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Comparative Economics: Islam’s Panacea to the Maladies of Capitalism

A short book that expands on the Islamic economic system through contemporary economic theory. It introduces the subject of economics and the political economy, whilst highlighting core issues ingrained within the capitalist free market. It also attempts to ascertain the Islamic antidote to these problems, such that the reader is able to discern which ideology is more efficient in solving pertinent economic problems.

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Since the caliphate’s demise, Muslims have remained upon a path of ideological decline. From the depths of poverty to the brutality of war, we have passively endured the pain and suffering brought upon us for many years. Unable to realise the great significance of thought in resolving our metacognitive anaemia, revival became a mere figment of our imagination and the caliphate, a glorious but obsolete history.

However, after decades in darkness, the Muslims have become increasingly agitated by the depravity that pervades them. What started with dissent has now developed into a prodigious revolution across the Muslim world, characterised primarily by an overwhelming Islamic sentiment. At present, the caliphate is no longer perceived as a distant past but a near future, whose return has been made clear by Allah (ﷻ) in Surah An-Nur (55):

Allah has promised, to those among you who believe and do righteous deeds, that He will, of a surety, grant them in the land, inheritance (of power), as He granted it to those before them; that He will establish in authority their religion, the one which He has chosen for them; and that He will change (their state), after the fear in which they (lived), to one of security and peace: they will worship Me (alone) and not associate aught with Me. If any do reject faith after this, they are rebellious and wicked.” Islam’s imminent arrival as a political entity has necessitated a vital discourse, in which its ability to purge the world of its economic woes must be explicated. This book seeks to do just that by expanding upon the Islamic economic system through contemporary economic theory; introducing the subject of economics and the political economy, whilst highlighting key issues ingrained within the capitalist laissez-faire system. Above all, it shall present Islam as a panacea to the maladies of capitalism by way of comparative economic analysis with the intent to extirpate (through revival) the ideological impotence that has plagued and obstructed our minds. In doing so, it will grant the reader the ability to discern which ideology is better at resolving core economic problems faced in our current reality.

Ibn Caesar is a graduate in Philosophy, Politics and Economics (BSc). He is also a researcher for the Islamic Finance Society (IFS), which spans across Kings College London, the London School of Economics, CASS (City University London) and the School of Oriental and African Studies.