The collapse of the Soviet Union and the success of the US economy at the end of the second millennium do not necessarily mean the end of socialism. In fact both capitalism and socialism are beneficial for a unitary human development, which consists of both material and spiritual development....

This paper discusses the potential role of the institution of waqf in poverty alleviation, particularly in the developing world. It attempts to define a new approach to poverty analysis and suggests a way to make the role of waqf more effective in the poverty alleviation and socio‐economic...

Despite its wide acceptance in economics, the fundamental tenet of the theory of the firm is not without its critics. Questions related to the nature and role of the firm, its objectives, responsibilities and behavior have fueled much of the recent debate. Today, firms are being evaluated and...

Although markets prevail throughout the world, there are significant differences in the economic, social, political as well as legal institutions in which these markets function. Many of these variations can be attributed in part to differences in levels of economic development and in part to...

This article examines experience with global financial integration to identify norms for evaluating economic globalization. There are two perspectives regarding globalization: mainstream economics and personalist economics. The first perspective regards itself as value‐free even though its...

This paper uses the “planning” or “narrative” approach to agency – which has recently been developed by philosophers Bratman, Gauthier, McClennen and Velleman – to do two things. First, the paper criticises the standard, decision‐theoretic view of “rational” agent action and,...

The study found that Islamic banking scheme (IBS) banks have recorded higher return on assets (ROA) as they are able to utilize existing overheads carried by mainstream banks. As this lowers their overhead expenses, it is found that the higher ROA ratio for IBS banks does not imply efficiency....

This paper argues that the principles of capitalism do not condone the widespread practice of labor exploitation occurring across the globe. Instead, they demand that some countermeasure be enacted to mitigate the structural oppression of laborers in less developed economies. Through heavy use...