In this book -"A Historical Analysis of the Development of Socio-economic economic Thought" the author attempts to compare major approaches of socio-economic developments with special reference to economic management.
He reviews the Greek and Roman thoughts on statecrafts. He also refers to the rise of Islamic state management system in the 7th and 8th centuries, and its supremacy over other systems during the next few centuries. AS is well- known, Islam as a complete code of life prescribes among many other things principles of economic management to be applied in state management.
Application of these principles was observed in the early stages of Islamic caliphate because the state of the economy had been a major concern o-f Islamic Caliphate. Whenever and wherever Islamic Caliphate was established reforms took place based on Islamic economics for betterment of human life including poverty alleviation, an important imperative of economic management.
It is interesting to note that Muslim scholars while theorizing Islamic economics discussed problems of poverty alleviation, equity, inequality and economic injustice long before the European scholars were engaged in similar discourses. The author attempts to highlight some of these events of history. However, he also describes the gradual decay of Islamic state and economic management systems, and the subsequent rise of Western system as a substitute of Islamic system.
The Western system as history shows has dominated the world state craft and economic management system ever since its rise. But looking at the global instability, exploitation of the poor by the rich, in justice, prevalence of terrorism, etc, the author argues that neither the communism nor the Western capitalism could resolve the political, economic and socio-cultural problems the world has been suffering from.
Contrary to the belief of the Western scholars, the author finds a re-emergence of Islamic socio-economic thoughts in the late 20th century. He strongly feels that the Islamic system will be a good substitute for western system. The author concludes that the process of reestablishing this system has started for the benefit of not only the Muslim countries but of the world as a whole.
Islamic economists are rising to the need of the time and putting their scholarly input to design and reinstitute a new system (Islamic) which will work as a cure of the global ills that conventional economics has failed to address. This book will be a recognizable contribution to the pool of new literature on Islamic economics.
In this book, the author has tried to make a comparative study of the state of affairs of the two systems of economics in their broad spectrums and their potentials to face the onslaught of current crises in economies of different countries. In doing so, he has demonstrated the comparative advantage of Islamic economics management proposition. This publication will be a timely one and encourage the new comers to carry on research in this new field of study of economics.