Morality and Justice in Islamic Economics and Finance
Show Less

Morality and Justice in Islamic Economics and Finance

Muhammad Umer Chapra

Mankind is faced with a number of serious problems that demand an effective solution. The prevalence of injustice and the frequency of financial crises are two of the most serious of these problems. Consisting of an in-depth introduction along with a selection of eight of Muhammad Umer Chapra's essays – four on Islamic economics and four on Islamic finance – this timely book raises the question of what can be done to not only minimize the frequency and severity of the financial crises, but also make the financial system more equitable.
Buy Book in Print
Show Summary Details
You do not have access to this content

Chapter 4: Ibn Khaldun’s theory of development: does it help explain the low performance of the present-day Muslim world?

Muhammad Umer Chapra


The development and decline of economies and societies has been of interest to scholars throughout history because of their desire to know the causes of these phenomena and to enable their society to continue the rise or to at least bring the decline to an end. The rise of Development Economics in modern times is, therefore, not something unique. The difference, however, is that development economists until recently took into account primarily the economic variables that affected development. They considered the major institutional, psychological, social, historical and political forces in a given society to be exogenous and did not, therefore, analyze the impact of these on the endogenous economic variables that they take into account. It was generally assumed that a positive change in the economic variables would be sufficient to lead to development. However, other scholars have been oriented towards a multidisciplinary approach which considers economic development to be a part of overall human development. Positive change in one or a few economic variables may not necessarily make a significant difference in development unless this is also accompanied by a positive development-oriented change in other sectors of the society. Accordingly, overall human development is also not considered by them to be indicated by merely a rise in real per capita income, literacy, and life expectancy at birth, as is assumed to be the case in the UNDP’s Human Development Index.

You are not authenticated to view the full text of this chapter or article.

Elgaronline requires a subscription or purchase to access the full text of books or journals. Please login through your library system or with your personal username and password on the homepage.

Non-subscribers can freely search the site, view abstracts/ extracts and download selected front matter and introductory chapters for personal use.

Your library may not have purchased all subject areas. If you are authenticated and think you should have access to this title, please contact your librarian.

Further information

or login to access all content.