Between free market and state capitalism

How islamic economics system shape the future global economy?

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Free market economy is proposed to deliver on the promises of improving the standards of living of most citizens. However, the economic crisis that happen repeatedly failed to produce what was promised. Then, state capitalism has to step in. The state capitalism also fails in the sense that the free market economy with rules/policy in favour of rich countries or state capitalism provide more people worst-off than benefits. The question arises on how the Islamic economic system could shape the free markets and the future of the global economy. Therefore, our aim in this paper is to find out the answer(s) on how Islamic economics system shape the future global economy could. Our analysis shows that Islam has its own economic system. The free market could be developed by taking the free market of Prophet Muhamad (saw) and free market in holding wealth. The government policy directed towards no interest and creating a welfare system is welcome.

Original languageEnglish
Title of host publicationIslam
Subtitle of host publicationGlobal Issues, Challenges and Perspectives of the 21st Century
PublisherNova Science Publishers, Inc.
Pages35-58
Number of pages24
ISBN (Electronic)9781634856676
ISBN (Print)9781634856508
Publication statusPublished - 1 Jan 2016

Fingerprint

Global Economy
Capitalism
Free State
Free Market
Economic Systems
Market Economy
Islam
Standard of Living
Economic Crisis
Government Policy
Wealth
Prophet

Keywords

  • Economic system
  • Economic thought
  • Free market
  • State capitalism

ASJC Scopus subject areas

  • Arts and Humanities(all)

Cite this

Ismail, A. G. (2016). Between free market and state capitalism: How islamic economics system shape the future global economy? In Islam: Global Issues, Challenges and Perspectives of the 21st Century (pp. 35-58). Nova Science Publishers, Inc..

Between free market and state capitalism : How islamic economics system shape the future global economy? / Ismail, Abd. Ghafar.

Islam: Global Issues, Challenges and Perspectives of the 21st Century. Nova Science Publishers, Inc., 2016. p. 35-58.

Research output: Chapter in Book/Report/Conference proceedingChapter

Ismail, AG 2016, Between free market and state capitalism: How islamic economics system shape the future global economy? in Islam: Global Issues, Challenges and Perspectives of the 21st Century. Nova Science Publishers, Inc., pp. 35-58.
Ismail AG. Between free market and state capitalism: How islamic economics system shape the future global economy? In Islam: Global Issues, Challenges and Perspectives of the 21st Century. Nova Science Publishers, Inc. 2016. p. 35-58
Ismail, Abd. Ghafar. / Between free market and state capitalism : How islamic economics system shape the future global economy?. Islam: Global Issues, Challenges and Perspectives of the 21st Century. Nova Science Publishers, Inc., 2016. pp. 35-58
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