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ON IBN KHALDUN'S CRITIQUE OF THE MARKET ECONOMY WITH SOME LESSONS TO THE ARAB WORLD

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LITERATURE REVIEW Flint writes about Ibn Khaldun that "Plato, Aristotle, and Augustine were not his peers, and all others were unworthy of being mentioned along with him".3 Toynbee considers Ibn Khaldun's philosophy of history, which is stated in the Prolegomena (the Muqaddimah), as "undoubtedly the greatest work of its kind that has yet been created by any mind in any time or place".4 Issawi points out, "If [Ibn Khaldun] had no predecessors he certainly had no successors in the world of Islam".5 Boulakia provides an excellent analysis of Ibn Khaldun's economic conclusions regarding production, prices, distribution, population, and public finance cycle, but does not explain his critique of the market economy (model).

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