IDEAS home Printed from https://ideas.repec.org/a/abd/kauiea/v12y2000i1no2p21-51.html
   My bibliography  Save this article

Regulation in the Islamic Political Economy: Comparative Perspectives تدخل الدولة في الاقتصاد السياسي الإسلامي: وجهات نظر مقارنة

Author

Listed:
  • Masudul Alam Choudhury

    (Professor of Economics School of Social Sciences The University College of Cape Breton Sydney, Canada)

Abstract

The much debated topic of economic regulation and deregulation in the perspective of market transformation that is now gripping the global politico-economic climate, is studied with the Islamic focus in it. In the attempt, comparative ideas in this area are taken up, particularly those propounded by Baumol with regard to regulation of firms to generate a semblance of competitive pricing. The Islamic firm is studied in reference to a knowledge-based model of unification as manifested by extensive complementarity among possibilities. Such a model is shown to be the crux of Shari'ah in the Islamic political economy as in the broadest sense of the socio-scientific order, where process oriented as opposed to optimal models of equilibrium apply. In reference to such a knowledge-centred epistemological model of Divine Unity (Tawhid), it is argued that all kinds of regulation become redundant in the case of the Islamic firm. Such is a firm that complies with Shari 'ah rules in the Islamic political economy. Here the socioeconomic transformation is guided towards realizing ethicized markets. The short-run and long-run cases are studied with regards to the problem of regulation. إن موضوع تدخل الدولة في النشاط الاقتصادي يعتبر من أكثر المواضيع الاقتصادية جدلا خاصة في ظل التحولات التي تشهدها البيئة السياسية الاقتصادية في العالم. يهدف هذا البحث إلى إجراء دراسة مقارنة لأفكار تنظيم المنشآت، لاسيما الأفكار التي اقترحها "بومول" والخاصة بتوليد ما يشبه التسعير التنافسي في الأسواق، مع إبراز الموقف الفكري الإسلامي منها.

Suggested Citation

  • Masudul Alam Choudhury, 2000. "Regulation in the Islamic Political Economy: Comparative Perspectives تدخل الدولة في الاقتصاد السياسي الإسلامي: وجهات نظر مقارنة," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 12(1), pages 21-51, January.
    • Handle: RePEc:abd:kauiea:v:12:y:2000:i:1:no:2:p:21-51
    DOI: 10.4197/islec.12-1.2
    as

    Download full text from publisher

    File URL: https://iei.kau.edu.sa/Files/121/Files/153891_IEI-VOL-12-13E-Choudhury.pdf
    Download Restriction: no
    File URL: https://libkey.io/10.4197/islec.12-1.2?utm_source=ideas
    LibKey link: if access is restricted and if your library uses this service, LibKey will redirect you to where you can use your library subscription to access this item
    ---><---

    References listed on IDEAS

    as
    1. Samuel Bowles, 1991. "What Markets Can—and Cannot—Do," Challenge, Taylor & Francis Journals, vol. 34(4), pages 11-16, July.
    2. Masudul Alam Choudhury & Uzir Abdul Malik, 1992. "The Foundations of Islamic Political Economy," Palgrave Macmillan Books, Palgrave Macmillan, number 978-1-349-21973-5, December.
    3. Baumol, William J., 1996. "Rules For Beneficial Privatization: Practical Implications Of Economic Analysis," Islamic Economic Studies, The Islamic Research and Training Institute (IRTI), vol. 3, pages 1-32.
    4. Masudul Alam Choudhury, 1998. "Studies in Islamic Science and Polity," Palgrave Macmillan Books, Palgrave Macmillan, number 978-0-230-37803-2, December.
    Full references (including those not matched with items on IDEAS)

    Most related items

    These are the items that most often cite the same works as this one and are cited by the same works as this one.
    1. Nepal, Rabindra & Jamasb, Tooraj, 2012. "Reforming small electricity systems under political instability: The case of Nepal," Energy Policy, Elsevier, vol. 40(C), pages 242-251.
    2. Mohd Syakir Mohd ROSDI, 2016. "The Balance of Economics and Political Science in Islamic Political Economy," Journal of Economic and Social Thought, KSP Journals, vol. 3(2), pages 252-264, June.
    3. Amin, Sakib & Jamasb, Tooraj & Nepal, Rabindra, 2021. "Regulatory reform and the relative efficacy of government versus private investment on energy consumption in South Asia," Economic Analysis and Policy, Elsevier, vol. 69(C), pages 421-433.
    4. Wayne Visser & Alastair Macintosh, 1998. "A short review of the historical critique of usury," Accounting History Review, Taylor & Francis Journals, vol. 8(2), pages 175-189.
    5. Andrew Farrant & Edward McPhail, 2012. "Supporters Are Wrong," Challenge, Taylor & Francis Journals, vol. 55(5), pages 94-105.
    6. A. R. Kemal, 2002. "Regulatory Framework in Pakistan," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 41(4), pages 319-332.
    7. A.R. Kemal, 1996. "Why Regulate a Privatised Firm?," The Pakistan Development Review, Pakistan Institute of Development Economics, vol. 35(4), pages 649-656.

    More about this item

    Statistics

    Access and download statistics

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:abd:kauiea:v:12:y:2000:i:1:no:2:p:21-51. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    If CitEc recognized a bibliographic reference but did not link an item in RePEc to it, you can help with this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: King Abdulaziz University, Islamic Economics Institute. (email available below). General contact details of provider: https://edirc.repec.org/data/cikausa.html .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.