Download PDF Islam and Mammon: The Economic Predicaments of Islamism

Download PDF Islam and Mammon: The Economic Predicaments of Islamism

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Islam and Mammon: The Economic Predicaments of Islamism

Download PDF Islam and Mammon: The Economic Predicaments of Islamism

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Review

"[A] timely book, one that just about anyone aiming to do business in the Islamic world should read. . . . A good read."---Jay Palmer, Barron's"What is Islamic banking? What is Islamic economics? Islam and Mammon . . . sets out the genesis of these ideas and criticizes, severely but still sympathetically, both the performance and the underlying logic of this Islamic approach to economic activity."---L. Carl Brown, Foreign Affairs"[Kuran's] writing is lively, his arguments are cogent, and the scholarship is wide ranging. . . . [A] useful and understandable introduction to both the doctrines of Islamic economics and how they are related to economic behavior in predominantly Islamic nations."---Frederic L. Pryor, EH.NET"The clear theme unifying these essays is that Islamic economics as such is not a genuine answer to the world's economic problems, but an 'invented tradition' that serves as an adjunct to the broader, anti-Western, Islamist (or Islamic fundamentalist) political and religious movement. . . . Timur Kuran's book makes this case all too clearly and eloquently."---J. Barkley Rosser, Journal of Economic Behavior and Organization"In this first-rate analysis, Timur Kuran provides a rigorous analytical explanation and evaluation of the 'system of thought' that has come to be known as Islamic economics and the 'economic system' that it proposes. It is refreshing to see a work that stands apart from the mishmash of cultural relativism of Islamophiles and the ideological warfare of the Islamophobes."―Sohrab Behdad, Denison University"Timur Kuran has brought serious scholarship to a subject the rest of us have lacked the skill or courage to address. Moreover, he has managed to package this major achievement in a book that is well-written, timely, and accessible to a broad audience."―Laurence R. Iannaccone, George Mason University

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From the Back Cover

"In this first-rate analysis, Timur Kuran provides a rigorous analytical explanation and evaluation of the 'system of thought' that has come to be known as Islamic economics and the 'economic system' that it proposes. It is refreshing to see a work that stands apart from the mishmash of cultural relativism of Islamophiles and the ideological warfare of the Islamophobes."--Sohrab Behdad, Denison University"Timur Kuran has brought serious scholarship to a subject the rest of us have lacked the skill or courage to address. Moreover, he has managed to package this major achievement in a book that is well-written, timely, and accessible to a broad audience."--Laurence R. Iannaccone, George Mason University

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Product details

Paperback: 240 pages

Publisher: Princeton University Press (December 25, 2005)

Language: English

ISBN-10: 0691126291

ISBN-13: 978-0691126296

Product Dimensions:

6 x 0.5 x 9 inches

Shipping Weight: 11.4 ounces (View shipping rates and policies)

Average Customer Review:

3.5 out of 5 stars

6 customer reviews

Amazon Best Sellers Rank:

#557,385 in Books (See Top 100 in Books)

"Islam & Mammon: The Economic Predicaments of Islamism" by Timur Kuran (2004). [The author is a libertarian, free-market professor of economics; somehow, he was once the "King Faisal Professor of Islamic Thought and Culture" at the Univ. of Southern California (c. 2004), but (c. 2011) he is at the Fuqua Business School at Duke Univ.] This book is a very insightful book regarding how the supporters of "Islamic Banking" ("I.B.") have hoodwinked virtually everyone into believing that their anti-interest (anti-riba) concepts are "superior" to free-market, pro-interest (pro-riba) theories. The author tries to argue that almost all Muslims fail to understand the hang-up that Prophet Muhammad had against common interest (riba). The author argued that the Quran prohibits "is the pre-Islamic Arabian institution of riba, whereby a borrower saw his debt double following a default and redouble if he defaulted again. Because it tended to push defaulters into enslavement, riba had long been a source of communal friction (p. 14)." The author calls this type of riba: "mammon" which is not an Arabic term, but is derived from the Christian Bible (see Wikipedia). I am unaware of an Arabic word for the author's contention (besides riba). [Nonetheless, the author details how I.B. or I. Economics is a recently "invented business" concept (c. 1970s).] I don't believe that the author really "proves" his point regarding mammon/riba with his book - he doesn't cite any Quranic or ahadith references to his contention (not that I recall anyway). Nonetheless, I highly recommend this book for the MANY OTHER topics that the author analyzes in debunking Islamic Economics. A reader should be familiar with free-market concepts: interest theory, P/L, etc. The author discusses how Muslims are trying to 'accept' the use of interest (riba) by calling it instead a "management fee" and thereby avoid the opprobrium of 'riba'. Apparently, the author has expanded his arguments against the silliness (okay, anti free-market theories) of Islamic Banking/Economics history in "The Long Divergent: How Islamic Law Held Back the Middle East." Islamists are not going to like this book for revealing (shouting out) about I.E.: "Look, the Emperor (I.E.) is wearing no clothes!" Essentially, the author is claiming that I.B. is not really "economics", but more of a politico-socio (religious) "feel good" populist concept ballyhooed by those ignorant of market economics. Islamists realize that acceptance of "riba" would contradict Allah's commandment against riba; they all-to-well properly realize: "accept riba, denounce Allah!" That is the Islamists' conundrum: how to admit that Allah got it wrong about interest/riba (this would then lead to inquiring if Allah made other errors in the Quran -- or maybe Muhammad misunderstood what Allah was saying). I.E. ranks alongside with those who believe in the "Flat World Society" or Stalinism.

An excellent scholarly book. Great detail and very in depth analysis. Inevitable conclusion is the impossibility of molding an economic system out of a moral philosophy, not just Islam. That is where the problem with traditional Islamic thought arises, for most of its adherents, Islam is not just a set of moral principles but a way of life, dictating every aspect of it. Unavoidably, there was much effort by Islamists to set up a distinct system of banking and economy based on pure Islamic traditions. Prof. Kuran delves into the history of these movements, but he does more than that, he puts all this in cultural and political context. At the end, he bravely expands more on the general failure of Islamic culture and tradition to bring wealth and prosperity to the masses that follow it. Writing is very formal, not the easiest read and surley apporpriate only for the truly intersted in the general topic, but it was well worth it for this reader.

The central and most important point in this highly useful volume is that Islamic finance is an "invented tradition," which empowers Islamic radicals. Now, coming as it does from the University of Southern California King Faisal Professor of Islamic Thought, that statement represents years of study, and a great deal of courage."Neither classical nor medieval Islamic civilization featured banks in the modern sense, let alone `Islamic' banks...," Kuran continues.Western securities and banking regulators, legislators, bankers, money managers and securities lawyers, take note: Muslim Brotherhood founder Hassan al-Banna concocted the idea of Islamic banking in the 1920s to unite Muslims in one global Islamic nation (umma), to create a parallel financial system, and ultimately to help reestablish a global Islamic empire, subservient to shari'a law.These and many other such facts are things that radical sheiks and "shari'a finance scholars" do not want readers to know. Which is why anyone even remotely interested in shari'a finance should purchase and read this book, and keep it on their desk. It's invaluable.--Alyssa A. Lappen

The subject is "Islamic economics," a system which has the goal that all dealings be of equal benefit to all parties and, through the use of the "tax" for charity and inheritance law, there be a high degree of economic equality. Kuran examines all these issues seeing some advantages and the many quandaries that result. Importantly, in view of current problems and events, he explores the political significance of this type of economy in the lack of prosperity and the isolation of Muslims from the rest of the world.In his exploration of why the Islamic economy has lagged Europe for several centuries he calls into use his work on preference falsification (See his "Private Truths, Public Lies") in the inability of the economy and its rulers to self-correct when the economy was sliding downhill.Carol M Fuller

The author is very likely a Kurdish nationalist, not implausibly a quite supporter of the PKK. As a Communist, he has no room for religion. His analysis is misleading, basically he runs after Muslims under the banner of Islamism, he seeks to undermine the Islamic religion to satisfy his own psychological needs. The author has suppervised the work of others who also claimed to have proved that Islam does not work. The author does not use objective scientific methods, he basically writes in a way that confirms his own priori conclusions. Read the book, if you wish, but with such qualifications in mind. You may read it to understand how the bigot's mind actually works.

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Islam and Mammon: The Economic Predicaments of Islamism PDF

Islam and Mammon: The Economic Predicaments of Islamism PDF