Ethical Teachings of Abu Hamid al-Ghazali: Economics of Happiness

176 Pages·2021·3.135 MB·English

by  Sami Al-Daghistani

05:34:26 UTC

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Ethical Teachings of Ab(cid:301) (cid:682)(cid:195)mid al- Ghaz(cid:195)l(cid:237)
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Ethical Teachings of

Ab(cid:301) (cid:682)(cid:195)mid al- Ghaz(cid:195)l(cid:237)

Economics of Happiness
Sami Al- Daghistani
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Anthem Press
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Copyright © Sami Al- Daghistani 2021
The author asserts the moral right to be identified as the author of this work.
All rights reserved. Without limiting the rights under copyright reserved above,
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(electronic, mechanical, photocopying, recording or otherwise),
without the prior written permission of both the copyright
owner and the above publisher of this book.
British Library Cataloguing- in- Publication Data
A catalogue record for this book is available from the British Library.
Library of Congress Control Number: 2020941207
ISBN- 13: 978- 1- 78527- 530- 2 (Hbk)
ISBN- 10: 1- 78527- 530- 5 (Hbk)
Cover image: Serge Zimniy / Shutterstock.com
This title is also available as an e- book.
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For Lina.
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Earning is not the aim of human life but only a means to an end.
(Al- Ghaz(cid:195)l(cid:237), I(cid:683)y(cid:195)’, Vol. 2, 62)
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CONTENTS

Editor’s Preface ix
Acknowledgments xi
Introduction 1
Linking Economics with Happiness 3
On Modern Islamic Economics and Intellectual History 5
The Aims and Outline of Ethical Teachings of Ab(cid:301) (cid:682)(cid:195)mid al- Ghaz(cid:195)l(cid:237) 6
1. Ab(cid:301) (cid:682)(cid:195)mid al- Ghaz(cid:195)l(cid:237): Between Politics, Philosophy, and Sufism 11
1.1. A Life Outspoken 11
1.2. Munqidh min al-(cid:672) al(cid:195)l and the Critique of the Self 21
1.3. I(cid:683)y(cid:195)’ ‘Ul(cid:301)m al- D(cid:237)n and the Quest for Eternal Happiness (Sa(cid:355)(cid:195)da) 31
2. History of Islamic Economic Thought 43
2.1. On Economic Gaps, Exchanges, and Scholasticism 43
2.2. Major Ideas in Classical Economic Thought 49
2.3. An Overview of Modern Islamic Economics 54
3. Al- Ghaz(cid:195)l(cid:237)’s Economic Teachings and the Science of the
Hereafter (‘Ilm al-(cid:195) khira) 61
3.1. Shar(cid:237)‘a and Ma(cid:697)la(cid:683)a in Economic Activities 62
3.1.1. Fiqh as an ethical category 69
3.2. Economics Fostered by Ethics of Happiness 72
3.3. Extravagance and Just Conduct 77
3.4. Division of Labor and the Development of Markets 80
3.5. Faqr, M(cid:195)l, and Modes of Economic Gain 89
3.5.1. Rib(cid:195): An ill use of money 94
3.5.2. Fair earnings and the distribution of goods 97
3.6. Islamic Governance and the Question of Public
Good (Ma(cid:697)la(cid:683)a) in Economic A"airs 99
3.6.1. Kit(cid:195)b Na(cid:697)(cid:237)(cid:683)at al- Mul(cid:301)k and Just Rulership 101
3.6.2. (cid:682)isba Regulations 105
3.7. Taxes, Public Finances, and Expenditure 107
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4. Classical Economics and Its Worldviews 111
4.1. Classical Economic Theories, Positivism, and Utilitarianism 112
4.2. Comparisons and Divergences 117
5. Contemporary Debates: Al- Ghaz(cid:195)l(cid:237) and Modern Economics 119
5.1. The Emergence of Neoclassical and the Rise of Heterodox
Economics 119
5.2. The Desideratum for Ethical Economics 121
Conclusion: Conundrum of Ethics in Economics:
A Feasible Possibility or Vain Attempt? 125
Appendix 1: Historical Development of Some of the Most Prominent
Classical Muslim Scholars on Economic Thought 131
Appendix 2: Selected Quotations of Al-Ghaz(cid:195)l(cid:237)’s Economic Teachings in
the English Language 133
Bibliography 145
Index 157