Comparative Economic Theory Occidental and Islamic by Masudul Alam Choudhury

By Masudul Alam Choudhury

Comparative financial concept: Occidental and Islamic Perspectives seeks first to explain the character and method of Islamic political economic system as a process-oriented social economic climate guided by way of its cardinal epistemology of Oneness of God (Divine Unity). From this premise is then derived the episteme of unification of information upon that is built the methodological content material of a very interactive, integrative and progressive world-view of political economic climate and a meta-theory of the socio-scientific order. Secondly, whereas laying out the development blocks of Islamic political economic system and its a lot wider methodological implication for the socio-scientific order, this e-book bargains a comparative examine of occidental suggestion within the related parts. Thirdly, themes of microeconomics and macroeconomic conception are lined. This e-book concludes with chapters on method and an analytical postscript to teach how the interactive, integrative and evolutionary world-view of knowledge-induced structures defined via the Islamic political economic system provides new visions of medical thinking.

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In what follows '0' denotes compound mapping. 1 we derive the following interrelationships for the Divine Unity based world view: From these we generate the recreative process (RC) in this order: 23 Comparative Economic Theory These processes are further interconnected with the inner Smithian process as follows, to form the globally interactive process (INT(T»: INT(n = (g3ng3')n(HE) 0 (g2ng2')n(SA) 0 (glngl')[T] = [(g3ng3'nf2nf2') 0 fl 0 (g2ng2'nfl) 0 (glngm(T). By linear approximation in fl and & - the non-linear form will become more complex.

Now inter-systemic interactions are eliminated by the process of the long-run evolution of dualistic and competing systems towards optimality. Such a state is attained by marginalization of agents, variables, relations and systems through conflict, competition, methodological individualism and pluralism. In Qur'anic inquiry, method and methodology must be necessarily interconnected, as we will explain below. If human predicament is due to the precept of methodological individualism in the theory and application of rationalistic doctrines, then a return to moral and ethical roots while not sacrificing material well-being, must abandon all rationalistic epistemology.

This dichotomy between economic and socio-ethical factors have caused embedded or structural duality in the entire socio-economic arrangement of occidental order. The dualism is structural because by its perceptions on normative and positive laws, it is indelibly and intrinsically entrenched in the system by methodological, behavioural and institutional factors. The result of such structural dualism is that it remains persistent without exception in the whole terrain of occidental social and economic history, in spite of the good intentions that many exponents had to the humanistic alternative (Lutz 1988).

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