ISLAMIC WORLDVIEW AND THE DEVELOPMENT QUESTION
This is an abriged form of a chapter appearing in the author's book, Studies in
Islamic Social Sciences (Macmillan & St.Martin's Press, forthcoming)
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Economic development is a multi-facetted concept. This is due to the fact that eversince development theorists started to question the economic growth paradigm and the relevance of growth as an economic target, growth itself is seen to be incapable of explaining many of the inherent nature of distribution, equity, ethical factors encompassing modes of production, consumption, technology, self-reliance and demographics. The most challenging problem in development literature as in economic theory, has been the failure of integrating distributive equity with economic growth in a way that none of these goals are substituted for the other along a developmental regime. Economic literature does not provide this answer because of the kind of epistemological bias it has to materiality, markets and ethics. Liberate the economic schools from this entrenched epistemological and hence institutional and societal arrangements of occidentalism, is an impossible task within the neoclassical order. In this chapter we shall look into these problems relating to socioeconomic development. We deduce from this critical examination that in the face of the occidental impasse, the only other epistemological other is Islam on this question of simultaneity between material and moral ends in economic development regimes. Technology and Technological Change Parameters of Socioeconomic Development in Keynesian and Islamic Frameworks Keynesian Approach to Growth and Development Fiscal Policy in the Islamic Political Economy Comparing Joseph Schumpeter Entrepreneurship to the Entrepreneurship of Islamic Political Economy Joseph Schumpeter's Innovative Entrepreneurship and Development Question of Saving, Investment and Interest Sustainability in the Islamic Socioeconomic Development Framework The Supply of Inputs in the Basic Needs Regime of Development
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