The Future of Economics. M. Umer Chapra
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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
Quran House, P.O. Box 30611, Nairobi, Kenya
P.M.B. 3193, Kano, Nigeria
ISBN 0 86037 275 8 (HB)
ISBN 0 86037 276 6 (PB)
eISBN 978 0 86037 656 9
All rights reserved. No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording or otherwise, without the prior permission of the copyright owners.
Views expressed by different authors of books and studies represent their personal views and do not necessarily represent the views of the Islamic Foundation
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