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      Global Economic Crisis Need for a Paradigm Shift

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      Policy Perspectives
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            Abstract

            [The global economic and financial crisis that started in 2008 and continues today with multidimensional and phenomenal consequences not only highlights once again the need to reform capitalist global economic system — particularly its present version of Market Fundamentalism — but also raises questions about the fundamentals of the discipline of economics. Leading economists of the world have called for a reform of the discipline. Some seeking way-out 'within' the dominant paradigm of economic thought and economy, yet others endeavor to search for not mere shift 'within' the paradigm but a shift 'of' the paradigm. Humanity today needs and urgent paradigm shift from elite oriented, free market fundamentalism based economic system to a human centric, just and equitable economic framework. The focus has to be on rediscovering and reestablishing the relevance of ethics and morality. After a discussion on worldview, values, principles and ideals of the Islamic economic paradigm, it is argued that this paradigm needs special attention. As against exclusive obsession with material affluences, and efficiency without reference to equity, Islamic economics emphasizes wealth creation activity, with a vision of economy that is humane, just and efficient, ensuring need fulfillment and well-being of all members of society.]

            Content

            Author and article information

            Journal
            polipers
            10.2307/j50009730
            Policy Perspectives
            Pluto Journals
            18121829
            1 July 2011
            1 December 2011
            : 8
            : 2
            : 1-17
            Article
            10.2307/42909284
            432a93af-f70e-4a94-ae80-05b35c6e5362
            © 2011, Institute of Policy Studies

            All content is freely available without charge to users or their institutions. Users are allowed to read, download, copy, distribute, print, search, or link to the full texts of the articles in this journal without asking prior permission of the publisher or the author. Articles published in the journal are distributed under a http://creativecommons.org/licenses/by/4.0/.

            History

            Education,Religious studies & Theology,Social & Behavioral Sciences,Law,Economics

            [Footnotes]

            1. Fukuyama, The End of History.

            2. Bootle, The Trouble with Markets, 2-3.

            3. Stieglitz, Freefall, 127.

            4. Legram, After Shock, 70.

            5. Ibid., 71.

            6. Ibid.

            7. Global Monitoring Report 2010: Achieving the MDGs in the Aftermath of the Global Economic Crisis, Joint Report of the World Bank and International Monetary Fund.

            8. Stieglitz, Op cit., 30.

            9. UN, Information Centre, New Delhi, The Hindu June 26, .2010.

            10. Bootle, Op cit., 4.

            11. Volcker, "The Time We Have is Growing Short.

            12. Hutton, "Thanks to the Credit Crunch."

            13. Krungman, "How did Economics Got it Wrong."

            14. The Economist, July 18 th 2009. "Onwards and Upwards", The Economist December 19 th , 2009.

            15. Soros, Globalization, quoted by Joseph E. Stieglitz, "A Fair Deal for The World.

            16. Stieglitz, and George Akerlof "A New Economics in an Imperfect World." See also: Alex, "Praying for a Revolution in Economics."

            17. The Daily Times, July 31, 2009.

            18. Bootle, Op. cit., 79-80.

            19. Ibid., 232.

            20. Ibid., 236.

            21. Kalatsky, Capitalism 4.0: The Birth of a New Economy, 185-186.

            22. Stiglitz, Op cit., 238.

            23. Ibid., 249.

            24. Ibid., 275-276.

            25. Ibid., 278.

            26. The Quran, 57: 25.

            27. Heilbroner and William Mulberry, The Crisis of Vision in Modern Economic Thought.

            28. Nigel Tomes (1985m p.245) Iannaccone, "Introduction to the Economies of Religion," 1465-1496. Roth, Ethics, Economics and Freedom and Rothschild, Ethics and Economic theory.

            29. Chomsky, Profit over People, 23-24.

            30. "The Effects of the Global Crisis on Islamic and Conventional Banks", by Hasan and. Jemme Dridim.

            31. Fogel, The Fourth Great Awakening, 1.

            32. Ibid., 242.

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