Islahi, Abdul Azim (2001): An analytical study of al-Ghazali’s thought on money and interest.
Download (244kB) | Preview
The present paper concentrates to study an important aspect of al-Ghazali economic thought, money and interest, and with rigorous analysis it attempts to explore its relevance and application in the modern period. Al-Ghazali recognizes money as one of the most important inventions in conduct of the economic affairs. He offers a rather sophisticated discourse as to the evolution of money and its various functions. He explains how money overcomes the problems of barter system such as lack of a common denominator, indivisibility of good and the problem of double coincidence of wants. These ideas of al-Ghazali are almost identical to those found in contemporary texts. He condemns those who hoard money or convert them into other objects. He discusses the harmful effect of counterfeiting and currency debasement. However, he allows for the possibility of representative or token money.
|Item Type:||MPRA Paper|
|Original Title:||An analytical study of al-Ghazali’s thought on money and interest|
|English Title:||An analytical study of al-Ghazali’s thought on money and interest|
|Keywords:||Nature and Functions of money, Difficulties of barter exchange, Interest (riba), Riba’l-fadl and Riba’l-nasi'ah, Counterfeiting and debasement of money,|
|Subjects:||B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic)
E - Macroeconomics and Monetary Economics > E4 - Money and Interest Rates > E40 - General
|Depositing User:||Abdul Azim Islahi|
|Date Deposited:||19. Sep 2012 11:40|
|Last Modified:||26. Sep 2014 03:37|
al-Asbahi, Malik b. Anas, al-Mudawwanah al-Kubra, “Bab al-Sarf”, n.p. al-Khairiyah press, 1324 AH. Vol. 3, pp. 90-91.
al-Baladhuri, Abu'l-Hasan. Futuh al-Buldan, Ridwan M. Ridwan (ed.), Cairo, al- Maktaba al-Tijariyah al-Kubra, 1959,
Crowther, Geoffrey, An Outline of Money, London, Thomas Nelson Ltd. 1958.
Dehlawi, Shah Wali-Allah, Hujjat-Allah al-Balighah, Beirut, Dar al-Fikr, n.d. Part 2.
al-Ghazali, Abu Hamid, Ihya Ulum al-Din, Beirut, Dar al-Nadwah al-Jadidah, undated, vol.4,
Ghazanfar S.M. and Islahi, Abdul Azim, “Economic Thought of an Arab Scholastic: Abu Hamid al-Ghazali” History of Political Economy, Durham (U.S.A.), vol. 22, No.2, pp. 381-403.
Ghazanfar S.M. and Islahi, Abdul Azim, Economic Thought of al-Ghazali, Jeddah, Scientific Publishing Centre, KAU.1998, 80 pp.
Ibn khaldun, Muqaddimah, Beirut, Dar al-Fikr, n.d.
Ibn Taimiyah, al-Ikhtiyarat al-Fiqhiyah, ( edited by `Ala al-Din al-Dimashqi,), Beirut, Dar al-Ma`rifah, n.d.
Ibn Taimiyah, Majmu Fatawa Shaikh al-Islam, Riyadh, Matabi` al-Riyad, 1963, 35 vols.
Islahi, Abdul Azim, Economic Thought of Ibn al-Qayyim, Jeddah, ICRIE, 1984,
Lewis, W.A. The Theory of Economic Growth, London, George Allen & Unwin Ltd.1963,
Muslim, Sahih Muslim, ’Bab al-Sarf’ (the chapter on exchange). Cairo. M. Ali Sabih, n.d. vol. 5
Orman, Sabri, Economic Thought of Abu Hamid al-Ghazali: A Methodological Approach, New Jersey, 1985,