Role of State in the Economy

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IslamiCity

This work visits an important subject against a background of the collapse of state-managed economies. Articles included in this collection discuss how Islam seeks to orient economic agents towards ethical conduct and socially-responsible behavior. The state is called upon to make up for moral and/or market failure to the extent...
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This work visits an important subject against a background of the collapse of state-managed economies. Articles included in this collection discuss how Islam seeks to orient economic agents towards ethical conduct and socially-responsible behavior. The state is called upon to make up for moral and/or market failure to the extent possible within a framework of essential freedoms. Internalization of moral values and social concern is perceived as minimizing the need for social intervention which, nevertheless, has a place in the Islamic system. The middle road advocated by Islam is projected as a better alternative to exclusive reliance on the market, as now in vogue as a result of disenchantment with state management.

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