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Journal cover: Managerial Finance

Managerial Finance

ISSN: 0307-4358

Online from: 1975

Subject Area: Accounting and Finance

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Resource allocation, investment decision and economic welfare: capitalism, socialism and Islam


Document Information:
Title:Resource allocation, investment decision and economic welfare: capitalism, socialism and Islam
Author(s):M. Abdul Mannan Chowdhury, (Department of Economics, University of Chittagong, Bangladesh)
Citation:M. Abdul Mannan Chowdhury, (1999) "Resource allocation, investment decision and economic welfare: capitalism, socialism and Islam", Managerial Finance, Vol. 25 Iss: 5, pp.34 - 51
Keywords:Capitalism, Economic systems, Islam, Resources, Socialism, Welfare
Article type:General review
DOI:10.1108/03074359910765948 (Permanent URL)
Publisher:MCB UP Ltd
Abstract:Discusses how resources are allocated in capitalist and socialist economies comparing the concept of interest (e.g. for present value calculations) with the use of capital charges (e.g. for calculating opportunity cost). Contrasts the Islamic economic system, which rejects interest but considers moral factors and the will of Allah when measuring welfare. Explains how these ideas can be expressed in the accounting price of capital (for objective factors) and by Islamic welfare criteria; and how they differ from the Pareto Criterion and capitalist concepts of utility. Lists four principles and 12 welfare criteria for an Islamic allocation of resources; and some hints on their practical application before summarizing the conclusions.



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