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Economic Thought Of Al-Ghazali (450-505 A.H./1058-1111 C.E.) الفكر الاقتصادى للغزالي (450-505 هـ / 1058-1111 م.)

Author

Listed:
  • Shaikh Mohammad Ghazanfar

    (Former Professor of Economics University of Idaho, Moscow, Idaho, U.S.A.)

Abstract

Al-Ghazali?s economics is anchored on five necessary Shari‘ah -mandated foundations of individual and social life: religion, life, family, property, and intellect. He focuses on the economic aspects of maslahah (social utility), distinguishing between necessities, comforts and luxuries. Subsistence living is inadequate but wealth too has its dangers. Both extravagance and miserliness are to be avoided, a middle course is recommended. The authors seek to reconcile between apparently contradictory views of al-Ghazali on wealth and (voluntary) poverty. Al-Ghazali?s insights on exchange, production, money, role of the state and public finances are reported. Al-Ghazali emphasizes ethical behavior in the market and regards production and supply of necessaries to be an obligatory duty. He condemns hoarding and lauds cooperation. Usury is rejected and justice, peace and stability are projected as preconditions of economic progress. يعتمد اقتصاد الغزالي على خمسة أسس شرعية مقيدة للحياة الفردية والاجتماعية: الدين ، الحياة ، العائلة ، الملكية ، والفكر. ويركز على الجوانب الاقتصادية لمصلحة (المنفعة الاجتماعية) ، التمييز بين الضروريات ، وسائل الراحة والكماليات. فعيش الكفاف غير كاف ، لكن الثروة أيضا لها مخاطرها. يجب تجنب كل من الإسراف والبذلة ، ويوصى بطبيعة الحال. يسعى المؤلفون إلى التوفيق بين وجهات النظر المتناقضة الظاهرة للغزالي حول الثروة والفقر (الطوعي). ووردت تقارير عن الغزالي حول التبادل والإنتاج والمال ودور الدولة والمالية العامة. يؤكد الغزالي على السلوك الأخلاقي في السوق ويتعلق بإنتاج وتوريد الضروريات كواجب إلزامي. يدين التكديس ويثني على التعاون. الربا مرفوض والعدالة والسلام والاستقرار هي شروط مسبقة للتقدم الاقتصادي.

Suggested Citation

  • Shaikh Mohammad Ghazanfar, 2011. "Economic Thought Of Al-Ghazali (450-505 A.H./1058-1111 C.E.) الفكر الاقتصادى للغزالي (450-505 هـ / 1058-1111 م.)," Books published by the Islamic Economics Institute, KAAU., King Abdulaziz University, Islamic Economics Institute., edition 1, number 120, July.
    • Handle: RePEc:abd:kauieb:120
    as

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    File URL: https://iei.kau.edu.sa/Files/121/Files/152672_49-EconomicAl-Ghazali.pdf
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    References listed on IDEAS

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    1. Islahi, Abdul Azim, 1983. "Ibn Taimiyah's concept of market mechanism," MPRA Paper 18466, University Library of Munich, Germany, revised 13 Mar 1984.
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    Cited by:

    1. Shafii, Zurina & Obaidullah, Mohamed & Samad, Rose Ruziana & Yunanda, Rochania Ayu, 2017. "Developing a Model for Corporate Governance and Conflict of Interest Deterrence in Shari’ahbased Cooperatives," Policy Papers 2017-3, The Islamic Research and Teaching Institute (IRTI).

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