05:34:26 UTC i Ethical Teachings of Ab(cid:301) (cid:682)(cid:195)mid al- Ghaz(cid:195)l(cid:237) ii iii Ethical Teachings of Ab(cid:301) (cid:682)(cid:195)mid al- Ghaz(cid:195)l(cid:237) Economics of Happiness Sami Al- Daghistani iv Anthem Press An imprint of Wimbledon Publishing Company www.anthempress.com This edition first published in UK and USA 2021 by ANTHEM PRESS 75– 76 Blackfriars Road, London SE1 8HA, UK or PO Box 9779, London SW19 7ZG, UK and 244 Madison Ave #116, New York, NY 10016, USA 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, no part of this publication may be reproduced, stored or introduced into a retrieval system, or transmitted, in any form or by any means (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. v For Lina. vi 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) vii 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 viii viii CONTENTS 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