Socio-economic Principles in Contemporary Islamic and Judeo-Christian Thought

Abstract

Principles applicable to socio-economic life contained in two modern interpretations of Islamic economic thought, and in two modern Judeo-Christian interpretations are compared. The relevance of this investigation is that these two religious systems encompass over fifty percent of the world’s population, and the percentage is believed to be increasing gradually. The four interpreters claim that each of their belief frameworks is replete with normative theological principles of direct implication to contemporary socio-economic life. As such, the two religions pose a challenge to secular economic frameworks of thought that eschew religious or theological input. The four interpreters are all economists who profess allegiance to their systems of belief. The comparison reveals a marked similarity in normative theological socio-economic principles between Islam and Judeo-Christianity, as interpreted by the authors examined. Seven comparable principles are derived from the four interpreters in the second section of the paper, ranging from their conjoint emphasis on the necessity for employment to be provided to all people, to their focus on the importance of an equitable distribution of the fruits of production. Two of the principles are investigated more closely in the third section. The first relates to the participatory nature of work and the ways in which it might contribute to people becoming economically independent. The second concerns the stress on reducing inequalities in the distribution of wealth and income, and to the way in which the reform of employment organisation can contribute to this end.