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Characteristics Of An Islamic Economy

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Chapter Summary

This chapter addresses the issue of the essential elements of an Islamic economy. The characteristics of a market economy are private property, constrained freedom of choice, self-interest, market system and competition. Free will implies freedom of choice, for otherwise it does not make any terrestrial or eschatological sense. The chapter tries to leave out the rhetorical content in the writings of the Islamic economists to focus more on the substantive elements-though often this not easy to do-in what is articulated to be the conceptual framework for Islamic consumer theory. It discusses the Islam's broad conceptualization of charity. A whole class of problems in the writings of the Islamic economists relates to a lack of appreciation of the essential background of economic discourse provided by a society's structure of property rights.

Keywords: freedom of choice; Islamic economy; market economy; property rights; rhetorical content



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