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Islam and the Path to Human and Economic Development
Contact us. To rent this content from Deepdyve, please click the button. Rent from Deepdyve. Abstract Purpose — The purpose of this paper is to analyze the human capital theory from an Islamic perspective. Findings — In fact, human capital theory has a different understanding in Islam, due to its different objectives. Share feedback. It is at this point that a well-intended theory becomes an inapplicable policy in a developing economy due to lack of adequate information, sound infrastructures, imperfect capital market, ineffective institutions and poor governance indicators.
Thus, if the Washington Consensus had imagined that the ten agenda which includes deregulation, trade liberalisation and privatisation among others would be effective, then such a decision was indeed a blunder. Certainly, they could not manage these assets and so their cronies in power provided additional subsides that are still in place. And there was a big mess of the Washington Consensus.
Islam and the path to human and economic development
He has over 17 years work experience in banking, real-estate and management consultancy. Basheer holds a B. References 1. London Publishing Partner.
What is Islamic economics | matylena.tk
Mazrui, A. The African: A Triple Heritage. Guild Publishing. Oshodi B. Farnham: Gower Publishing. Todaro M.
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Economic Development. Evans P. Embedded Autonomy: State and Industrial Transformation. And why does the Middle East remain drastically underdeveloped compared to the West?
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In The Long Divergence , one of the world's leading experts on Islamic economic institutions and the economy of the Middle East provides a new answer to these long-debated questions. Timur Kuran argues that what slowed the economic development of the Middle East was not colonialism or geography, still less Muslim attitudes or some incompatibility between Islam and capitalism. Rather, starting around the tenth century, Islamic legal institutions, which had benefitted the Middle Eastern economy in the early centuries of Islam, began to act as a drag on development by slowing or blocking the emergence of central features of modern economic life--including private capital accumulation, corporations, large-scale production, and impersonal exchange.
By the nineteenth century, modern economic institutions began to be transplanted to the Middle East, but its economy has not caught up. And there is no quick fix today. Low trust, rampant corruption, and weak civil societies--all characteristic of the region's economies today and all legacies of its economic history--will take generations to overcome. The Long Divergence opens up a frank and honest debate on a crucial issue that even some of the most ardent secularists in the Muslim world have hesitated to discuss.
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Many of our ebooks are available through library electronic resources including these platforms:. Home The Long Divergence. Add to Cart. More about this book. Chapter 1 [PDF]. After poring over ancient business records, Professor Kuran persuasively argues that what held the Middle East back wasn't Islam as such, or colonialism, but rather various secondary Islamic legal practices that are no longer relevant today.
Kristof, New York Times.
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