RC on CIE

“Response to Comments on ‘Crisis in Islamic Economics’”. Rejoinder, Journal of King Abdulaziz

University: Islamic Economics, 25: 2, p.227-250,(Sept. 2012)

SSRN Version

Original paper, referenced below, was published as a discussion paper in JKAU: Islamic Economics journal. Many authors gave their comments on the paper. This is the RESPONSE to the comments on this paper:

“Crisis in Islamic Economics: Diagnosis and Prescriptions,”, Journal of King Abdulaziz University: Islamic Economics, 25: 1 ,(April/May 2012)

ABSTRACT

The main assertion of my earlier paper is that, as a whole, Muslims are following western models for

development instead of the model so successfully demonstrated by our Prophet Mohammad S.A.W.

Some preliminary clarifications of this idea are needed before I turn to the comments of my critics.

REFERENCES

Aknin, Lara B., Christopher P. Barrington-Leigh, Elizabeth W. Dunn et al. (2010). Prosocial

Spending and Well-Being: Cross-Cultural Evidence for a Psychological Universal. NBER Working

Paper 16415, downloadable from: http://www.nber.org/papers/w16415

Bairoch, Paul Economics and World History: Myths and Paradoxes, University of Chicago Press, 1995

Blaut, James M, Eight Eurocentric Historians,The Guilford Press, 2000

Goody, Jack, Theft of History, Cambridge University Press, 2012

Henrich J, Boyd R, Bowles S, Camerer C, Gintis H, et al. “In Search of Homo Economicus: Behavioral Experiments in 15 Small-Scale Societies” American Economic Review, 91:73–79, 2001.

Hiatt, Steven and John Perkins, A Game As Old As Empire: The Secret World of Economic Hit Men and the Web of Global Corruption, Berrett-Koehler Publishers (February 28, 2007)

Klein, Naomi, The Shock Doctrine: The Rise of Disaster Capitalism, Metropolitan Books, 2007.

Kogl, Alexandra "Enclosure and Exclusion: The Invention of Private Property" Paper presented at the annual meeting of the The Midwest Political Science Association, Palmer House Hilton, Chicago, Illinois, Apr 07, 2005

Karacuka, Mehmet and Asad Zaman “The Empirical Evidence Against Utility Theory” submitted to Journal of Economic Surveys

Mahmood, Saima Efficiency Wages and Non-Monetary Motivational Strategies: An Experimental Approach. Ph.D. Thesis, Pakistan Institute of Development Economics, Islamabad, 2011.

Mahmood, Saima & Asad Zaman, (2010) “Monetary and Non-Monetary Gift Exchange”, Pakistan Development Review, Vol 49 number 4, Winter 2010.

McNeill, William H. 1963 [1991]. The Rise of the West: A History of the Human Community [With a Retrospective Essay], University of Chicago Press,

Najam, Adil (2007) Portrait of A Giving Community: Philanthropy by the Pakistani-American Diaspora, Harvard: Harvard University Press

Perkins, John 2005,Confessions of an Economic Hit Man,Plume

Pizzigati, Sam (2006), Greed and Good: Understanding and Overcoming the Inequality that Limits Our Lives. The Apex Press, NY. ISBN 1-891843- 25-7

Polanyi, Karl. 1944. The Great Transformation. Boston: Beacon Press

Rodrik, Dani “Goodbye Washington Consensus, Hello Washington Confusion? A Review of the World Bank & Economic Growth in the 1990s: Learning from a Decade of Reform" Journal of Economic Literature , Vol. 44, No. 4 (Dec., 2006), pp. 973-987

Said, Edward Orientalism, Vintage Books, New York, 1979

Samuelson, Paul A. and William Nordhaus, (1989) Economics, 13 th Edition.

Sen, Amartya, Development As Freedom, Anchor Press, 2000

World Bank: Where is the Wealth of Nations?, 2006.

Zahn-Waxler, Carolyn and Marian Radke-Yarrow, “The Origins of Empathic Concern,” Motivation and Emotion, Vol 14, No. 2, 1990.

Zaman, Asad “An Islamic Worldview: An Essential Component of an Islamic Education,” Lahore Journal of Policy Studies Vol. 1 No. 1, p95-106, June 2007.

Zaman, Asad “Origins of Western Social Science” Journal of Islamic Economics, Banking and Finance, vol 5, number 2, May-August 2009, p. 9-22

Zaman, Asad “The Rise and Fall of Market Economies,” Review of Islamic Economics, 2010, Vol. 14, No. 2.

Zaman, Asad (2009a) “Islamic Attitude towards Motives, Incentives of Economic Agents and the Role of Information” entry in Encyclopedia of Islamic Economics,to appear.

Zaman, Asad (2009b) “Contrasts between Islamic and Economic Views of Incentives” submitted to Islamic Economic Studies, IRTI E-Journal.

Zaman, Asad “Islamic Economics: A Survey of the Literature,” , Published in three parts:Part I: Islamic Studies 48:3 (2009) pp. 395–424. Part II: Islamic Studies 48:4 (2009) pp. 525–566. Part III: Islamic Studies 49:1 (2010) pp.37-63. Also available as Discussion Paper No 22, Religion & Development Project, University of Birmingham.

Zaman, Asad “Towards a New Paradigm for Economics,” Journal of King AbdulAziz University: Islamic Econ., Vol. 18, No. 2, pp. 49-59 (2005 A.D/1426 A.H)

Zaman, Asad (2012) “An Islamic Critique of Neoclassical Economics,” Pakistan Business Review, April,

Zaman, Asad (2012) “Islam Versus Economics,” submitted to Islamic Economic Studies

Zaman, Asad “Rebuilding Islamic Societies.” Chapter 6 in Lecture Notes on Islamic Economics, draft 2010.

Zaman, Asad “Principles of an Islamic Education,” Chapter 1 in Lecture Notes on Islamic Economics, draft 2010.

Zaman, Asad and Ismail Saglam “The Conflict Between General Equilibrium and the Marshallian Cross,” , submitted to American Journal of Economics and Sociology.

Zaman, Asad, “The Normative Foundations of Scarcity,” submitted to Economics Research International

Zaman, Asad, “Power/Knowledge and Economic Theories,” Lahore Journal of Policy Studies, 2011.

Crisis in Islamic Economics: Diagnosis and Prescriptions - Original Discussion paper in JKAU: Islamic Economics journal, which was commented upon.