History of Economic Thought Hidden Within the Archives of Abrahamic Religions
- 127 Downloads
The Ibrahimic religions in spite of their theological differences share many common grounds in their view of right and wrong within relation to persuasion of market regulations and orthology of governing the market. This research focuses on these common grounds and explores the history of economic thoughts within each religion, as they respond to the ever-changing market conditions over the history. Motivation/problem statement: The historical experiences of Judaism and Christianity related to their attempts on regulating the market for the promotion of general good can unlock fundamental errors in religion’s efforts of taming the market through regulations. This information can play a vital role in carving the path for the development of market regulations within Islam. Methods/procedure/approach: This qualitative research is a case study which applies disclosures analysis on a wide range of available literature for extracting the results. Conclusion/implications: The path taken by Judaism and Christianity in this journey and the aftermath of historical development within their regulations for market is not only a lesson from history but also a guiding manual which can save Islamic Jurisprudence from falling into the same trap which Judaism and Christianity failed to overcome.
KeywordsAbrahamic faiths Morality and market regulations
- Ainley, M.; Mashayekhi, A.; Hicks, R.; Rahman, A. and Ravalia, A. 2007. Islamic Finance in UK: Regulation and Challenges. London: Financial Services Authority.Google Scholar
- Baron, S. W. 1952. A Social and Religious History of the Jews. Volume I: Ancient Times, Part I. Jewish Publication Society of America.Google Scholar
- Berger, A. 2004. Encyclopedic Dictionary of Roman Law: Transactions of the American Philosophical Society, New Ser. V. 43, Pt. 2. Clark, NJ, US: The Lawbook Exchange Ltd.Google Scholar
- Blume, Fred. H. and Kearley, T. 2009. Annotated Justinian Code (2nd Edition). Available at: http://uwacadweb.uwyo.edu/blume%26justinian/. Access Date: 8 September 2017.
- Calder(a), N. 2010. S̲harīa. In Encyclopaedia of Islam (2nd Edition). Edited by P. Bearman; Th. Bianquis; C. E. Bosworth; E. van Donzel and W. P. Heinrichs. Brill Online. Durham University Library. Available at: http://www.brillonline.nl/subscriber/entry?entry=islam_COM-1040. Access Date: 6 August 2017.
- Calder(b), N. 2010. Uṣūl al- Fiḳh. Encyclopaedia of Islam (2nd Edition). Edited by P. Bearman; Th. Bianquis; C. E. Bosworth; E. van Donzel and W. P. Heinrichs. Brill Online. Durham University Library. Available at: http://www.brillonline.nl/subscriber/entry?entry=islam_SIM-7761. Access Date: 6 August 2017.
- Cassirer, E. 1979. The Philosophy of the Enlightenment. Princeton, NJ, US: Princeton University Press.Google Scholar
- Catholic Encyclopedia. Interest. Available at: http://www.newadvent.org/cathen/08077a.htm. Access Date: 6 August 2017.
- Catholic Encyclopedia. Usury. Available at: http://www.newadvent.org/cathen/15235c.htm. Access Date: 28 April 2018.
- Donald, A. H. 1989. Christianity and Economics: Biblical Foundations. In Economics and Religion (Volume II). Edited by Paul Oslington, 89–179. Cheltenham: Edward Elgar Publishing Limited.Google Scholar
- Donald, A. H. 2003. Christianity and Economics: Theological Ethics. In Economics and Religion (Volume II). Edited by Paul Oslington, 136–167. Cheltenham: Edward Elgar Publishing Limited.Google Scholar
- Forrest, B. 2000. Methodological Naturalism and Philosophical Naturalism: Clarifying the Connection. PHILO, 3(2) (Fall–Winter), 7–29.Google Scholar
- Friedman, H. H. 2001. The Impact of Jewish Values on Marketing and Business. Journal of Macromaking, 21(June), 74–81.Google Scholar
- Friedman, L. W. and Friedman, H. H. 2009. The Financial Meltdown of 2008: The Perspective of Jewish Law. Available at: http://www.jlaw.com/Articles/resolving_estate_law.pdf. Access Date: 12 August 2017.
- Grice-Hutchinson, M. 1978. Early Economic Thought in Spain 1177–1740. London, UK: George Allen & Unwin.Google Scholar
- Hackett, L. 1992. The Age of Enlightenment: The European Dream of Progress and Enlightenment. Available at: http://history-world.org/age_of_enlightenment.htm. Access Date: 4 August 2018.
- Heimann, E. 1947. History of Economic Doctrines. UK: Oxford University Press.Google Scholar
- Hezser, C. 1993. Form, Function, and Historical Significance of the Rabbinic Story in Yerushalmi Neziqin (Texte und Studien zum antiken Judentum). Germany: Mohr Siebeck.Google Scholar
- Hooker, R. 1996. The European Enlightenment: The Scientific Revolution. Available at: http://www.wsu.edu:8001/~dee/ENLIGHT/SCIREV.HTM. Access Date: 4 August 2017.
- Huberman, L. 1937. Man’s Worldly Goods. London: The Camelot Press Ltd.Google Scholar
- Hunt, E. K. 1981. Property and Prophets: The Evolution of Economic Institutions and Ideologies. New York: Harper & Row.Google Scholar
- Lannaccone, L. R. 1998. Introduction to the Economics of Religion. Journal of Economic Literature, XXXVI(September), 1465–1496.Google Scholar
- Legal Week. 2009. French Reform to Bring Islamic Finance at the Heart of Europe. Available at: http://www.allbusiness.com/company-activities-management/company-structures/12596126-1.html. Access Date: 20 August 2017.
- Leiter, M. S. Jewish Law Research Guide. Gables, FL, US: University of Miami. Available at: http://library.law.miami.edu/judaicguide.php#secondary. Access Date: 2 September 2017.
- Maharal: Chapter 1: Mishna 1: Part 3. Available at: http://www.torah.org/learning/maharal/p1m1part3.html. Access Date: 23 January 2018.
- Munby, D. L. 1956. Christianity and Economic Problems. London, UK: Macmillan & Co Ltd.Google Scholar
- Neuser, J. 1972. A History of the Jews in Babylonia (Volume 4). Leiden, The Netherlands: E. J. Brill.Google Scholar
- Numbers, R. L. Science Without God: Natural Laws and Christian Beliefs. In When Science and Christianity Meet. Edited by C. L. David and L. N. Ronald, 265–287. Chicago, IL, US: The University of Chicago Press.Google Scholar
- Resnicoff, S. H. 2005. Contemporary Issues in Halakhah. In Modern Judaism. Edited by N. De Lange and M. Freud-Kandel, 363–374. UK: Oxford University Press.Google Scholar
- Runzo, J. 2001. A Short Introduction: Global Philosophy of Religion. New York: One World Publication.Google Scholar
- Ryan, P. M. A. 2003. The History of the Market System. Available at: http://www.zeromillion.com/econ/history-of-the-market-system.html. Access Date: 23 March 2017.
- Schacht, R. 1985. Nietzsche. London: Taylor & Francis Ltd.Google Scholar
- “Scientific Revolution,” Microsoft Encarta Online Encyclopedia. 2009. Available at: http://encarta.msn.com/encyclopedia_701509067/Scientific_Revolution.html. Access Date: 4 August 2017.
- The History of Economic Thoughts. Available at: http://homepage.newschool.edu/het/. Access Date: 21 July 2017.
- The List: The World’s Fastest Growing Religions. 2009. Available at: http://www.foreignpolicy.com/story/cms.php?story_id=3835. Access Date: 14 August 2017.
- Wæver, O. 2007. World Conflict Over Religion: Secularism as Flawed Solution. Paper Presented at the Annual Meeting of the International Studies Association 48th Annual Convention, Hilton Chicago, Chicago, IL, USA. Available at: http://www.allacademic.com/meta/p181388_index.html. Access Date: 18 August 2017.