Islamic Economics and the
Economics of Other Religions
Chapter 5
Buddhist Economics
Balanced attitude toward work
Consumption should be satisfying but not
saturating
Harmony of humanity and nature
– Trees
– Nonrenewable resources
– Local production
Buddhist Economics
Thailand
Laos
Cambodia
SriLanka
Burma
Confucian Economics
Fivecentral Laissez-faire
concepts Benevolent and
– Benevolence reverent emperor
– Righteousness Celestial harmony
– Propriety
– Wisdom
– Faithfulness
Confucian Economics
Singaporeand People’s Republic of
China (PRC)
– Reliance on market forces
– Some state planning and control
Hindu Economics
Mahatma Gandhi
Caste system
Self-rule
Self-sufficiency
Hindu Economics
Oppose
– Modern industrialization
– Railroads
– Urbanization
– Excessive consumption
– Foreign investment
– Killing or consumption of cows
Judaic Economics
Based on the Torah
Consistent with markets and private
property
Tithing
Interest prohibition among Jews
Israeli economy
– Kibbutz
– State ownership
Christian Economics
Catholicism
– Just price
– Against charging interest
Pope John Paul II
– Supports market capitalism
– Criticizes excessive materialism
– Supports compassion for the poor
Christian Economics
Protestantism
– Linked to market capitalism
– New Christian Right
Pro-laissez-faire
Pro-income redistribution
Islamic Economics
Derived from the Shari’as
Three central concepts
– Divine unity
– Vice-regency
– Justice
Almsgiving
Tax rates for non-Muslims
Hard work
Islamic Economics
Deal fairly Avoid uncertainty
Modest enjoyment Interest is forbidden
Pay just wages Profit sharing
Charge just prices Banking
Efficient