Advertisement

The Institutional Structure of Development in Islam

  • Abbas Mirakhor
  • Hossein Askari

Abstract

In this chapter we focus on the core institutional structure (rules) specified in the Metaframework and Archetypal Model. This core structure constitutes the foundational scaffolding for comprehensive and complete development in Islam.1

Keywords

Human Dignity Distributive Justice Institutional Structure Difference Principle Resource Endowment 
These keywords were added by machine and not by the authors. This process is experimental and the keywords may be updated as the learning algorithm improves.

Preview

Unable to display preview. Download preview PDF.

Unable to display preview. Download preview PDF.

Notes

  1. 1.
    M. H. Al-Tabatabai, Al-Mizan fi Tafsir Al-Quran (Beirut: Al-Matba’ah Al Tijariyyah): 19–43; M. R. Al-Hakimi, M. Al-Hakimi, and Ali Al-Hakimi, Al-Hayat (Tehran: Maktab Nashr Al- Thaqrafa Al-Islamiyyah, 1989), Vol. 1, 239–265.Google Scholar
  2. 7.
    Y. Qardawi, Al-Iman wa Al-Hayat (Beirut: Mua’sessatal Risala, 1979): 175–191.Google Scholar
  3. 11.
    S. Habachy, “Property, Right, and Contract in Muslim Law,” Columbia Law Review I Vol. 62 (1962): 450–473.CrossRefGoogle Scholar
  4. 13.
    U. Duchrow and Franz J. Hinkelammert, Property for People, Not for Profit: Alternatives to the Global Tyranny of Capital (London: Zed Books, 2004), 15–16; On the role of prophets, see also Al-Hakimi, Al-Hakimi, and Al-Hakimi, Al-Hayat, Vol. 2, 23–68.Google Scholar
  5. 16.
    M. Tamari, “With All Your Possessions”: Jewish Ethics and Economic Life (New York: Free Press, 1987), 30–35.Google Scholar
  6. 25.
    G. A. Cohen, If You’re an Egalitarian, How Come You’re So Rich? (Cambridge, MA: Harvard University Press, 2000), 49; Al-Hakimi, Al-Hakimi, and Al-Hakimi, Al-Hayat, Vol. 5, 125–157.Google Scholar
  7. 30.
    D. C. North, “Five Propositions about Institutional Change,” in Explaining Social Institutions, ed. J. Knight and I. Sened, 15–26 (Ann Arbor: University of Michigan Press, 1995);Google Scholar
  8. Al-Hakimi, Al-Hakimi, and Al-Hakimi, Al-Hayat, Vol. 1, 366; E. M. Uslaner, The Moral Foundation of Trust (Maryland: University of Maryland College Park, 2008).Google Scholar
  9. 52.
    K. Polanyi, “Primitive Archaic, and Modern Economics,” in Essays of Earl Polanyi, ed. George Dalton (New York: Beacon Paperbacks, 1971).Google Scholar
  10. 53.
    John McMillan, Reinventing the Ba z ar: A Natural History of Markets (London: W.W. Norton, 2002), ix.Google Scholar
  11. 57.
    C. Geertz, “The Bazaar Economy: Information and Searching Peasant Marketing,” American Economic Review Vol. 68 No. 2, May (1978): 32–28;Google Scholar
  12. See also W. M. Weiss, The Baazar: Markets and Merchants of the Islamic World (London: Thames and Hudson, 1989).Google Scholar
  13. 59.
    A. Metz, Islamic Civilization in the Fourth Century of Hijrah, translated by M. Abdil Hadi (Beirut: Dar al- Kutub, 1967): Chapter 26;Google Scholar
  14. M. J. Kister, “The Market of the Prophet,” Journal of the Economic and Social History of the Orient Vol. 8, No. 3, January (1965): 272–276;CrossRefGoogle Scholar
  15. H. H. Shihata, “Market Competition in Light of Islamic Sharia,” (Department of Commerce: Al-Azhar University, 1977).Google Scholar
  16. 64.
    E. Lorenz, “Trust, Contract and Economic Cooperation,” Cambridge Journal of Economics Vol. 23 (1999): 301–315;CrossRefGoogle Scholar
  17. Uslaner, Moral Foundation of Trust; F. Fukuyama, Trust: The Social Virtues and the Creation of Prosperity (New York: Free Press, 1995);Google Scholar
  18. A. Alesina and E. La Ferrara, “Who Trusts Others?” Journal of Public Economics Vol. 85 (2002): 207–234;CrossRefGoogle Scholar
  19. J. Berg, J. Dickaut, and K. McCabe, “Trust, Reciprocity, and Social History,” Games and Economic Behavior Vol. 10 (1995): 122–142;CrossRefGoogle Scholar
  20. K. O’Hara, Trust from Socrates to Spin (Duxford, UK: Icon Books, 2004);Google Scholar
  21. P. Zak, “The Neurobiology of Trust,” Corante Tech News (2003); Paul Zak and S. Knack, “Trust and Growth,” Economic Journal Vol. 3 April (2001): 295–321;CrossRefGoogle Scholar
  22. A. Mirakhor, “Globalization and Islamic Finance,” (Presented at the Sixth International Conference on Islamic Economics and Finance, Jakarta, Indonesia, November 21–24, 2005);Google Scholar
  23. E. Fehr, U. Fischbacher, and M. Kosfeld, “Neuroeconomic Foundation of Trust and Social Preferences: Initial Evidence,” (Working paper, AEA Papers and Proceedings Vol. 95 No. 2, 2005).Google Scholar
  24. 66.
    Elinor Strom, “Doing Institutional Analysis Digging Deeper than Markets and Hierarchies,” in Handbook of New Institutional Economics, ed. Claudd Menard and Mary M. Shirly (Dordrecht, The Netherlands: Springer, 2005), 824–830.Google Scholar
  25. 67.
    Al-Hakimi, Al-Hakimi, and Al-Hakimi, Al-Hayat; Z. Iqbal and A. Mirakhor, An Introduction to Islamic Finance: Theory and Practice (Singapore: John Wiley and Sons, 2007), 35–38, 244–246, 298–302.Google Scholar
  26. 68.
    Al-Hakimi, Al-Hakimi, and Al-Hakimi, Al-Hayat, Vol. 2, 2–25; Vol. 6, 324– 451; Shaheed Seyyed Qutb, Social Justice in Islam, translated by J. B. Hardie (Washington DC: American Council of Learned Societies, 1953).Google Scholar
  27. 69.
    J. Arthur and W. H. Shaw, Justice and Economic Distribution (Upper Saddle River, NJ: Prentice Hall, 1991), 4.Google Scholar
  28. 70.
    J. Rawls, “A Theory of Justice,” in Justice and Economic Distribution, ed. Arthur and Shaw (Upper Saddle River, NJ: Prentice Hall, 1971): 13–63.Google Scholar
  29. 71.
    R. Dworkin, Sovereign Virtue (Cambridge, MA: Harvard University Press, 2000).Google Scholar
  30. 72.
    J. E. Roemer, Equality of Opportunity (Cambridge, MA: Harvard University Press, 1998).Google Scholar
  31. 73.
    Paul Gomberg, How to Make Opportunity Equal (Malden, MA: Blackwell, 2007), 20.CrossRefGoogle Scholar
  32. 78.
    R. Nozick, Anarchy, State, and Utopia (New York: Basic Books, 1974).Google Scholar

Copyright information

© Abbas Mirakhor and Hossein Askari 2010

Authors and Affiliations

  • Abbas Mirakhor
  • Hossein Askari

There are no affiliations available

Personalised recommendations