The Future of Economics. M. Umer Chapra
Islamic Economics Series – 21
THE FUTURE OF
ECONOMICS
An Islamic Perspective
M. UMER CHAPRA
THE ISLAMIC FOUNDATION
Copyright © The Islamic Foundation, 2000/1420 H
Published by The Islamic Foundation Markfield Conference Centre, Ratby Lane, Markfield, Leicester LE67 9SY, United Kingdom Tel: (01530) 244944, Fax: (01530) 244946 E-mail: [email protected] Web site: www.islamic-foundation.org.uk
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ISBN 0 86037 275 8 (HB)
ISBN 0 86037 276 6 (PB)
eISBN 978 0 86037 656 9
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Type-setting by: N.A. Qaddoura Cover design: Imtiaze A. Manjra
To
my wife, Khairunnisa,
without whose help and cooperation
this book may not have seen
the light of day
Contents
Introduction: Is it Necessary to Have Economics with an Islamic Perspective?
Chapter 1: Conventional Economics
Conflict Between Goals and Worldview
Government Non-Intervention: The Symmetry Between Public and Private Interests
The Keynesian Consensus and its Breakdown
The Incomplete Scientific Revolution
Breakdown of Family and Social Solidarity
The Relevance of Islamic Economics
Chapter 2: The Islamic Paradigm Through History
The Dilemma: The Ideal and the Reality
Chapter 3: Can Science be Built on a Religious Paradigm? (The Conflict of Reason