for welfare maximisation, namely, dW/dx > 0, x being the rate of change of output; and dWIdp > 0, p being the rate of change
200 Notes and References
in CPI; dWIdu > 0, u being the rate of change of employment (also the unemployment rate). The constraint of the optimisation problem, namely that domestic prices should be competitive with the world prices of goods, is also satisfied. Yet social welfare maximisation takes place along a welfare surface that is rapidly collapsing inwards towards the origin, that is, W —> 0, with adverse changes among x, p and u. We thus have a perverse case of welfare equilibrium and optimality, although all the neoclassical conditions of welfare maximisation are satisfied. Such is the methodology of neoclassicism that remains incapable of addressing process realities.
36. M. Morishima, Walras' Economics (Cambridge: Cambridge University Press, 1977); Equilibrium, Stability and Growth, A Multisectoral Analysis (Oxford: Clarendon Press, 1964. For a mathematical version of decomposable techniques see Henderson and Quandt, Microeconomic Theory, op. cit., ch. 9.
37. M. S. Salleh, An Islamic Approach to Rural Development - the Arqam Way (London: ASOIB International, 1992).
38. M. A. Choudhury and U. A. Malik, The Foundations of Islamic Political Economy (London: Macmillan; New York: St Martin's Press, 1992).
39. A. Mirakhor and I. Zaidi, Islamic Banking, IMF Occasional Paper no. 49, 1989; M. S. Khan and A. Mirakhor, Theoretical Studies in Islamic Banking and Finance (Houston, TX: The Institute for Research and Islamic Studies, 1987).
40. Market consequentialism is discussed by A. Sen, 'The Moral Standing of the Market', in E. F. Paul, F. D. Miller, Jr. and J. Paul (eds), Ethics & Economics (Oxford: Basil Blackwell, 1985), pp. 1-28. The ethicised market is formalised in M. A. Choudhury, 'A Theory of Moral Entitlement', in Z. Sattar (ed.), Resource Mobilization and Investment in an Islamic Economic Framework (Herndon, VA: International Institute of Islamic Thought, 1992), pp. 45-70.
41. Another concept of the share economy during times of stagflation is given by M. L. Weitzman, The Share Economy (Cambridge, Mass.: Harvard University Press, 1984).
42. M. Desai, 'Endogenous and Exogenous Money', in J. Eatwell, M. Milgate and P. Newman (eds), The New Palgrave: Money (New York: W.W. Norton, 1989), pp. 146-50.
43. D. Laidler, 'The Quantity Theory is Always and Everywhere Controversial - Why?', ACEA Papers, vol. 18 (1989), pp. 98-122.
44. For the concept of embedded economy, see R. J. Holton, Economy and Society (London: Routledge, 1992). See also M. Gottlieb, A Theory of Economic Systems (New York: Academic Press, 1984). For the concept of total social system see K. E. Boulding, 'Economics as a Moral Science', in F. F. Glass and J. R. Staude (eds), Humanistic Society (Pacific Palisades, CA: Goodyear, 1972), pp. 151-64.
45. The neoclassical idea of praxis is given by Ludwig von Mises, Epistemological Problems of Economics (Princeton, NJ: Princeton University Press, 1960).
46. The author does not exonerate himself on this account in reference to his earlier works. See, for example, M. A. Choudhury, Contributions to Islamic Economic Theory: A Study in Social Economics (London: Macmillan;
Notes and References 201
New York: St Martin's Press, 1986). This was a learning process for the author in this pioneering venture. Over the years the learning experience led to his magnum opus, The Epistemological Foundations of Islamic Economic, Social and Scientific Order, 6 vols (Ankara, Turkey: Statistical, Economic and Social Research and Training Centre for Islamic Countries, 1995). For a critique of scientific theories see K. Hubner, Critique of Scientific Reason (trans. P. R. Dixon, Jr. and H. M. Dixon) (Chicago, 111.: Chicago University Press, 1985).
7 Integrating the Grassroots with Paradigms of Trade and Development: The Case of Malaysia
1. M. S. Salleh, An Islamic Approach to Rural Development - the Arqam Way (London: ASOIB International, 1992).
2. M. A. Choudhury and M. S. Salleh, 'The Grassroots Approach to Sustainable Development: The Dar al-Arqam Way in Malaysia', paper presented at the Canadian Economic Association Meeting, the Learned Societies Conference, Carleton University, Ottawa, June 1993. See also M. S. Salleh, 'An Ethical Approach to Development: The Arqam Philosophy and Achievement', Humanomics, vol. 10, no. 1 (1994), pp. 25-60.
3. For many such agricultural and villagisation projects see Salleh, 'An Ethical Approach', op. cit.
4. For a study of various kinds of grassgroots organization, see P. Ekins (ed.), A New World Order, Grassroots Movements for Global Change (London: Routledge, 1992).
5. M. S. Omar, Merdeka Kedua (Tinta Merah, Kuala Lumpur, 1990). Quoted in Salleh, 'An Ethical Approach', op. cit.
6. Editorial, 'Darul Arqam Generasi Yang Perlu Diperhitungkan', ERA, Tahun, no. 3 (1987). Quoted in Salleh, 'An Ethical Approach', op cit.
7. Quoted in Salleh, ibid. 8. All the statistical information below is taken from The Second Outline
Perspective Plan, 1991-2000 (Kuala Lumpur: Government of Malaysia, 1991). For an examination of the Islamic approach to development in Malaysia's development plans, particularly NEP, see A. Ghazali, Development: an Islamic Perspective (Kuala Lumpur: Pelanduk Publications, 1990).
9. Fortune, 'Snapshot of the PAC Rim', 7 October 1991. 10. Business Week, 'Asia: The Next Era of Growth', 11 November 1991. On
the idea of 'animal spirit' in the US economy, see J. Schlefer, 'Making Sense of the Productivity Debate: A Reflection on the MIT Report', Technology Review, Aug.-Sept. 1989, pp. 28-40.
11. J. O. Moller, 'The Competitiveness of U.S. Industry: A View From the Outside', Business Horizon, Nov.-Dec, 1991, pp. 27-34.
12 On the deindustrialization of the United States, see H. S. Gardner, Comparative Economic Systems (Chicago, 111.: Dryden Press, 1988), chapter 4.
13. R. T. Naylor, 'Impressions of an IMF/World Bank Meeting', in J. Torrie (ed.), Banking on Poverty, the Global Impact of the IMF & World Bank (Toronto: Between the Lines, 1983), pp. 35-40.
14. IMF Survey, 'IMF Addresses Poverty in Structural Adjustment Programs', 10 January 1994. See also B. Bernstein and J. M. Boughton, Adjusting to
202 Notes and References
Development: The IMF and the Poor (Washington, DC: IMF Papers on Policy Analysis and Assessment, Series no. 93/4).
15. Some issues of the IMF Survey have voiced this concern. 16. C. Tisdell, 'Imperialism, Economic Dependence and Development: A Brief
Review of Aspects of Economic Thought and Theory', Humanomics, vol. 5, no. 2 (1989), pp. 3-20.
17. For the emergence of the idea of Eurocentricity from world systems theory, see I. Wallerstein, The Modern World System (New York: Academic Press, 1974).
18. J. J. Polak, 'Economic Policy Objectives and Policymaking in the Major Industrial Countries', in M. Guth (moderator) Economic Policy Coordination (Hamburg: International Monetary Fund and HWWA-Institut fur Wirtschaftsforschung, 1988). See also a critique of the industrialised countries' approach to macroeconomic coordination in M. A. Choudhury, 'Book Review: Financing the World Economy in the Nineties (ed. J. J. Sijben) (Kluwer Academic Publishers, 1989), Weltwirtschaftliches Archiv, vol. 126, no. 3 (1990), pp. 608-10.
19. M. G. deVries, Balance of Payments Adjustment, 1945-1986, the IMF Experience (Washington, DC: IMF, 1987).
20. On the methodological impossibility of full employment, see G. D. N. Worswick, 'Full Employment', in J. Eatwell, M. Milgate and P. Newman (eds), The New Palgrave: Social Economics (New York: W. W. Norton, 1989), pp. 90-4.
21. For a critique of economic theory and policy, see C. Gonick, The Great Economic Debate, Failed Economics and a Future for Canada (Toronto: James Lorimer, 1987).
22. On the theory of stagnation in economic growth, see J. Schlefer, 'Making Sense of the Productivity Debate', op. cit., pp. 28-40.
23. The ineffectiveness of the Baker-Brady Plan is discussed in N. Raymond, 'The "Lost Decade" of Development: The Role of Debt, Trade and Structural Adjustment', The U.S. National Committee for World Food Day, October 1991, pp. 1-14.
24. That the service section of the MFN clause in the Uruguay Round will particularly help the US is evidenced by the emphasis placed on this item in the GATT Agreement. See IMF Survey, 'Trade Agreement Mandates Broad Changes', 10 January 1994.
25. The modern defeat of Muslims is seen as commencing with Iraq's defeat in the Gulf War (1991). See M. A. Choudhury, 'Islamic Futures After the Desert Storm', Hamdard Islamicus, vol. 14, no. 4 (1991), pp. 5-21. See also M. A. Choudhury, 'Muslims, Islam and the West Today', Hamdard Islamicus, vol. 17, no. 1 (Jan. 1994), pp. 19-34.
26. When writing about Germanic supremacy, Hegel claimed that 'The German Spirit is the Spirit of the new World. Its aim is the realization of absolute Truth as the unlimited self-determination of Freedom - that Freedom which has its own absolute form itself as its purpose.' See G. W. F. Hegel, The Philosophy of History (trans. J. Sibree) (New York: Dover Books, 1956), part IV, pp. 341. See also F. Fukuyama, The End of History and the Last Man (New York & Toronto: Free Press & Maxwell Macmillan Canada, 1992).
Notes and References 203
27. Cultural pluralism is another misleading idea in explaining movements and modernisation in Islam. See A. Mazrui, 'Islam and the End of History', American Journal of Islamic Social Sciences, vol. 10, no. 4 (Winter 1993), pp. 512-35. Islam remains opposed to cultural pluralism as a basis of development. Rather it presents a unified way of life, thought and knowledge across cultures and peoples. See also M. A. Choudhury, 'A Critique of Modernist Synthesis in Islamic Thought: Special Reference to Political Economy', American Journal of Islamic Social Sciences, vol. 14, no. 4 (1994), pp. 475-503.
28. J. L. Esposito, The Islamic Threat: Myth or Reality? (Oxford: Oxford University Press, 1993).
29. The impossibility of distributive justice in neoclassical economics is shown by E. S. Phelps in 'Distributive Justice', New Palgrave: Social Economics, op. cit., pp. 31-4.
30. On the topic of micro-macro interface in Islamic political economy, see M. A. Choudhury, 'Micro-Macro Interface in Islamic Economic Theory', Middle East Business and Economic Review, vol. 3, no. 1 (1991), pp. 29-38. See also M. A. Choudhury and U. A. Malik, The Foundations of Islamic Political Economy (London: Macmillan; New York: St Martin's Press, 1992), chapter 7.
31. On the role of the United States in APEC, see M. A. Choudhury, 'Institution - Economy Interface of Canadian Debt and Deficits', Economic Theory and Social Institutions: A Critique with Special Reference to Canada (Lanham: The University Press of America, 1994), pp. 377-89.
32. For an example of a proposal on future OIC reconstruction, see A. A. AbuSulayman, The Islamic Theory of International Relations (Herndon, VA: International Institute of Islamic Thought, 1991). See also M. A. Choudhury, 'Social Choice in an Islamic Economic Framework', The American Journal of Islamic Science, vol. 7, no. 2 (1991), pp. 259-1 A.
33. See also M. A. Choudhury, 'Integrating the Grassroots with World Development', Bangladesh Observer, 30 Dec. 1994. For other coverage on grassroots development, see P. Ekins, A New World Order, Grassroots Movements for Global Change (London: Routledge, 1992).
34. IMF Survey, op. cit. 35. F. Stewart, 'Proposals for a Review of GATT Article XVIII: An Assess
ment', in Uruguay Round Papers on Selected Issues (New York: United Nations, 1989), pp. 1-43.
36. M. A. Choudhury, Comparative Development Studies: In Search of the World View (London: Macmillan; New York: St Martin's Press, 1993).
37. See, for example, J. Quirk and R. Saposnik, Introduction to General Equilibrium Theory and Welfare Economics (New York: McGraw-Hill, 1968).
38. On endogenous preference theory, see S. Bowles, 'What Markets Can -and Cannot - Do', Challenge, vol. 34, no. 4 (July-Aug. 1991), pp. 11-16. Endogenous preference theory in what is termed the principle of ethical endogeneity is the keynote of the paradigm of ethico-economics presented in the journal Humanomics, edited by this author (Hull: Barmarick Publications). See also M. A. Choudhury, 'A Mathematical Formulation of the Knowledge-Based Worldview of Development', in E. Ahmad (ed.), Economic Growth and Human Resource Development in an Islamic Perspective
204 Notes and References
(Herndon, VA: International Institute of Islamic Thought, 1993), pp. 17-29. 39. M. A. Choudhury, The Unicity Precept and the Socio-Scientific Order
(Lanham: The University Press of America, 1993). 40. The knowledge-centred precept of epistemic-ontic circular causation and
continuity is developed in detail by the author through derivation from the Qur'an. For a brief but mathematical treatment see his 'Epistemic-Ontic Circular Causation and Continuity Model of Socio-Scientific Reality: The Knowledge Premise', International Journal of Social Economics, vol. 20, no. 1 (1994), pp. 64-77. A knowledge-centred post-capitalist society is also conceptualised by Peter Drucker. However, Drucker does not abandon the capitalist order in post-capitalist society. Hence knowledge as innovation and a source of generating factor productivity alone, is seen to enchance the ever intensifying post-capitalist society yet within the capitalist order. See P. F. Drucker, Post-Capitalist Society (New York: Harper Business, 1993).
41. For an elementary concept of the basic needs approach to development, see International Labour Organization, The Basic Needs Approach to Development (Geneva: ILO, 1976). On the moral values embedded in the basic needs precept, see D. Levine, Needs Rights, and the Market (Boulder, CO: Lynne Rienner, 1988).
42. The two-sector model of economic growth provides regimes of specialisation in the neoclassical framework. See H. Uzawa, 'Optimal Growth in a Two-Sector Model of Capital Accumulation', Review of Economic Studies, vol. 31 (1964), pp. 1-24.
43. On the theme of transfer dependency and economic underdevelopment, see R. Matthews, The Creation of Regional Dependency (Toronto: University of Toronto Press, 1983).
44. On the principles of Shari'ah, see [Imam] Shatibi, Al-Muwafaqat fi Usul al-Shariah (Cairo: Abdallah Draz al-Maktabah al-Tijatiyah al-Qubra, undated).
45. M. Asad, The Principles of State and Government in Islam (Gibraltar: Dar al-Andalus, 1985); This Law of Ours (Gibraltar: Dar al-Andalus, 1987).
46. For an introduction to the Markovian Process, see M. D. Intrilligator, Econometric Models, Techniques, & Applications (Englewood Cliffs, NJ: Prentice-Hall, 1978).
47. For a brief history of Ijma and Qiyas, see A. Hasan, The Doctrine of Tjma' in Islam (Islamabad: Islamic Research Institute, 1984).
48. For dynamic input-output coefficiencts, see O. Lange, Introduction to Econometrics (Oxford: Pergamon Press, 1966).
49. M. A. Choudhury, Theory and Practice of Islamic Development Cooperation in Contemporary Times: Experience of Some Asian Countries (Ankara, Turkey: Statistical, Economic, Social Research and Training Centre for Islamic Countries, 1993).
50. See various IDB Annual Reports for financing instruments with special reference to foreign trade financing. For an economic theory of foreign trade financing, see M. A. Choudhury, 'The Idea of Islamic Economic Co-operation in Contemporary Perspectives', Journal of Economic Development, vol. 14, no. 2 (1989), pp. 11-91, and 'A Generalized Theory of Islamic Development Financing', Managerial Finance, vol. 19, no. 7 (1993),
Notes and References 205
pp. 47-69. See also M. Ariff and M. A. Mannan (eds), Developing a System of Financial Instruments (Jeddah, Saudi Arabia: Islamic Research and Training Institute, Islamic Development Bank, 1990).
51. On the debate on population increase and development, see C. Skinner, 'Population Myth and the Third World', Social Policy, Summer 1988, pp. 57-62.
52. The concept of 'measure' used here corresponds to mathematical measure. See A. Friedman, Foundations of Modern Analysis (New York: Dover Publications, 1982).
53. A. Quinton, Utilitarian Ethics (La Salle, 111: Open Court, 1989). See also J. H. Mittelman, Out From Under development, Prospects for the Third World (London: Macmillan, 1988) for a critique of the neoclassical theory of development and bondage in the Third World.
54. W. D. Nordhaus, 'The Political Business Cycle', Review of Economic Studies, vol. 42 (1975), pp. 169-90. See also P. Minford and D. Peel, 'The Political Economy of Democracy', in Rational Expectations and the New Macroeconomics (Oxford: Martin Robertson, 1983), pp. 144-58.
8 The Concept of Money in Islam
1. M. A. Choudhury, 'Money and Islamic Financial Institutions', Middle East Business and Economic Review, vol. 6, no. 2 (1994), pp. 57-75. The endogenous theory of money in Islamic political economy seems to have totally escaped the attention of contemporary Islamic economists. Even recent works on money and banking in the Islamic framework do not refer to this principal concept. See for example V. Nienhaus, Lectures on Islamic Economics and Banking (mimeo., University of Bochum, Dec. 1988), pp. 1-66; M. U. Chapra, Towards a Just Monetary System (Leicester: The Islamic Foundation, 1985); M. U. Chapra, 'The Endogenous Theory of Money and Islamic Capital Markets', Journal of Economic Cooperation Among Islamic Countries, vol. 12, no. 2 (1992), pp. 75-96.
2. Consider the following formalisation: dM/dt = (l/m)(dD/dt), or dM/dD = (Mm), where m denotes the money multiplier. Compare this multiplier relation with the quantity-of-money equation M — PT/V = Y/V, where national income, Y, is given by Y = PT. If we further assume that y = aD, D, being deposits in banks, creating money supply, then M = (a/V) D. We thereby have by comparison of equations, the resulting equations M = Via. This shows the relationship between the money multiplier and the velocity of money supply.
3. The volatility of the monetary numeraire increases in paper issues and reduces in the gold standard. Thus, present days volatility of paper-based monetary numeraire increases the methodological problem of defining stable money in the received economic system.
4. M. Friedman, 'Quantity Theory of Money', in J. Eatwell, M. Milgate and P. Newman (eds), New Palgrave: Money (New York: W. W. Norton, 1989), pp. 40.
5. M. A. Zarqa, 'An Islamic Perspective on the Economics of Discounting in Project Evaluation', in Z. Ahmad, M. Iqbal and M. F. Khan (eds), Fiscal Policy and Resource Allocation in Islam (Jeddah, Saudi Arabia:
206 Notes and References
International Centre for Research in Islamic Economics, King Abdulaziz University; Islamabad, Pakistan: Institute of Policy Analysis, 1983), pp. 203-34.
6. M. N. Siddiqi, 'Economics of Profit-Sharing', in Fiscal Policy and Resource Allocation in Islam, pp. 163-85.
7. R. Wilson, Banking and Finance in the Arab Middle East (London: Macmillan, 1983). See also T. Wohlers Scharf, Arab and Islamic Banks (Paris: Organization for Economic Co-operation and Development, 1983).
8. M. A. Choudhury and U. A. Malik, The Foundations of Islamic Political Economy (London: Macmillan; New York: St Martin's Press, 1992).
9. International Association of Islamic Banks, The Aggregate Balance Sheet of the International Association of Islamic Banks (Cairo, 1988).
10. A. Ahmad, Development and Problems of Islamic Banks (Jeddah, Saudi Arabia: Islamic Research and Training Institute, Islamic Development Bank, 1987).
11. COMCEC Coordinating Office, Standing Committee for Economic and Commercial Cooperation of the Organization of the Islamic Countries, Report: Ninth Session of the COMCEC, Istanbul, 1-4 September 1993 (Ankara, Turkey, September 1993).
12. O. Mehmet, Westernizing the Third World (London: Routledge, 1995). 13. T. E. Nugent, 'Greenspan Hews to Price Rule', The Wall Street Journal
Europe, 25-6 February 1994.
Index
a priori 13, 29-30, 32, 36, 40-50, 53, 55-9, 63, 119, 121-2, 137
a posteriori 29-30, 32, 36, 41, 44, 46-50, 53, 55, 57-9, 119, 122
Ahkam xviii, xxii, 33-4, 85-90, 137
Akhira (hereafter) 65, 90 axiomatic (also axioms) 24, 59,
66, 100, 106, 108, 115, 118, 121, 124
basic needs 151-2, 157-8 bilinear 81, 88-9, 91 Bretton Woods xxi, 24, 42, 44,
142, 144
capital market 129, 179, 183 capitalism (also capitalist) 4-5, 14,
18, 24-5, 28, 40, 62, 95, 98, 114, 122-3, 128-29, 130-2, 144-6, 151-2, 156, 161, 168, 180
cardinality 65, 67, 82-3 cause-effect 20, 22, 40, 88,
157-8 circular causation xxi, 3, 29-35,
36, 50-5, 83, 89, 108, 124, 129, 157, 165
cointegration 17 complementarity 3, 24, 28, 51-5,
64-5, 107, 116, 122-4, 127, 129, 131, 141-2, 151, 162-3, 165-6, 176
consensus xiii, 27, 35, 67, 70-2, 74, 84, 100-3, 106, 124-5, 130, 155
consequentialism 7, 70-1, 99, 109, 115-16, 148, 156, 167
consumer indifference curves 6-7, 13
consumption 7, 21, 23, 26, 39, 91, 106, 111, 119, 123, 125, 128, 130, 145, 151, 156, 160
cooperation 7, 64, 86, 94, 103, 108, 110, 121, 128, 132, 137, 148, 150, 153, 155, 158, 161, 163, 166, 179-80
cosmogony (also cosmology) 19, 33
criticisability 58-9
deductionism (also deductive) 13-14, 29, 41, 49, 53
democracy 4, 15, 23-5, 129 development (economic, financial
human, etc.) xx, xxi, 1, 4, 28, 61, 73, 85, 96, 108, 114, 129, 135-8, 140, 143, 145, 147-9, 150-6, 163-4, 166-8, 176, 178-9, 183
dialectical materialism (also dialectics) 4-5, 18, 37, 38, 48, 99
distribution xii, xv, 7, 23, 26, 42, 97-8, 103, 115, 119, 123, 125, 128, 141, 143, 147-8, 150-1, 153, 155-6, 158, 160, 166-7, 177
dualism (also duality, dualistic) 1-2, 3-6, 8-9, 11-12, 14, 19-20, 22, 28, 48, 49-52, 56-8, 63, 73, 116-19, 126-7, 158
ecology (also ecological) 26, 70, 75, 84, 88-9, 96-7, 102, 105, 123, 128
econometric(s) 16-18, 30, 32 economic growth (also growth) 6,
103, 128, 128, 142-3, 145, 147-8, 151, 153-5
efficiency (also economic efficiency) xv, xxi, 6-7, 23, 45, 61, 64-6, 68, 73, 103, 105, 114-15, 121, 130, 143, 148, 153-4, 167, 181
207
208 Index
endogenous (money, preferences, process, ethical endogeneity) xxi, 3, 7, 21, 30, 32, 50-4, 73, 105, 108, 126, 131-2, 152, 157-60, 162-3, 165-6, 168, 173-4, 181-2, 184
entitlement 8, 85-6, 103, 105, 109, 110, 112, 156, 184
epistemic-ontic xvi, 29, 31, 33-5, 51-5, 83-4, 101, 105, 108-9, 124, 129, 157, 165
epistemology (also epistemological) xi, xiii, xxii, 1, 3, 8, 14-15, 18, 20-7, 29-30, 32-7, 40-1, 44, 47-8, 55-60, 62-4, 66-7, 69, 74, 93, 95, 99, 108, 122, 124, 128-9, 130-1, 133, 138, 157-8, 166, 184
equilibrium (also equilibria, general and monetary equilibrium) 15-18, 28, 37, 38, 42, 60, 62, 72, 101, 104-5, 116, 118, 120, 125-7, 133, 144-5, 151, 156, 159, 169-70, 172-4, 183
equity (also distributive equity) xv, xxi, 6-7, 45, 61, 64-6, 68, 109, 112, 114-15, 167, 181, 184
ethico-economics 57, 68, 72, 75, 84, 96, 103, 108, 158
Eurocentricity 144 evolutionary (epistemology, theory,
etc.) 15-16, 19-20, 22, 30, 34, 36, 37, 50-1, 58-9, 61, 65-7, 70, 73-4, 80, 85, 100, 102, 103-2, 105, 107, 109, 111, 118-19, 122, 124-5, 129, 166, 168
exchange rate (mechanism) 126, 145, 156, 169
exogenous (money, preferences, money, exogeneity, etc.) 26, 32, 50, 118, 157, 162, 166, 169-71, 174 183
falsificationism (also falsifying) 17, 29, 58
fiscal policy xv, 142, 145 foreign trade financing 163, 176,
183
full employment 42, 144-5, 170, 173
globalisation 3-4, 143, 146, 152, 179-80
Hayek, F. 8, 98-9 Hegel, G. W. F. (also Hegelian,
Hegelianism) 4, 37, 38, 39, 48, 50, 146
individualism (also methodological individualism) 4-7, 9, 11, 16, 23, 40, 45, 48, 98, 116, 118, 120, 127, 147-8, 158
individuation 14-16, 19-20, 24, 28-30, 38, 41, 47, 51, 134
inductive (also induction, inductionism) 13-14, 16-17, 29-30, 40, 41, 43
institutionalism xxi, 4, 8, 35, 95-7, 117, 161
interactive-integrative xxi, 11, 20-3, 25-7, 30, 32, 34-6, 48, 50, 84, 86, 124, 135, 137, 139, 149-52, 156, 160-1, 165, 167-8, 184
interest rates (also Riba) 42, 86, 103, 110-12, 126, 130, 145, 161, 169-70, 176, 181-2
interlinkages 129, 132, 135, 141, 147-9, 151-2, 160, 162-3, 166, 176, 183
investment 7, 94, 103, 111, 145, 152, 165, 173-6
Islamic banks (banking) 129, 174, 176, 180; Common Market (ICM) 150, 152-3; economic(y) xxi-ii, 35, 92, 94-5, 169, 174
Islamicisation 9, 68, 106, 129, 152, 179-80
Israf 86, 103, 111-12
justice (distributive justice, social justice) 6, 8, 24, 73, 92, 130, 136, 155
knowledge-based (also knowledge-centred, knowledge-induced
Index 209
world view, etc.) xx-xxii, 20-1, 23, 26-8, 30, 33, 54-6, 69, 73, 75, 80, 82-3, 88-90, 100, 107-8, 121-2, 125, 137-9, 149-52, 157, 159, 162-4, 166-8
Marxism (also Marx, Marxist) 4, 8, 18, 38-40, 48, 50-1, 98-9, 131
measure-theoretic 71-2 microenterprise 149, 151, 155, monetary (monetarism, sector, etc.)
8, 42-3, 62, 120, 126, 130, 142-3, 145, 167, 170, 180
money demand 174, 18-182; supply 170, 182-3
Mudarabah (Musharakah) 86, 103, 110-12, 128, 176-7, 181
multilinear relations (transformation) 79, 81-3, 89, 91
national income 42, 111, 141-3, 147, 169
natural selection 19, 58, 59 neoclassical classical (also
neoclassicism) xxi, 4, 6-7, 9, 18, 20, 28, 32, 45, 47, 61, 73, 90, 95-6, 98, 105-8, 110, 114, 116-18, 119-20, 126-7, 130-3, 142-5, 147-8, 151-4, 157-8, 162, 166-8
normative 15, 28-9, 32-3, 53-4, 58, 84, 106
North Atlantic Free Trade Agreement (NAFTA) 142, 153, 168
ontic 29-30, 36, 40-1, 43, 48, 50, 100, 106, 109, 111, 121-2
ontology (also ontological) xxii, 29, 40-1, 90, 98, 106
optimality (also optimisation, maximisation and Pareto optimal) 6-7, 13-15, 72, 75, 103-4, 114-18, 121, 126-7, 144, 157, 162, 166
Pacific Rim 25, 142-3, 145-6, 148, 153, 168
phenomenology 49, 55, 90
pluralism (also plurality) xvii, 10, 12, 14-16, 20, 22, 28-9, 33, 57, 59, 63, 184
policy coordination 129, 143-5, 163, 168
polity-market interactions 68, 71-3, 75, 85, 88-9, 96, 103-5, 121, 125, 130-1, 160
positivistic 106-7 postmodernism xxii, 13-16, 33,
38, 50, 55 preferences 4, 24-7, 70-1, 72, 88,
97-8, 100, 103-6, 115-16, 119, 123-4, 130, 134, 145, 149, 151, 156-9, 168, 181
probability (also probabilistic model, universe, etc.) 13-14, 17, 77-90
production 7, 13-14, 21, 23, 26, 39, 98, 119, 123, 125-6, 128, 130, 151, 156-60, 163, 167, 182
production possibility curve (surface) 6-7, 106, 117, 162, 167
quantity theory (of money) 41, 42, 169, 171, 173, 183
quantum physics 14
rational expectations 7, 169-70, 172, 183
rationalism (also rationalistic) xvii, 2-3, 37, 47, 57, 60, 63, 119, 138
rationality (economic) 17, 138 reason (also reasoning) xiii, 1, 4-5,
9, 11-17, 22, 25, 30, 37, 38, 39, 40, 41, 43-51, 53, 55, 60, 66, 89, 92, 98, 99, 108
regression models 13 relativity theory (physics) 14, 79,
89-90 revelation 34, 60, 66, 93
Shari'ah (Islamic Law) xviii, 33-5, 73-5, 84-6, 89, 92, 94, 100-3, 106, 108-11, 124, 128-9, 137, 155, 157, 168, 178, 175
210 Index
Shuratic process xxii, 1, 32, 34-5, 68, 84-5, 88, 96, 100-2, 108, 110-11, 125, 128-33, 136, 150, 168, 180
simulation (simulative) 30-1, 51, 52, 72, 82, 86, 104, 113, 165, 183-4
social: choice xx-xxi, 6-7, 56, 69, 73, 75, 98, 117, 138; well-being xv, 131, 135, 137; welfare function xx-xxi, 6-7, 15, 24, 28, 56-7, 69, 72-5, 103-4, 117, 126, 149
socio-scientific (systems, orders, etc.) xx-xxi, 21-3, 26, 30-1, 34, 38, 41, 56-7, 59, 66, 75, 80, 83-5, 96-7, 100, 104-5, 119, 122, 125, 133, 135, 137, 184
stabilisation 145, 184
Tawhid 56, 59, 60, 66, 69, 75, 85, 87, 96, 110-12, 124, 184
technology (also technological) 18, 128, 146-7, 151, 155-8, 161, 164, 167
time-series 18
topology (also topological) 12, 16, 19, 30, 50-4, 56, 80-2
trade 142-5, 147-8, 151-2, 154-6, 163-4, 166-8
Ummah xvii-xviii, 133, 146 uncertainty 5, 10, 20, 59, 76,
102, 105, 132; Heisenberg principle 13
unification xx, 1, 5, 9-10, 12, 14-15, 19-29, 32-4, 36, 37-8, 45, 48-50, 52-6, 59-60, 66, 73, 75, 101, 106, 135, 184
unified field theory 30, 45 Uruguay Rounds 142 utilitarianism (also utilitarian) 4,
10, 23, 28, 43, 97, 115, 167 utility (function) 6-7, 28, 45, 93,
114-15, 117, 120
wealth 42, 97-8, 110, 128, 141, 147, 158
World Trade Organisation (WTO) 142, 145-6
Zakah 86, 103, 110-12, 155, 176
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