Islamic Economics & the Koran

However, Timur Kuran makes a common error in his review of Islamic economics by assuming that it is one homogenous school of thought motivated solely toward limiting western influence. In fact, there are several different schools of Islamic economics with widely divergent and conflicting philosophies. In the article, "Islamic Economics and Economic Policy Formation in Postrevolutionary Iran: A Critique," Mehrdad Valibeigi labels the two most prominent schools as "Liberal Islamic Economics" and the other as the "Tawhid Islamic Economics" (Valibeigi, 1993, 3).

Globally, Islamic economics in various forms and degrees have been instituted in several Muslimdominated nations in the last 40 years, such as Saudi Arabia, Egypt, Pakistan, and the United Arab Emirates. Yet no nation has attempted to implement these economic theories

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tions (Valibeigi, 1993, 5). In effect, Khomeini had found a means of bypassing both assemblies and instituting his own pet legislation into law. The Expediency Council, according to The Economist magazine, also has the power to veto the nomination of any official to high office if they find his adherence to Islamic law insufficient (although this rarely occurs) (Iran: Is the race..., 1997, 2). By 1997, the Iranian economy had shrunk to only 2/3 of its 1979 levels. However, economists expect a four percent growth in the economy in the fiscal year 1997 (Mahoney, 1996, 1). As Karshenas and Pesaran put it: Once again, it appears that the course of Iran's future development stands at an important crossroads. Should the country's development strategy rely more on market institutions and price mechanisms, or should there be a return to the idea of economic selfsufficiency and a controlled economy with increased government intervention? (Karshenas & Pesaran, 1995, 3) It appears that the election of a Liberal Islamic economist to the post of President this year signals a desire by the Iranian people to have individual economic interests once again reassert their primacy over public domain. Economy Karshenas and Pesaran give a
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Approximate Word count = 5021
Approximate Pages = 20 (250 words per page)

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