Wednesday, July 28, 2010

Islamofinance?

"We need to remoralize the economy," writes the neocon American Enterprise Institute's Roger Scruton, "and the Prophet's views are a good starting point" — Muhammad Was Right About Debt.

I'd like to suggest a better starting point: Catholic Social Teaching, specifically on Usury, "as condemned by all honest men." The Distributivist Review's Brian M. McCall has written recently on the theme — Usury: Profit on a Loan Part I and Usury: Part II.

Then again, maybe appeals to "the Prophet" are the only way to reach Britain's multi-culties; the mere mention of the word "Catholic" will have many people running, as E. F. Schumacher understood four decades ago when speaking of the title of his most famous essay, Buddhist Economics: "I might have called it 'Christian Economics' but then no one would have read it" — Schumacherian Catholic Wisdom.

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2 Comments:

Blogger Joseph Pulikotil said...

Hi Greetings and good wishes:)

I'm coming from Mark's blog.

This is an interesting post.

I would like to comment on muhammed's idea as totally irrelevant because the life styles of Arabs were totally different from ours. If you look at them today,they hardly have industries worth the name.They are living on oil resources which God has given them in abundance. Even this resource they could not tap effectively without foreign help. They are living a life of comfort and luxury with the help of others.They increase the price of oil as and when they desire.This frequent price increase in oil make the global economy go for a toss.

Capitalism with adequate controls by the state is really good because it helps free enterprise and enables men to fully realise their potential.

When the oil resources are exhausted the Arabs will be begging on the streets because they have not learnt any trade.

In Kochi we have a class of royal people who lived in luxury once upon a time. Now they have to work to earn their lively hood because royalty is derecognised and government is not prepared to help them financially.

The present turbulence in world economy is due to business cycle which has its booms and slumps. With adequate steps by the government or perhaps even otherwise it will become normal once again over a period of time. This is not the first depression that the world has experienced.Of course the perpetrators of evil and those associated with them will take a beating. Nothing can be dome about it.

These are some thoughts from a lay man who has seen the ups and downs of world economy.

Best wishes:)
Joseph

4:46 PM  
Blogger The Western Confucian said...

Welcome, sir. I agree with you comments, especially about the current state of affairs in the Arab world, or at least the Gulf states.

A former colleague of mine went to teach in the U.A.E. He said he had always like students, up until that point. They absolutely refused to put forth any effort and expected everything to be handed to them on a silver platter.

I've never been to Kerala, but I've blogged about it a few times:

http://orientem.blogspot.com/search?q=kerala

God bless.

8:51 PM  

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