Explaining how the price of aggression is low enough that governments do not avoid conflicts, this book uses examples drawn from recent conflicts in the Persian Gulf to examine many dimensions of costs incurred by warfare and proposes a private sector solution to warfare's low cost.
This book analyzes the origins of conflicts and wars in the Persian Gulf, assesses the common factor(s) that have been their essential fuel, determines their fallout for the political, economic, and human development of the region, and provides insight into how they may be better contained.
This book is an analysis of how oil has affected governance and human, political, and economic development in the countries of the Persian Gulf and shaped these countries' relations with the rest of the world.
The extent of Islamicity, or what Islam demands, is measured to confirm that self-declared Muslim countries have not adopted foundational Islamic teachings for rule-compliant Muslim communities. Western countries, on the other hand, are demonstrated to have better implemented fundamental Islamic teachings for a thriving society.
This is an extremely valuable book written by three highly qualified scholars whose credentials for writing such a book are difficult to match. The timing of the book is also perfect, having come at a time when the worst financial crisis in living memory has intensified the quest for reform of the international architecture. The proposals made by the authors should go a long way in not only reforming the system but also in accelerating the move towards financial globalization and convergence of the conventional and Islamic financial systems. Dr. Umer Chapra Prominent Scholar of Islamic Economics and currently Research Advisor Islamic Research and Training Institute (IRTI), Islamic Development Bank (IDB) Globalization and Islamic Finance, by three well-respected authors in Islamic finance, provides a thought-provoking analysis of an important and topical issue, particularly, given the global impact of the current financial and economic crises. The book is the first attempt to make a compelling case of convergence between globalization and Islamic finance. Askari, Iqbal and Mirakhor should be praised for this serious effort, which is a must-read for academics and practitioners interested in Islamic finance. Professor Rifaat Ahmed Abdel Karim Secretary General Islamic Financial Services Board (IFSB) This book has a robust discussion of the growth and spread of Islamic finance within the umbrella of globalization. The book provides a unique view of Islamic finance, not only from the perspective of how Islamic finance fits within globalization in general, but globalization of finance in particular. This is a must read for anyone interested in the complex and complicated world of Islamic finance. Scheherazade S. Rehman, Ph.D. Director, European Union Research Center Professor of International Finance, School of Business The George Washington University I have not come across any literature that has delved so intensely in financial globalization, in particular Islamic finance. Due to this reason, I would encourage all interested in this area to read this book. Hajah Salma Latiff Managing Director, Crescent Sdn. Bhd. Former Director, Centre for Islamic Banking, Finance and Management (CIBFM), Universiti Brunei Darussalam The recent crisis has evoked wide interest in Islamic finance publications. Globalization and Islamic Finance is both timely and needed. Sani Hamid Director, Wealth Management Financial Alliance (Singapore)
This book explores how the recent development of Muslim countries as a group has fallen far short of non-Muslim countries, which, some have concluded, may be a result of Islamic teachings. The authors examine Muslim countries over time, viewing their progression on the Islamicity scale. They assess why some countries have done better than others, and to derive useful policy recommendations to improve political, social, human, governance and economic performance.
This volume is unique and unprecedented in the way that it ties together various political and economic dimensions to draw a picture of the future Middle East scenarios. It gives us a far-reaching analysis of the reasons underlying economic conditions in the major oil-exporting countries of the Middle East. It also provides a comprehensive and positive blueprint for a social, political and economic turnaround. Hossein Askari s insider experience in most of these countries makes this valuable work a must-read for specialists and students of the area. Hossein Razavi, Director of Finance, Private Sector and Infrastructure Department, Middle East and North Africa Region, The World Bank, US Anyone who wants to grasp the economic status of this rather special, perhaps unique, part of the world will find here a knowledgeable and assiduous guide. Secondly, the book presents a strong and uncompromising argument about what these countries must do, and what the West must do, to improve the economic performance and social fabric of the MENA region, and thus better the daily lives of the inhabitants. From the foreword by Robert M. Solow, Nobel Laureate, Massachusetts Institute of Technology, US Hossein Askari argues here that economic and social failure in the oil-exporting countries of the Middle East is a result of much more than simply shortcomings in economic policies. He analyzes religion, corruption, instability, wars and foreign interference as factors affecting the region and offers solutions that incorporate Islamic teachings, regional peace efforts, market-oriented economic policies, sound institutions and unselfish policy support from the West. Middle East Oil Exporters presents a detailed picture of the economic structure and a critical survey of the recent economic performance of the Middle East. The focus is especially on the large oil-exporting nations, although the smaller producers are represented as well. The author illustrates how oil has become a crutch to avoid reforms, destroying the work ethic of the region, fuelling corruption and poisoning the social and cultural fabric of society to keep unpopular governments in power. In addition, he provides a view of the social, economic, and political implications of Islamic doctrine. In this context he examines the institutions of governance and determines that they have performed poorly, often in blatant violation of Islamic principles. This in-depth analysis is accompanied by a comprehensive prescription for a turnaround in the Middle East. Hossein Askari s unique and insightful critique is essential reading for students and scholars of the Middle East, as well as policymakers involved in the region. Executives of financial institutions and private corporations will also want to understand the region for their energy needs and as a market for their products and services.
The Persian Gulf is arguably the most militarized region in the world. The authors of this insightful book examine military expenditures, arms imports and military deployment to analyze how and why this came to be. Muslim teachings have much to say about peace, war and economics, and this book explores the ways in which Islamic thought affects military and economic developments. The authors find that heavy militarization is the result of a combination of factors, including oil wealth disparities among the countries in the region, high oil revenues, corruption and foreign interference. The authors detail and discuss these factors, and follow this analysis with an assessment of the effects of high military expenditures wars, conflicts, regional instability and their heavy economic toll in retarding development and growth. The book concludes by suggesting ways that military expenditures may be reduced to benefit regional peace, stability and economic prosperity. Scholars and students in economics, political science and international affairs as well as anyone interested in the Middle East will find this book timely and illuminating.
Explaining how the price of aggression is low enough that governments do not avoid conflicts, this book uses examples drawn from recent conflicts in the Persian Gulf to examine many dimensions of costs incurred by warfare and proposes a private sector solution to warfare's low cost.
Askari and Krichene provide a comprehensive background for recent international financial crises rapid expansion of interest-bearing debt and monetary expansion though the fractional reserve banking system. In this context, the authors provide an analysis of the experience and issues associated with international payments systems the various forms of the gold standard, the Bretton Woods system and the present system of flexible exchange rates. The authors go on to examine the case for fixed exchange rates (gold standard and other interesting variations) anchored in Islamic finance. The message of this book is that the gold standard could provide a solution for addressing international financial instability if and only if it is anchored in 100% reserve banking, which is an essential pillar of Islamic finance.
This is the first of three related, empirically based studies examining the broad range of issues raised by the use of economic sanctions. This volume addresses the philosophy behind economic sanctions: why they are used and what they are meant to achieve. Ashari, Forrer, Teegen, and Yang go back through history to analyze whether or not economic sanctions have ben sucessful by measuinrg their historical impact and modeling their effectiveness, and they offer an analysis of the international and domestic business implications of sanctions in today's global economy. Of particular interest to scholars, students, researchers, and the public policy community involved with international busienss and economics and international relations.
Piezocone and cone penetration tests (CPTu and CPT) applications in foundation engineering includes different approaches for determining the bearing capacity of shallow foundations, along with methods for determining pile bearing capacity and settlement concepts. The use of soft computing (GMDH) neural networks related to CPT records and Geotechnical parameters are also discussed. In addition, different cases regarding the behavior of foundation performance using case records, such as shallow foundation, deep soil improvement, soil behavior classification (SBC), and bearing capacity are also included. - Provides the latest on CPT and CPTu performance in geotechnical engineering, i.e., bearing capacity, settlement, liquefaction, soil classification and shear strength prediction - Introduces soft computing methods for processing soil properties and pile bearing capacity via CPT and CPTu - Explains CPT and CPTu testing methods which allows for the continuous, or virtually continuous, record of ground conditions
Islamic Philosophy has often been treated as mainly of historical interest, belonging to the history of ideas rather than to philosophy. This is volume challenges this belief. The Routledge History of Philosophy is made up entirely of essays by a distinguished list of writers. They provide detailed discussions of the most important thinkers and the key concepts in Islamic philosophy, from earliest times to the present day.
The Political Environment of Economic Planning in Iran, 1971-1983: From Monarchy to Islamic Republic Hossein Razavi and Firouz Vakil Based on both research and first-hand experience, this book provides a politico-economic analysis of the operation of Iran's economy before and after the revolution of February 1979. The authors discuss the function and effectiveness of economic planning during the shah's tenure and relate the shortcomings of plan preparation and implementation to the explosive psycho-economic instability of the regime. They then discuss the institutional problems that the revolutionary regime has been facing in operating the economy and foresee the possible consequences of its failure to appropriately deal with these problems. Finally, analyzing the economic postures of important opposition groups, the authors outline future prospects for economic planning in Iran.
The establishment of a Middle East zone free of nuclear weapons, a concept more recently broadened to cover all weapons of mass destruction (WMD), has been before the international community for decades. In this book, two experts from the region explore why the matter remains unresolved, and outline a comprehensive yet achievable roadmap to a Middle East free of WMD. Weapons of mass destruction pose an existential threat to global peace and security. But nowhere is it more urgent to stem their spread than in the Middle East, a region fraught with mistrust and instability. Accounting for these geopolitical realities, including the ongoing talks to curb Iran’s nuclear program, the authors present a practical and innovative strategy to a Middle East free of weapons of mass destructions (WMD). They outline a phased approach toward disarmament in the region, prescribing confidence-building measures and verification tools to create trust among the region’s governments. Their vision also sees the realization of a WMD-free zone within a broader regional agenda for security and cooperation to advance socioeconomic and political progress. This book will be of great interest to students and scholars of international relations, politics and security studies in the Middle East.
Originally published 1987. The first part of the volume is concerned with "The Roots of the Islamic Tradition and Spirituality". These are seen to include the Qu’ran as the central theophany of Islam, the Prophet who received the word of God and made it known to mankind and the rites of Islam. The second part examines the divisions of the Islamic community with their distinctive pieties and emphases: Sunnism and Shi’ism and female spirituality. Part III is devoted to Sufism – its nature and origin, its early development, its various spiritual practices and its science of the soul.
This book combines scholarly research into certain aspect of Sufi doctrines and history with a penetrating account of the spiritual and metaphysical message and significance of Sufism as a living spiritual tradition. In an original discussion, unlike anything that has appeared before in studies of Sufism, the author places special accent on the pertinence of Sufi teachings to the most acute contemporary problems. The book addresses itself to both the ever-increasing Western public interested in Sufism and to the Western-educated Muslim interested in his own spiritual heritage. Dr. Nasr draws on his intimate knowledge of the Sufi literature in Arabic and Persian as well as his first-hand knowledge of Sufi tradition itself to produce this further volume in his numerous studies on the different facets of Islam.
In God and Man in Tehran, Hossein Kamaly explores the historical processes that have made and unmade contending visions of God in Iran’s capital throughout the past two hundred years. Kamaly examines how ideas of God have been mobilized, contested, and transformed, emphasizing how notions of the divine have given shape to and in turn have been shaped by divergent conceptualizations of nature, reason, law, morality, and authority. The book analyzes official government policies, modern textbooks, and university curricula; popular beliefs and ritual practices; and philosophical and juridical attitudes toward theological questions in traditional institutions. Kamaly considers continuity and change in religiosity under the Qajar and Pahlavi dynasties; the significance of outbreaks of messianic expectations; why a modernizing nation took a sudden turn toward state religiosity; and how the Islamic Republic deploys visions of God against foreign enemies and domestic critics. Beyond the majority Shia Muslim population, the book includes minority and suppressed voices. With a focus on the diversity of ideas of the divine, God and Man in Tehran offers a novel perspective on the intellectual movements that have shaped Iranian modernity.
How the Islamic finance approach to risk can serve as a model for global reform The recent U.S. financial debacle has affected the entire world and led to major reviews of risk management in financial institutions. Perhaps a simpler alternative is just to adopt the systems used for centuries in Islamic finance. Risk Sharing in Finance expounds upon this novel idea, suggesting that the Islamic financial system can be developed for use around the world by providing a helpful paradigm for crafting global financial reforms. Demonstrating how Islamic finance can successfully expand its array of risk sharing instruments, for example issuing government shares to finance development projects and placing limits on short sales and leveraging, the book makes a compelling case for thinking outside the box to redevelop a vibrant stock market. Provides analysis of the comparative historical, theoretical, and empirical investigation of risk management in both the conventional and the Islamic-type financial systems Explores the benefits and the implications of introducing Islamic finance around the world and explains how wider reliance on risk sharing can be implemented Establishes a connection between the flawed contemporary Western system of capitalist finance and the ancient, traditional forms of risk-sharing prevalent in Islamic finance Offering a timely look at financial reform, Risk Sharing in Finance draws on the expertise of author Zamir Iqbal of the World Bank, along with a host of co-authors Abbas Mirakhor, Hossein Askari, and Noureddine Krichene to present a new form of financial reform.
Gain deeper insight into the principles and theory of Islamic economics Introduction to Islamic Economics: Theory and Application provides an overview of the organizing principles and fundamentals of an Islamic economy. With deep discussion of the characteristics, rationale, key institutions, objectives, and instruments at work, the book addresses the core economic principles underlying a system based on the foundational teachings of Islam, and examines the implications for economic policies. Social welfare, economic justice, market functionality, efficiency, and equity are explored from an Islamic perspective, and the role and instruments of fiscal and monetary policy in Islamic systems are used to illustrate contemporary applications. Universities around the globe are offering courses on Islamic economics and finance, but despite the industry's rapid growth, most research has been focused on the financial principles rather than underlying economic principles. The first book of its kind, Introduction to Islamic Economics brings all the key concepts together into one reference volume. By outlining the ways in which Islamic finance and Islamic economics interrelate, this book can help readers to: Develop an understanding of the Islamic economic system and its institutional scaffolding Differentiate between the major characteristics of the dominant conventional economy and one based on the fundamental sources of Islam Understand the conditions that must be met for a just, well-balanced, stable, and growing economy Clarify the role of State, public policy, and risk-sharing in the Islamic financial system The Islamic financial system is expanding quickly, and those looking to increase their relevance in a changing economic landscape must get up to speed. Introduction to Islamic Economics provides a comprehensive overview of underlying economic system offering a deeper understanding of the feature of the system. This book is an excellent complement to Introduction to Islamic Finance, 2E by Iqbal and Mirakhor.
This book explains a perspective on the system of justice that emerges in Islam if rules are followed and how the Islamic system is differentiated from the conventional thinking on justice. It examines conceptions of justice from the Enlightenment to Bentham to Rawls to contemporary philosophers including Sen, Cohen, Nussbaum, and Pogge. The authors present the views of twentieth century Muslim thinkers on justice who see Muslims upholding rituals but not living according to Qur’anic rules. It provides empirical surveys of the current state of justice in Muslim countries analyzing the economic, social, and political state of affairs. The authors conclude by assessing the state of justice-injustice in Muslim countries and highlighting areas in need of attention for justice to prevail.
This is the second of three related, empirically based studies examining the broad range of issues raised by the use of economic sanctions. This volume provides a detailed examination of the impact of U.S. economic sanctions on China, Cuba, and Iran as well as the impact on the United States itself. Ashari, Forrer, Teegen, and Yang analyze whether or not these case studies in economic sanctions had been successful by measuring their historical impact and modeling their effectiveness. This book will be of particular interest to scholars, students, researchers, and the public policy community involved with international business and economics and international relations.
This book briefly surveys the evolution of the Western concept of development, recognizing the wider dimensions of human and economic development and the role of institutions and rules, which has moved toward the vision and the path of development envisaged in Islam.
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