Prophecy Piety And Profits

This book examines, in greater depth than the existing literature, the history of Islamic economic thought. It seeks to introduce Islamic views to debates surrounding critical economic concepts, such as scarcity, wealth, poverty, charity, usury, self-interest, rationality, and markets. It does so through a comparative analysis with the views of Judaic, Christian, and secular economic thought. “Prophecy” is meant to signify the theoretical dimension of religion, while “piety” represents its practical element; neither part is feasible without the other. Together, prophecy and piety inform the Islamic view of economic concepts and phenomena. This view seeks to adjust our approach to profits, both in this world and the next, and seeks to reexamine what is truly profitable and worthy of sacrifice.

This open access book seeks to foster a multidisciplinary understanding of the ties between faith, financial intermediation, and economic progress by drawing on research across economics, finance, history, philosophy, ethics, theology, public policy, law, and other disciplines. Chapters in this edited volume examine themes as consequential as economic opportunities, real world outcomes and faith; values and consumerism; faith, financial intermediation and economic development in Western and Islamic societies; and the impact of faith issues on US workers, on the workplace and religion, and on the characteristics of good wealth. Though engaging with difficult questions, this book is written in an accessible style to be enjoyed by laypeople and scholars alike.

Wealth inequality has been not only rising at unsustainable pace but also dissociated from income inequality because of the fact that wealth is increasing without concomitant increase in savings and productive capital. Compelling evidence indicates that capital gains and other economic rents are mainly responsible for wealth inequality and its divergence from income inequality. The main argument of the book is that interest-based debt contracts are one of the drivers of wealth inequality through creating disproportional economic rents for the asset-rich. The book also introduces the idea of risk-sharing asset-based redistribution, which is a novel and viable policy proposal, as an effective redistribution tool to address the wealth inequality problem. Furthermore, a large-scale stock-flow consistent macroeconomic model, which is step by step constructed in the book, sheds light on the formation of wealth inequality in a debt-based economy and on the prospective benefits of implementing risk-sharing asset-based redistribution policy tools compared to traditional redistribution policy options. The research presented in this book is novel in many respects and first of its kind in the Islamic economics and finance literature.

This book demonstrates how the political economy of mercantilism was not simply a Western invention by various cities and kingdoms during the Renaissance, but was the natural by-product of perpetually limited growth rates and rulers’ relentless pursuits of bullion. It contributes to discussions of the economic history surrounding the so-called “Great Divergence” between East and West, which would consequently lend context and credence to differences of economic thought in the world today. Additionally, it seeks to explain present economic thought as tacitly derived from implicit antique paradigms. This book advances fields of research from numismatics and sigillography to historical materialism and historical political economy. Divided into three parts, Orthodox Mercantilism first examines the political theology (the sovereignty) of the œcumene from the early 11th century. Second, it analyzes its peripheral legislation from the customary laws of newly Christianized dynasties up to the Kormčaja Kniga’s adoption (the Nomokanon) by 13th-century Orthodox dynasties across Eastern Europe. Third, it explores how these dynasties (and their own satellite dynasties) hoarded finite bullion to pay for defense, resulting in the 11–14th-century coinless period across Eastern Europe and Western Eurasia. Appealing to students and scholars alike, this book will be of interest to those studying and researching economic and mercantile history, particularly in the context of Byzantine and Eastern European societies.

This book offers a chronological account of the development of interest-bearing debt and how the issue of interest has been addressed throughout medieval and modern civilizations. It provides a review of the impact of these interest-bearing debt practices upon social relations and institutions, throughout the history of modern economics, observing the relative conditions of the time. The author asserts that the development of the concept of interest and debt can be traced through three historical periods. The first period covers measures from a more radical stance, as introduced by the Monotheistic religions, with the same foundations and principles at their core. The second period examines the arguments that justify interest-bearing debt and particularly how the stance of major religions has been translated into a basis of support for these transactions. And the final part offers a linear report of the development of interest-bearing debt and its disruptive impact throughout the history of economics from medieval times to the modern era. Initially, the book presents a conceptual framework of terms applicable to the discussions and then examines the consistency and reliability of the theological and philosophical arguments on the restrictions imposed upon the practice of interest and debt, including rigid prohibition. While the book is grounded in research that relies heavily on historical sources, it offers a contribution to the literature on economics as well, since the historical findings are analyzed in the context of economic terms and theories. An interdisciplinary effort, the book will attract the attention of those who have an interest in finance, economics, history, religion, and sociology.

This book explores the vital role of merchants within early modern China. Unlike European merchants, their Sino-colleagues have long been regarded as certain social pariahs after pre-Qin period, despite the fortune they made. The key mission of this monograph is to investigate whether the standing of merchants in the Ming Empire has been improved compared with their predecessors. Generally, their status is reflected in state-merchant relationship and their role in the market, which can be found in miscellaneous economic activities such as market monopoly, commercial taxation, international trade, and consumption. This book aims to be of relevance to students and researchers interested in early modern history, eastern commerce, Ming merchants, and contemporary global affairs.

This book is the first of its kind to provide a critical overview and theoretical analysis of the Circular Economy from Shariah and Islamic Finance perspectives. The book is divided into three parts. The contributing authors pay close attention to Islamic Finance in light of sustainability and value creation. It also includes case studies on the Circular Economy application in Islamic Finance industry. The book is of interest to academics, students, and practitioners on Islamic Economics and Finance who have an interest in understanding the Circular Economy under the lens of Islamic Finance principles and applications.

In our time the study of law and religion is emerging as a wide-ranging and vital academic discipline, with increasingly urgent implications for society at large. Lying at the intersection of a variety of other disciplines ? law, theology, religious studies, political science, sociology and anthropology, to name only the most obvious ? the field of law and religion is generating a burgeoning volume of interdisciplinary and trans-disciplinary research and study. The current volume is proof of this. The discussion of the relationship between law and religion, as seen from a variety of perspectives in Africa, underscores the critical importance of the issues involved in the everyday life of all citizens. It is accordingly vital for governments to take note of the scholarly results that are produced. We hope that this volume will contribute to this aim.