The Valuebased Islamic Economic System and Other Optimal Economic Systems A Critical Comparative Analysis

The Valuebased Islamic Economic System and Other Optimal Economic Systems A Critical Comparative... It is noted that the optimal systems of radical free enterprise andradical socialism are extremes of intellectualising science. Eachexcludes the thought of the other. Since both theories are logicallyconsistent, each has a compelling intellectual support base. However,both theories are flawed insofar as they make the economic reality anindependent functioning entity isolated from the concepts ofinterdependence and broader individual and social entities. Eachsimplifies reality one defines all reality in the individualwhile the other defines all reality in the society. The simplicity ofthe intellectual framework of both is the flaw which arises from usingOccams Razor too freely in simplifying complexity. It is argued that asystem that explicitly incorporates and recognises individual freedomand societal values is preferable to all other systems that are assumedto be value free. This could be one explanation for theemergence of the Islamic system in different corners of the world. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png International Journal of Social Economics Emerald Publishing

The Valuebased Islamic Economic System and Other Optimal Economic Systems A Critical Comparative Analysis

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Publisher
Emerald Publishing
Copyright
Copyright © Emerald Group Publishing Limited
ISSN
0306-8293
DOI
10.1108/03068299010138280
Publisher site
See Article on Publisher Site

Abstract

It is noted that the optimal systems of radical free enterprise andradical socialism are extremes of intellectualising science. Eachexcludes the thought of the other. Since both theories are logicallyconsistent, each has a compelling intellectual support base. However,both theories are flawed insofar as they make the economic reality anindependent functioning entity isolated from the concepts ofinterdependence and broader individual and social entities. Eachsimplifies reality one defines all reality in the individualwhile the other defines all reality in the society. The simplicity ofthe intellectual framework of both is the flaw which arises from usingOccams Razor too freely in simplifying complexity. It is argued that asystem that explicitly incorporates and recognises individual freedomand societal values is preferable to all other systems that are assumedto be value free. This could be one explanation for theemergence of the Islamic system in different corners of the world.

Journal

International Journal of Social EconomicsEmerald Publishing

Published: Nov 1, 1990

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