A COMPARATIVE STUDY OF GLOBAL ECONOMIC THOUGHT AND ISLAMIC ECONOMIC PHILOSOPHY

Abstract

The basic distinctions and philosophical connections between Islamic and global economic philosophy are examined in this essay. The classical, neoclassical, Keynesian, and neoliberal traditions that have defined mainstream global economic systems place a strong emphasis on growth, efficiency, and rational self-interest while viewing ethical issues as outside the purview of economic research. Islamic economic thought, on the other hand, incorporates social fairness, moral principles, and spiritual responsibility as essential elements of economic activity. This study examines important aspects such as human behavior, wealth ownership, market dynamics, financial ethics, redistribution, and the role of the state using a qualitative comparative method. The results show that although global economic theory is highly efficient technically, it frequently lacks an inherent ethical framework to deal with systemic instability and inequity. On the other hand, Islamic economic philosophy presents a normative economic model that strikes a balance between material success, social wellbeing, and moral responsibility. This study comes to the conclusion that Islamic economic philosophy should be seen as a comprehensive ethical framework with substantial relevance to current global economic difficulties and policy discussions, rather than only as a religious alternative.