The political context of islamic economics
In this paper, the author has argued that an analysis of the objectives of political leadership is crucial to a correct understanding of economic relationships. The paper classified objectives of political leaders into two categories: value-oriented and goal-oriented. Then two classes of strategies: High Road and Low Road strategies have been drawn. Thus the factors, the objectives and the motives involved in each strategy are analysed. All of the above are part of the effort to set up a framework for the formulation of a policy of Islamic economics. The author has argued that while the objectives of High Road strategies are value-oriented and related to domestic politics of nation states, the objectives of the Low Road strategies are goal-oriented and focused around international cooperation and that while the motivations of High Road strategies operate on the motivations of self-interest. Furthermore, the paper has indicated that a successful Islamic economic strategy must be based on a correct assessment of the socio- philosophical environment of our age. Finally, the paper stressed the need for interaction among competing strategies through interaction among Muslim economists.