Introduction to Islamic Economics. Mirakhor Abbas

Чтение книги онлайн.

      Cover image: © iStock.com/Tanuki Photography

      Cover design: Wiley

      Copyright © 2015 by John Wiley & Sons Singapore Pte. Ltd.

      Published by John Wiley & Sons Singapore Pte. Ltd.

      1 Fusionopolis Walk, #07-01, Solaris South Tower, Singapore 138628

      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, scanning, or otherwise, except as expressly permitted by law, without either the prior written permission of the Publisher, or authorization through payment of the appropriate photocopy fee to the Copyright Clearance Center. Requests for permission should be addressed to the Publisher, John Wiley & Sons Singapore Pte. Ltd., 1 Fusionopolis Walk, #07-01, Solaris South Tower, Singapore 138628, tel: 65–6643–8000, fax: 65–6643–8008, e-mail: [email protected].

      Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose. No warranty may be created or extended by sales representatives or written sales materials. The advice and strategies contained herein may not be suitable for your situation. You should consult with a professional where appropriate. Neither the publisher nor the author shall be liable for any damages arising herefrom.

      Other Wiley Editorial Offices

      John Wiley & Sons, 111 River Street, Hoboken, NJ 07030, USA

      John Wiley & Sons, The Atrium, Southern Gate, Chichester, West Sussex, P019 8SQ, United Kingdom

      John Wiley & Sons (Canada) Ltd., 5353 Dundas Street West, Suite 400, Toronto, Ontario, M9B 6HB, Canada

      John Wiley & Sons Australia Ltd., 42 McDougall Street, Milton, Queensland 4064, Australia

      Wiley-VCH, Boschstrasse 12, D-69469 Weinheim, Germany

      ISBN 978-1-118-73296-0 (Hardcover)

      ISBN 978-1-118-73297-7 (ePDF)

      ISBN 978-1-118-73298-4 (ePub)

      Dedication

      Acknowledgments

      We are indebted to Omar Fayoumi for assisting with Chapter 5 and to Hamid Shafiezadeh for his work on Chapter 6. The suggestions of the Wiley editorial staff have been invaluable. As always, we are grateful for the support of our families.

      About the Authors

      Hossein Askari is the Iran Professor of International Business and International Affairs at the George Washington University. Before coming to GW, he was a professor of Business and Middle Studies at the University of Texas at Austin and assistant professor of Economics at Tufts University. He has also served on the executive board of the International Monetary Fund and as consultant to a number of governments, institutions, and multinational corporations. He received all his university education at the Massachusetts Institute of Technology, where he earned a BS in civil engineering and a PhD in economics.

      Zamir Iqbal is a lead specialist at Finance and Markets (F&M) Global Practice of the World Bank. He heads the World Bank Global Center for Islamic Finance Development in Istanbul. He has more than 20 years of experience in risk management, capital markets, and asset management at the World Bank Treasury. Islamic finance is his research focus, and he has coauthored several books on Islamic finance topics such as banking risk, financial stability, and risk sharing. His most recent coedited book, Economic Development and Islamic Finance, was published by the World Bank in 2013. He earned his PhD in international finance from the George Washington University and serves on the professional faculty at the Carey Business School of Johns Hopkins University.

      Abbas Mirakhor is currently the first holder of the chair of Islamic Finance at the International Center for Education in Islamic Finance (INCEIF). He served as the dean of the executive board of the International Monetary Fund from 1997 to 2008 and as the executive director representing Afghanistan, Algeria, Ghana, Iran, Morocco, Pakistan, and Tunisia from 1990 to 2008. He has authored numerous publications and research papers on Islamic finance; among them are Introduction to Islamic Finance (Wiley 2011), Risk Sharing in Islamic Finance (Wiley 2011), and The Stability of Islamic Finance (Wiley 2010).

      Chapter 1

      Economic Systems

Learning objectives:

      1. The differences between economic systems and the role that government plays.

      2. How the ideal Islamic system differs from the Western market capitalist system.

      3. The role of markets and how they differ in Islam and in the market capitalist system.

      4. What institutions are and why they matter for economic prosperity.

      5. Governments have an important role no matter the system.

      Over the years, a number of different economic ideologies and systems have been proposed and promoted. As with most other things in life, economic doctrines and systems have a limited shelf life and evolve with time. While in 2014 the mixed capitalist market system of the Western world, especially that in the United States, may appear preeminent, it received a number of shocks at its very foundation. The financial crisis of 2007–2008 with its extensive fallout and the rapid rise of China as an economic power have raised new СКАЧАТЬ