ABSTRACT
This chapter examines some of the central tenets of the free market economy and subjects them to a critical interrogation to show that the relationships between the economy and the market are not as ‘natural’ as rendered in the literature. Going beyond the debate on whether or not Islam is pro-market, the author reflexively examines the ‘real’ relationships through which Islam is imbricated within discussions of the market and the economy. Understanding this is an important development and provides a different framework from which our business, economic and sociopolitical environments can be better interpreted and made sense of.
This chapter examines some of the central tenets of the free market economy and subjects them to a critical interrogation to show that the relationships between the economy and the market are not as natural' as rendered in the literature. It analyses the synergy between Islam and capitalism, within which the notion of the Islamic economy (IE), the market and values is reconstructed, reproduced and reconstituted. In recent years, there is growing awareness of a new spirituality at work, in work organizations and within the broader society. Much of the writings on Islamic economy consist of explanations and interpretations of the Quran, the Sunnah, the hadith and accounts of Islamic history. Whilst useful, these accounts are not explicit and provide only very broad general principles on the economy or the market, and arguably very little that may be relevant in current business and economic practices.
