Munich Personal RePEc Archive

Neoliberalism vs Islam, An analysis of Social Cost in case of USA and Saudi Arabia

Hayat, Azmat and Muhammad Shafiai, Muhammad Hakimi and Haron, Sabri (2021): Neoliberalism vs Islam, An analysis of Social Cost in case of USA and Saudi Arabia.

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Abstract

Neoliberal principles are positively thought by hegemonic western countries as something beneficial to humanity and societies across the planet. This claim is in sharp contrast to the followers of Islam, who believes that more than 1400 years ago Islam already provided the best and everlasting ideology for the welfare of humanity. This study thoroughly investigated the claims of these contrasting ideologies. The hypothesis at the core of this endeavour is that neoliberal ideology is linearly associated with social costs, which can also be explained quantitatively as something associated with reduced standard of living. In order to investigate this hypothesis, USA and Saudi Arabia are selected as a sample. Besides analysing the previous literature, descriptive statistics from the most recent 2020 world Development Indicators are used for testing this hypothesis. Results indicates show that crime rate in the USA is higher than Saudi Arabia.

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