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Economic Thought of al-Ghazali

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  • Islahi, Abdul Azim
  • Ghazanfar, Shaikh Mohammad

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.

Suggested Citation

  • Islahi, Abdul Azim & Ghazanfar, Shaikh Mohammad, 1998. "Economic Thought of al-Ghazali," MPRA Paper 53465, University Library of Munich, Germany, revised 2011.
    • Handle: RePEc:pra:mprapa:53465
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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. Seif el-Din Ibrahim Tag el-Din, 2021. "Priority of Economic-Fiqh Research Co-authorship أولوية البحث المشترك اقتصادًا وفقهًا," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 34(3), pages 89-99, October.
    2. Mervyn K. Lewis, 2014. "An Islamic perspective on the global financial crisis and its aftermath," Chapters, in: M. Kabir Hassan & Mervyn K. Lewis (ed.), Handbook on Islam and Economic Life, chapter 31, pages iii-iii, Edward Elgar Publishing.
    3. Mervyn Lewis, 2010. "An Islamic Economic Perspective on the Global Financial Crisis," Chapters, in: Steven Kates (ed.), Macroeconomic Theory and its Failings, chapter 10, Edward Elgar Publishing.
    4. Aan JAELANI, 2016. "Religion, Economy, and State: Economic Thought of al-Mawardi in Adab al-Dunya wa-al-Din," Journal of Economics Library, KSP Journals, vol. 3(3), pages 508-523, September.
    5. Islahi, Abdul Azim, 2016. "Al-Asadi and his work al-Taysir: A study of his socio-economic ideas," MPRA Paper 80122, University Library of Munich, Germany, revised 2016.
    6. Mohammad Nejatullah Siddiqi, 2007. "Towards A New Paradigm for Economics: by: Asad Zaman, Comment by: Mohammad Nejatullah Siddiqi نحو نموذج جديد للاقتصاد: بقلم: أسد زمان، تعليق: محمد نجاة الله صدّيقي," Journal of King Abdulaziz University: Islamic Economics, King Abdulaziz University, Islamic Economics Institute., vol. 20(1), pages 55-56, January.
    7. Mervyn K. Lewis, 2014. "Principles of Islamic corporate governance," Chapters, in: M. Kabir Hassan & Mervyn K. Lewis (ed.), Handbook on Islam and Economic Life, chapter 13, pages iii-iii, Edward Elgar Publishing.
    8. Ismail, Abdul Ghafar, 2015. "A Framework for Regulating Islamic Microfinance Institutions," Policy Papers 1435-5, The Islamic Research and Teaching Institute (IRTI).
    9. Jaelani, Aan, 2015. "Kontribusi Sarjana Muslim bagi Peradaban Eropa: Melacak Akar Sejarah dan Perkembangan Ekonomi [Muslim Scholars Contribution for European Civilization: The Roots of History and Economic Development ," MPRA Paper 69672, University Library of Munich, Germany, revised 10 Dec 2015.
    10. Ismail, Abdul Ghafar & Zali, Nor Azmidah, 2015. "Ethics in Relation to Islamic Finance Activities," Working Papers 1435-7, The Islamic Research and Teaching Institute (IRTI).
    11. Islahi, Abdul Azim, 2001. "An analytical study of al-Ghazali’s thought on money and interest," MPRA Paper 41438, University Library of Munich, Germany, revised 2001.
    12. Jaelani, Aan, 2016. "Economic Philosophy of al-Mawardi: Economic Behavior in Adab al-Dunya wa-al-Din and al-Ahkam al-Sulthaniyah," MPRA Paper 70339, University Library of Munich, Germany, revised 27 Mar 2016.
    13. Zafar Iqbal & Mervyn K. Lewis, 2014. "Zakat and the economy," Chapters, in: M. Kabir Hassan & Mervyn K. Lewis (ed.), Handbook on Islam and Economic Life, chapter 23, pages iii-iii, Edward Elgar Publishing.
    14. ., 2014. "Is it necessary to have Islamic economics?," Chapters, in: Morality and Justice in Islamic Economics and Finance, chapter 1, pages 19-40, Edward Elgar Publishing.
    15. Diaw, Abdou, 2009. "Imam Al-Ghazali's views on economic activities," MPRA Paper 32515, University Library of Munich, Germany.
    16. M. Kabir Hassan & Mervyn K. Lewis (ed.), 2014. "Handbook on Islam and Economic Life," Books, Edward Elgar Publishing, number 16009.
    17. Jaelani, Aan, 2017. "Economic philosophy of al-Mawardi: Review of economic behaviour in Islamic economic," MPRA Paper 84488, University Library of Munich, Germany, revised 18 Jan 2018.

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    More about this item

    Keywords

    History of Islamic Economic thought; Muslim Economic thinking. Al-Ghazali and his Economic thought; Greco-Arab Economic thought; Schumpeterian Great gap thesis; Scholastic Economics.;
    All these keywords.

    JEL classification:

    • B1 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925
    • B11 - Schools of Economic Thought and Methodology - - History of Economic Thought through 1925 - - - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
    • B31 - Schools of Economic Thought and Methodology - - History of Economic Thought: Individuals - - - Individuals

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