The Moral Economy and Islamic Economics: How Does ‘Universal Man’ Enter Future Discourse?
DOI:
https://doi.org/10.31436/ijema.v29i2.867Keywords:
Moral economy, Islamic moral economy, Islamic economics, Universal man, Public policyAbstract
Since Thompson (1971) introduced the phrase ‘moral economy’, its historical evolution has seen entries in a wide array of fields; including history, anthropology, political science and economics. Starting primarily with welfare state policy discussions, the neologism has received sustained attention from economists, despite the lack of consensus on how best to define and use it. The moral deficiency and greed factors behind the recent global financial crises have also stimulated moral economy discourse. Interestingly, Islamic economists claim that Islamic economics is in fact the Islamic version of moral economy, represented by the phrase ‘Islamic moral economy’ (IME). Therefore, this qualitative paper makes comparisons between the conventional moral economy and IME that highlight their relative visibility status. Later, we discuss another neologism; that is ‘universal man’, as proposed by Mahyudi and Abdul Aziz (2017). This inclusion is relevant in light of effective public policy formulation. Thus, this paper also seeks to determine the role of the universal man concept in the shared discourse of Islamic and conventional moral economy. The probable influence of this neologism in enriching future discourse on moral economy is explored. The implication of this paper lies in the aspect of public policy design where it may help in proposing strategies to improve the functioning of a moral economy.
References
Asutay, M. “A Political Economy Approach to Islamic Economics: Systemic Understanding for an Alternative Economic System.” Kyoto Bulletin of Islamic Area Studies 1-2 (2007): 3-18.
______. “Conceptualising and Locating the Social Failure of Islamic Finance: Aspirations of Islamic Moral Economy vs. the Realities of Islamic Finance.” Asian and African Area Studies 11, no. 2 (2012): 93-113.
______. “An Introduction to Islamic Moral Economy.” In Islamic Finance in Europe: Towards a Plural Financial System, edited by Valentino Catellan, 55-68. Cheltenham, UK: Edward Elgar, 2013.
Berry, C.J. “Adam Smith’s Moral Economy.” The Kyoto Economic Review 79, no. 1 (2010): 2-15.
Booth, W.J. “On the Idea of Moral Economy.” American Political Science Review 88, no. 3 (1994): 653-67.
Bowles, Samuel. The Moral Economy: Why Good Incentives Are No Substitute for Good Citizens. New Haven: Yale University Press, 2016.
Dyke, Charles. Philosophy of Economics. New Jersey: Prentice Hall, 1981.
El-Sheikh, S. “Islam’s Moral Economy: A FiqhiConomic Interpretation.” The Muslim World (2008): 116-44.
Farooq, M.O. “Self-interest, Homo Islamicus and Some Behavioral Assumptions in Islamic Economics and Finance.” International Journal of Excellence in Islamic Banking and Finance 1, no. 1 (2011): 52-79.
Gotz, N. “‘Moral Economy’: Its Conceptual History and Analytical Prospects.” Journal of Global Ethics 11, no. 2 (2015): 147-62.
Hajnal, Zsofia. “Moral Economics – From a Theoretical Basis to Building the Next Economic System.” Conference on Economics as a Moral Science, Warsaw, Poland, 2018. https://www.researchgate.net/publication/329337237_Moral_Economics_-_From_a_Theoretical_Basis_to_Building_the_Next_Economic_System
Jan, Shafiullah and Mehmet Asutay. A Model for Islamic Development: An Approach in Islamic Moral Economy. Cheltenham, UK: Edward Elgar Publishing Limited, 2019.
Karim, S.A. The Islamic Moral Economy: A Study of Islamic Money and Financial Instrument. Florida: BrownWalker Press, 2010.
Khan, M.F. “Theorizing Islamic Economics: Search for a Framework for Islamic Economic Analysis.” Journal of King Abdulaziz University: Islamic Economics 26, no. 1 (2013): 209-42.
Kuran, T. “Behavioral Norms in the Islamic Doctrine of Economics: A Critique.” Journal of Economic Behavior & Organization 4, no. 4 (1983): 353-79.
______. “Further Reflections on the Behavioral Norms of Islamic Economics.” Journal of Economic Behavior & Organization 27, no. 1 (1995a): 159-63.
______. “Islamic Economics and the Islamic Subeconomy.” Journal of Economic Perspectives 9, no. 4 (1995b): 155-73.
Mahomedy, A.C. “Islamic Economics: Still in Search of an Identity.” International Journal of Social Economics 40, no. 6 (2013): 556-78.
Mahyudi, M. “Reviving the Islamic Economic System through Shariah-based Public Policy.” Humanomics 31, no. 4 (2015a): 415-29.
______. “‘True Man’: The True Economic Man for Islamic Economics.” Global Journal Al-Thaqafah 5, no. 2 (2015b): 63-72.
______. “Rethinking the Concept of Economic Man and its Relevance to the Future of Islamic Economics.” Intellectual Discourse 24, no. 1 (2016): 111-32.
______. and Abdul Aziz, Enizahura. “Rethinking the Structure of Islamic Economics Science: The Universal Man Imperative.” International Journal of Economics, Management and Accounting 25, no. 2 (2017): 227-51.
______. and Abdul Aziz, Enizahura. “Method and Substance of Islamic Economics Revisited.” Journal of King Abdulaziz University: Islamic Economics 31, no. 2 (2018): 33-50.
Nienhaus, V. “Method and Substance of Islamic Economics: Moving Where?” Journal of King Abdulaziz University: Islamic Economics 26, no. 1 (2013): 175-208.
Platonova, E. “Corporate Social Responsibility from an Islamic Moral Economy Perspective: A Literature Survey.” Afro Eurasian Studies 2, no. 1&2 (2013): 272-97.
Roberts, R. “Sympathy for Homo Religious.” Econ Journal Watch 11, no. 2 (2014): 227-32.
Rodrik, Dani. Economic Rules: The Rights and Wrongs of the Dismal Science. New York: W. W. Norton & Company, 2015.
Shams, Rasul. “A Critical Assessment of Islamic Economics.” HWWA Discussion Paper 281. Hamburg Institute of International Economics, Hamburg, 2004.
Taylor-Gooby, P., B. Hvinden, S. Mau, B. Leruth, M.A. Schoyen, and A. Gyory. “Moral Economies of the Welfare State: A Qualitative Comparative Study.” Acta Sociologica 62, no. 2 (2019): 119-34.
Thompson, E.P., “The Moral Economy of the English Crowd in the Eighteenth Century.” Past and Present 50, (1971): 76-136.
Tripp, Charles. Islam and the Moral Economy: The Challenge of Capitalism. New York: Cambridge University Press, 2006.
Zakariyah, L. “Harmonising Legality with Morality in Islamic Banking and Finance: A Quest for Maqasid al-Shar’iah Paradigm.” Intellectual Discourse 23, Special Issue (2015): 355-76.