IDEAS home Printed from https://ideas.repec.org/h/spr/crechp/978-981-10-6478-4_22.html
   My bibliography  Save this book chapter

The Future of Capitalism and the Islamic Economy

In: The Kyoto Manifesto for Global Economics

Author

Listed:
  • Shinsuke Nagaoka

    (Kyoto University)

Abstract

Nagaoka’s analysis of Islamic Economics provides the reader with the opportunity to contrast a religion-based economic system against a major comparator, Buddhist Economics (Chapter 23), and contemporary (Western-led) Global Economics. The idea of ‘Islamic Economics’ is new, from conceptual roots in 1941, and with massive expansion of the Islamic Banking System from 2002 to 2012. Key features of Islamic Economics are revealed, such as the forbidding of “riba”, unequal exchange, ie: interest free finance—with benefits to be repaid at the end of the venture; and demand for “zakat”, return of a percentage of income (normally 2.5%) to God, via the Mosques and good works. Benefits of zakat will be enjoyed in the afterlife, not now. This is a system therefore that promotes self-centered and profit oriented economic action, is not an anti-capitalist movement, but, as the author argues, still needs some renovation to fit into the “wisdom” of modern capitalism and its practices.

Suggested Citation

  • Shinsuke Nagaoka, 2018. "The Future of Capitalism and the Islamic Economy," Creative Economy, in: Stomu Yamash’ta & Tadashi Yagi & Stephen Hill (ed.), The Kyoto Manifesto for Global Economics, chapter 0, pages 395-415, Springer.
    • Handle: RePEc:spr:crechp:978-981-10-6478-4_22
    DOI: 10.1007/978-981-10-6478-4_22
    as

    Download full text from publisher

    To our knowledge, this item is not available for download. To find whether it is available, there are three options:
    1. Check below whether another version of this item is available online.
    2. Check on the provider's web page whether it is in fact available.
    3. Perform a search for a similarly titled item that would be available.

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. Chablullah Wibisono & Indrayani & Iskandar Muda, 2019. "Influence of Local Tax and Zakat Infaq Maslahah Through to Regional Income (Overview of New Trends in Sustainable Development)," International Journal of Financial Research, International Journal of Financial Research, Sciedu Press, vol. 10(4), pages 181-195, July.
    2. Takeshi Kato, 2022. "Wealth Redistribution and Mutual Aid: Comparison using Equivalent/Nonequivalent Exchange Models of Econophysics," Papers 2301.00091, arXiv.org.
    3. Takeshi Kato, 2022. "Islamic and capitalist economies: Comparison using econophysics models of wealth exchange and redistribution," Papers 2206.05443, arXiv.org, revised Sep 2022.

    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:spr:crechp:978-981-10-6478-4_22. 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.

    We have no bibliographic references for this item. You can help adding them by using 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: Sonal Shukla or Springer Nature Abstracting and Indexing (email available below). General contact details of provider: http://www.springer.com .

    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.