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Neoliberalism vs Islam, An analysis of Social Cost in case of USA and Saudi Arabia

Author

Listed:
  • Hayat, Azmat
  • Muhammad Shafiai, Muhammad Hakimi
  • Haron, Sabri

Abstract

Neoliberal principles are positively thought by hegemonic western countries as something beneficial to humanity and societies across the planet. This claim is in sharp contrast to the followers of Islam, who believes that more than 1400 years ago Islam already provided the best and everlasting ideology for the welfare of humanity. This study thoroughly investigated the claims of these contrasting ideologies. The hypothesis at the core of this endeavour is that neoliberal ideology is linearly associated with social costs, which can also be explained quantitatively as something associated with reduced standard of living. In order to investigate this hypothesis, USA and Saudi Arabia are selected as a sample. Besides analysing the previous literature, descriptive statistics from the most recent 2020 world Development Indicators are used for testing this hypothesis. Results indicates show that crime rate in the USA is higher than Saudi Arabia.

Suggested Citation

  • Hayat, Azmat & Muhammad Shafiai, Muhammad Hakimi & Haron, Sabri, 2021. "Neoliberalism vs Islam, An analysis of Social Cost in case of USA and Saudi Arabia," MPRA Paper 105746, University Library of Munich, Germany.
    • Handle: RePEc:pra:mprapa:105746
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    File URL: https://mpra.ub.uni-muenchen.de/105746/1/MPRA_paper_105746.pdf
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    References listed on IDEAS

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    3. William D. Grampp, 1948. "Adam Smith and the Economic Man," Journal of Political Economy, University of Chicago Press, vol. 56(4), pages 315-315.
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    More about this item

    Keywords

    Social Costs;

    JEL classification:

    • B59 - Schools of Economic Thought and Methodology - - Current Heterodox Approaches - - - Other
    • P00 - Political Economy and Comparative Economic Systems - - General - - - General
    • P1 - Political Economy and Comparative Economic Systems - - Capitalist Economies
    • P16 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Capitalist Institutions; Welfare State
    • P17 - Political Economy and Comparative Economic Systems - - Capitalist Economies - - - Performance and Prospects
    • P4 - Political Economy and Comparative Economic Systems - - Other Economic Systems
    • P47 - Political Economy and Comparative Economic Systems - - Other Economic Systems - - - Performance and Prospects
    • P5 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems
    • P51 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Analysis of Economic Systems
    • P52 - Political Economy and Comparative Economic Systems - - Comparative Economic Systems - - - Comparative Studies of Particular Economies

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