Economic Thought of al-Ghazali

Islahi, Abdul Azim and Ghazanfar, Shaikh Mohammad (1998): Economic Thought of al-Ghazali. Published in: (2011): pp. 1-99.

Abstract

Al-Ghazali′s economics is anchored on five necessary Shari‘ah -mandated foundations of individual and social life: religion, life, family, property, and intellect. He focuses on the economic aspects of maslahah (social utility), distinguishing between necessities, comforts and luxuries. Subsistence living is inadequate but wealth too has its dangers. Both extravagance and miserliness are to be avoided, a middle course is recommended. The authors seek to reconcile between apparently contradictory views of al-Ghazali on wealth and (voluntary) poverty. Al-Ghazali′s insights on exchange,production, money, role of the state and public finances are reported. Al-Ghazali emphasizes ethical behavior in the market and regards production and supply of necessaries to be an obligatory duty. He condemns hoarding and lauds cooperation.Usury is rejected and justice, peace and stability are projected as preconditions of economic progress.

• Item Type: MPRA Paper
• Language: English
• Keywords: History of Islamic Economic thought, Muslim Economic thinking. Al-Ghazali and his Economic thought, Greco-Arab Economic thought, Schumpeterian Great gap thesis, Scholastic Economics.
• Subjects: B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925; B - History of Economic Thought, Methodology, and Heterodox Approaches > B1 - History of Economic Thought through 1925 > B11 - Preclassical (Ancient, Medieval, Mercantilist, Physiocratic); B - History of Economic Thought, Methodology, and Heterodox Approaches > B3 - History of Economic Thought: Individuals > B31 - Individuals

References

Abdul-Quasam M. (1975), The Ethics of Al-Ghazali: A Composite Ethics in Islam, Petaling Jaya, Selangor, Malaysia: Universiti Kebaugsaan Malaysia.

al-Asam, Abd al-Amir (1981), al-Failasuf al-Ghazali, Beirut, Dar al-Andalus, 2nd print.

al-Bukhari, Muhammad b. Isma`il (1987), al-Jami` al-Sahih, Cairo:Dar al-sha`b, vol. 8, p. 115, Hadith no. 6439.

Butler, Pierce (1933), “Fifteenth Century Editions of Arabic Authors in Latin Translation,” in the McDonald Research Volume, Freeport (N.Y.): Books for Libraries Press, Inc.

Collier’s Encyclopedia (1979), New York: Macmillan, Vol. 13, article on "Islam" by Edward J. Jurji, pp. 312-313.

Copelston, F. C. (1972), A History of Medieval Philosophy, New York, Harper and Row.

Crowther, Geoffrey (1967), An Outline of Money, London: Nelson, revised edition.

Durant, Will (1950), The Story of Civilization: The Age of Faith, New York: Simon & Schuster, Vol. 4.

Faris, Nabih Amin (tr.) (1962), The Book of Knowledge (a translation with notes of the Kitab al-`Ilm of al-Ghazali's Ihya' ‘Ulum al-Din), Lahore: Sh. Mohammad Ashraf.

al-Farra, Abu Ya`la (1966), Al-Ahkam al- Sultaniyah, Egypt: Mustafa Babi al-Halabi.

al-Ghazali (n.d.), al-Arba`in fi Usul al-Din, Cairo: al-Maktabah al-Tijariyah.

al-Ghazali (1964), Counsel for Kings, tr. by Bagley, F.R.C. London: Oxford University Press.

al-Ghazali (n.d.), Ihya’ ‘Ulum al-Din, Beirut: Dar al-Nadwah.

al-Ghazali (1964), Mizan al-‘Amal, Sulaiman Dunya (Editor), Cairo: Dar al Ma’arif.

al-Ghazali (1322 H), al-Mustasfa min ‘Ilm al-Usul, Bulaque: al-Matba`at al-Amiriyah, Vol. I.

al-Ghazali, Shifa al-Ghalil, Al-Irshad Press, Baghdad, 1971.

Guillaume, Alfred, “Philosophy and Theology,” in Sir Thomas Arnold and Alfred Guillaume (Editors) (1931), The Legacy of Islam. Oxford, UK: Clarendon Press.

Ibn Khaldun (n.d.), Muqaddimah, Beirut : Dar al Fikr.

Ibn Khallikan (n.d.), Wafayat al-A‘yan, ed. by Abbas, I. Beirut, Dar Sadir, vol. 4, Biography No. 588.

Ibn Taimiya (1381 H.), Majmu Fatawa Shaikh al-Islam Ibn Taimiyah, Vol. 30, Riyadh: al-Riyad Press,.

Ibn Taimiyah (n.d.), al-Ikhtiyarat al-Fiqhiyah, Beirut: Dar al-Ma‘rifah.

Islahi, Abdul Azim (1988), Economic Concepts of Ibn Taimiyah, Leicester (U.K.): Islamic Foundation.

Islahi, Abdul Azim (Winter 1405/1985), “Ibn Taimiyah’s Concept of Market Mechanism,” Journal of Research in Islamic Economics, Vol. 2, No. 2, pp. 55-56.

Jurji, Edward, J. (1946), “Islam” in Edward J. Jurji (ed.) The Great Religions of the World, Princeton: Princeton University Press.

Makane, William (1965), Al-Ghazali's Book of Fear and Hope, Leiden: E.J. Brill

Marshall, Alfred (1962), Principles of Economics (8th edition), Macmillan & Co., Ltd., London, (first published in 1890).

Muslim, Abu al-Hasan Muslim b. Hajjaj al-Qushairi (n.d.), Sahih Muslim, Cairo: Maktabah M. Ali Sabih wa Auladuhu, Bab al Sarf.

Myers, Eugene A. (1964), Arabic Thought and Western World, New York, Fredrick Ungar Publishing Company, Inc.

O’Leary, De Lacy (1922), Arabic Thought and its Place in History, New York: Kegan Paul and Co.

Newman, Philip, et al., (1954), Source Readings in Economic Thought, New York, W.W. Norton.

Orman, Sabri (1984), Ghazali’nin iktisat felsefesi (Economic Philosophy of al-Ghazali), Istanbul.

Palacios, M. Asin (1935), “Contact de la spirtualite” muslumane et de la spirtualite’ Chretienne”, in Jean Ballard (ed.) L’Islam et L’Occident Paris, Les Cahiers Du Sud.

Pribram, Karl (1983), A History of Economic Reasoning, Baltimore: The Johns Hopkins Press.

Rescher, Nicholas (1966), Studies in Arabic Philosophy, Pittsburgh, University of Pittsburgh Press.

Sarton, George (1952), A Guide to the History of Science, Waltham, MA: Chronica Botanica.

Sarton, George (1927-48), Introduction of the History of Science, 3 Vols. Baltimore: Williams and Wilkins.

Sarton, George (1930), "Twenty-Seventh Critical Bibliography of the History of Philosophy of Science and History of Civilization (to September 1919)", ISIS, March 1930, Vol. 13, pp. 400-86.

Schumpeter, Joseph A. (1954), History of Economic Analysis, New York: Oxford University Press.

Shanab, R.E.A. (1974), “Ghazali and Aquinas on Causation”, The Monist: The International Quarterly Journal of General Inquiry, Vol. 58, No. 1.

Sharif, Mohamed Ahmed (1975), Ghazali’s Theory of Virtue, A1bany: State University of New York Press.

Sharif, M.M. (edt.) (1966), A History of Muslim Philosophy, Weisbaden: Otto Harrassowitz, 2 Vols.

Shehada, Fadlou (1964), Ghazali’s Unique Knowable God, Leiden: E.J Brill.

Sheikh, M. Saeed (1982), Islamic Philosophy, London: Octagon Press.

Smith, Adam (1937), Wealth of Nations, New York: Modern Library Edition, 1937 (originally published - 1776); Book V.

Smith, Margaret (1944), Al-Ghazali the Mystic, London, Luzac and Co.

Umaruddin, M. (1962), The Ethical Philosophy of Al-Ghazali, Aligarh: Aligarh Muslim University.

Watt, Montgomery (1953), Faith and Practice of Al-Ghazali, London: George Allen and Unwin Ltd., London.

Watt, Montgomery (1963), Muslim Intellectual: A Study of Al-Ghazali; Edinburgh: Edinburgh University Press.

Zarqa, Anas (1980), “Islamic Economics: An Approach to Human Welfare,” in Khurshid Ahmed (Editor), Studies in Islamic Economics, Leicester (U.K.): Islamic Foundation.