Lecture 4: Emergence of Market Economies and Societies

Modern Economic theory is exclusively concerned with the market economy, and takes this way of structuring society for granted, as a universal of human behavior. This lecture studies the historical emergence of the market society, and many of its unnatural and harmful features. A key insight is that proper functioning of a market economy requires a market society -- certain ways of thinking and being and socializing. The values of a market society are antithetical to Islamic values, and dominance of these values causes collapse of Islamic societies.

Readings:

“The Rise and Fall of the Market Economy,” to appear in Review of Islamic Economics

PUBLISHED version has been attached below: A1-Assad-Zaman.pdf

Download from: https://sites.google.com/site/azcurrentresearch/home/ecmeth/rise

The Market Economy and Its Limits: Entry in Encyclopedia of Islamic Economics

Download from: https://sites.google.com/site/azcurrentresearch/home/islamicecon/limits