Author Information: Masudul Alam Choudhury, University of Toronto and International Islamic University, firstname.lastname@example.org
Choudhury, Masudul Alam. “Islamic Political Economy: An Epistemological Approach.” Social Epistemology Review and Reply Collective 3, no. 11 (2014): 53-103.
The budding field of Islamic political economy as premised on the epistemological roots of the monotheistic law and explained by the Qur’an and the sunnah (teachings of the Prophet Muhammad) is expounded. Several mainstream economic ideas are critically examined and their alternative treatment under Islamic political economy is expounded. The process-oriented model termed in this paper as the shuratic process or the discursively interactive, integrative and evolutionary process (IIE-learning process) is shown to be central to the methodology of the circular causation and continuity model of unified reality in Islamic political economy. Several concepts and applications are invoked in the methodological study of Islamic political economy. These involve a futuristic model of Arab political economy and the emergence of modern Turkish historicism a la Ibn Khaldun, by the Islamic contrariness to Eurocentricity. In order to bring out the widest conception and application of the methodology of Islamic political economy we examine the diverse problem of labour market wellbeing understood as labour market adaptation of Canadian Natives. This exam uses the methodology of Islamic political economy and shows its application to a contemporaneous real world issue. There is also a good deal of comparative study between Islam and the Occident concerning epistemological issues of the monotheistic law founded on the methodology of political economy. Such diverse applications bring out the extension of the field of Islamic political economy. Religious encumbrance are avoided and replaced by an epistemological worldview. Such a comprehensive study of Islamic political economy brings out a new and overarching economic, social, and scientific methodology that is extended to a field of intellectual inquiry beyond sheer religious outlook.
This paper was presented in the Seventeenth International Economic Association, Dead Sea, Jordan. July, 2014.
Political Economy and the Moral, Ethical, Cultural and Religions Groundwork
Every scientific treatment of great ideas emerges from epistemological foundations. This is true both of the natural and social sciences. Within both of these areas is embedded a methodology similar to that of political economy. This inclusive field comprises the methodological study of conflict and conflict resolution. In this regard, Smith’s idea of an economy and society governed by the law of natural liberty was a manifestation of the broad epistemological groundwork of a moral and scientific treatment (Smith, 1984). Yet in his Wealth of Nations the natural law of liberty gave rise to economic conflicts and the market system was treated as the resolver of the conflicts. Likewise, the French Physiocracy as the original school of political economy invoked the religious postulates of the just law within the framework of the monotheistic law. Quesnay and Turgot referred to the just law as jus divinum. Continue Reading…