Political and Moral Economy

The module develops a critical understanding of the origin and evolution, concepts and aims of the political and moral economy at a micro and macro levels. It also examines the history and evolution of Islamic political economy and Islamic moral economy both from Islamic and neo-classical perspectives. The module is essential for students to gain a critical understanding of political economy and its axioms which defines the frame, methodology and institutions for sustainable development. The module covers a number of themes including: an overview of the foundation of Islamic moral economy and economic analysis of the prevailing theories, Islamic macroeconomic theories and the major structural themes of Islamic economics related to the voluntary sector, prohibitive elements in market transactions, and appraisal of the factors of production from an Islamic perspective.

By the end of this module the student should be able to:

1. Critically evaluate the origin, concepts, and aims of economics as a political/moral economy at micro and macro levels by comparing and contrasting them with conventional economics.
2. Critically evaluate and appraise the process of economic development in the light of al maqasid al Shari'ah (objectives of Islamic law) and institutions for Islamic welfare (zakah, waqf, manihah etc.)
3. Critically understand and assess the methodology of moral economy and its frameworks and challenges in comparison with neoclassical economics.

1 Economy

An Introduction to Islamic Political Economy: Constituting the Frame Moral Economy and Considering Islamic Economics as a Moral Economy: Constituting Substance Capitalism and Marxism Methodology and Methods of Political/Moral Economy

2 Economic Analysis

Economic Analysis and Moral Policy Aspect of Fiscal and Monetary Policy Economics and Social Welfare Institutions Development in the Light of Al-Maqasid al-Shari'ah