Islam and economic globalization

• Main Author: Abd Aziz, Hassanuddeen
• Format: Book
• Language: English
• Published: University Malaya Press 2010
• Subjects: HF Commerce
• Online Access: http://irep.iium.edu.my/8089/1/Islam_%26_economic_globalization.pdf; http://irep.iium.edu.my/8089/; http://umpress.um.edu.my
• Institution: Universiti Islam Antarabangsa Malaysia

The author's interest to write this book was aroused when an opportunity came to read a true testimony from Joseph Stiglitz, one of US' greatest economist, who was at one time, the Chairman of the Council of Economic Advisers to the President of the United States of America (Bill Clinton). In addition, he served the World Bank as chief economist and senior vice president for almost three years and won a Nobel Prize for economics in 2001. He revealed in his book entitled Globalization and Its Discontents, the on-going agendas of behind-the-doors meetings of the global financial institutions: the IMF, the World Bank, the WTO and the US Treasury, specifically the mismanagement and double standards in handling the financial crisis faced by the Third World countries, particularly during the amjor economic downturn in Asian countries. Concurrent debates amongst the flag bearers and foes of globalization have taken place since the very inception of the concept of "globality". Potential in globalization has emerged amid a contradiction in its application and operations. As an academician, the author has read and reviewed many literatures written on anti-globalization and the pro-globalization. This book attempts to look at the issues in the current global systems from a different angle, from the point of view of the beneficiaries and the losers of the system. While the opponents and the advocators focused on criticizing the concept, the author's focus is directed at the agenda and those behid the concept and its current results to the populace. Indeed, there is nothing wrong with the concept if it can justly be applied and if there is no hidden agenda and injustice behid the concept. By the mere thought of it, one may say that globalization refers to a borderless and transparent world where everything is accepted without censorship or limitations. In today's globalized world, there is no transparency and there are borders. The majority are being oppressed by the minority for the fact that the minority consider themselves the world superpowers, leading them to expect and sometimes force everyone else to be transparent, and open borders for them. Globalization has hit various fields: economics, politics, society, culture and technology; hence bearing both positive and negative impact on all these fields. Although globalization has had a negative effect on most of the developing world, the author dedicates his immense attention to the Muslim world for the simple fact that despite having been blessed with all the natural and human resources, they have socially and economically remained disunited. They continue to be so at an ever-increasing rate and yet the leadership appears to be blind in not realizing it. In Part One of this book, the discussion takes place on the direct and indirect problems associated with the current globalization in relation to its original concept and theory; and the false promises of globalization and the double standards played by the governing institutions. It is then followed by an elaboration on how the ummah is continuously misled by the US and its allies, the injustice of global institutions and their operational procedures, the continuous beneficiaries and victims of the system. Hence, the developing and the Muslim world continuously becoming victims, where the poor countries are getting poorer and the rich are getting richer and richer. Towards the end, economic disunity among the Muslims countries continue to contribute to the deterioration of their economies. In Part Two, the author focuses on the possible solutions necessary to move forward for the Muslim economies. The chapters mainly discuss the borderless world of Islam, with attention is focused on how Islam preaches and recommends economic globalization in its own definitive way. There are discussions regarding the need for economic unity among Muslim countries, the need to break the supremacy of the US dollar and the recommendation of gold (dinar) as a solution in replacing the US dollar. The last chapter is on the need for the integration of both social and economic Islamic institutions and the roles that they should play in the Islamic economic globalization. This book aims to be an eye-opener to the misguided on today's concept of economic globalization and eventually to provide and answer t prominent questions raised by the various interest groups ranging from students, academicians, industrialist, Islamic scholars, economic analysts, policy makers and the laymen on the current trends of world globalization. As such, the book endeavors to let the Muslim ummah to see their position in today's globalization. Last but not least, the author acknowledges that the publication of this work would not be completed in this shape without the incredible amount of support that he recieved from his colleagues, students, research assistants, reviewers, editors, family members and friends. He wishes to extend his sincere gratitude to all of them for their constant support and encouragement.