Collaborative governance, social capital and the Islamic economic organization
Social capital can be instrumental in developing a collaborative governance approach to decision-making among states, markets and communities that can address market and state failures. Individual motivations supporting collaborative governance result from neither selfishness nor altruism at the two extremes, but harnessing the capabilities of diverse viewpoints into an agreed upon goal, regardless of values and ethics underlying the motives for doing so. Communities, markets and states are complements and not substitutes. The equitable distribution of property rights and risk-sharing matter for fostering collaborative governance. Within such a multipolar collaborative governance framework, the notion of risk-sharing inherent in the Islamic value system endows the Muslim world with a good potential to achieve efficient economic organization and prosperity. This could only come about if Muslim societies adhere to the principles that make collaboration possible and effective.