Medieval Islamic Economic Thought Filling the Great Gap in European economics by SM Ghazanfar pdf

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Medieval Islamic Economic Thought Filling the Great Gap in European economics by SM Ghazanfar pdf free download

Medieval Islamic Economic Thought Filling the Great Gap in European economics by SM Ghazanfar pdf download. The Anglo-American intellectual tradition focuses on the north European Atlantic-oriented societies during their cultural development over the last
few centuries. This is particularly true of the history of economic thought.

Medieval Islamic Economic Thought Filling the Great Gap in European economics by SM Ghazanfar pdf free download

The consolidation of nation states and the growth of international commerce in England, France, the Low Countries, and the Hanseatic cities during the sixteenth and seventeenth centuries provided the foundations for the agricultural and industrial revolutions of the eighteenth and early nineteenth centuries. It is not surprising, therefore, that the classic paradigm in economic thought, set out in J.A.Schumpeter’s erudite History of Economic Analysis in 1954, concentrated on the thought of this period with an emphasis on the
“Great Gap” between the philosophical contributions of ancient Greece and their rediscovery in the Middle Ages.

Medieval Islamic Economic Thought Filling the Great Gap in European economics by SM Ghazanfar pdf free download

The interval between the intellectual culture of antiquity and its north European “rebirth” or Renaissance has been labelled the “Dark Ages” from a north European idiosyncratic perspective. Professor S.M.Ghazanfar has formally challenged this mindset, the “Great Gap” thesis that was emphasized by Schumpeter. The historical facts are undeniable, namely that the culture of antiquity was sustained and developed in the Islamic world during the medieval period; and the intellectual darkness in northern Europe from the seventh to the
eleventh century AD was a strictly local phenomenon.

Medieval Islamic Economic Thought Filling the Great Gap in European economics by SM Ghazanfar pdf free download

The torchbearers of ancient learning during the medieval period were the Muslims, and it was from them that the Renaissance was sparked and the Enlightenment kindled. This has been amply demonstrated in the history of science and mathematics in recent years. For example, in the early twelfth century, the Englishman Adelard of Bath travelled to Muslim Spain and Syria, collecting and translating Arabic manuscripts on mathematics. He is credited with bringing Euclid’s Elements into the medieval academic world. What has been generally ignored, however, is the character and sophistication of Arabic writings on economic subjects.

Medieval Islamic Economic Thought Filling the Great Gap in European economics by SM Ghazanfar pdf free download

The Muslim Scholastics oriented much of their work in terms of theological discourse, as did the Christian schoolmen. The number of these Christian writers that were able to read Arabic is little noted and the parallels between Muslim and Christian writings have yet to be definitively drawn. We can observe, however, for illustrative purposes, that the Scholastic doctrine of Lucrum Cessans or A Value Conceded, used by Christian theologians to justify the charging of a price to cover lost income resulting from the lending of money (opportunity cost), was a Muslim doctrine dating from early medieval times, according to Maxime Rodinson’s Islam and Capitalism (1978).

Medieval Islamic Economic Thought Filling the Great Gap in European economics by SM Ghazanfar pdf free download

The influence of Aristotelianism as characterized by Louis Baeck in his The Mediterranean Tradition in Economic Thought (1994) was primarily moral.The Muslim Scholastics, preceding the Christian schoolmen, also couched their writings in moral or religious terms. They were, however, primarily dealing with practical issues of the day in the idiom of their culture. Yassine Essid, in his A Critique of the Origins of Islamic Economic Thought (1995), has described the administrative orientation of the institution of the muhtasib, or ombudsman, or market manager and judge.
Medieval Islamic Economic Thought Filling the Great Gap in European economics by SM Ghazanfar pdf free download
The manuals that provided guidance and instruction for his conduct give us a clear picture of the economy of the Muslim city. This official was in charge of weights and measures as well as standards of fairness and quality that are preconditions for the
functioning of markets. Regulations varied with the need to protect the public and the economic health of the city from forces that would limit the fair balance of trade or take advantage of shortages of necessary consumer goods. This tradition was carried into Muslim Spain with the institution of El Señor del Suq, or master of the market.
Medieval Islamic Economic Thought Filling the Great Gap in European economics by SM Ghazanfar pdf free download
The Arabic word for market, suq, is preserved in modern Spanish as zoco or zocolo meaning central market or plaza. It was an Islamic principle not to set prices for the market, but, by the same token, there was no equivalent to the eighteenth-century belief in natural
order emerging from the market. The market regulators could set maximum and minimum prices for goods and had elaborate rules illustrating the need to protect a zone of fair bargaining from a very sophisticated capacity for mercantile fraud.

Medieval Islamic Economic Thought Filling the Great Gap in European economics by SM Ghazanfar pdf free download

Medieval Islamic Economic Thought Filling the Great Gap in European economics by S.M.Ghazanfar pdf download


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