Asad  Zaman

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Asad Zaman

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Dr. Asad Zaman is the Director of Uloom-ul-Umran (Islamic alternative to Social Science) on the Al-Nafi online educational platform. He received his BS Math from MIT in 1974, MS Stat, and Ph.D. Econ from Stanford Univ in 1976 and 1978 respectively. He has taught at Economics Departments of highly ranked international universities like Columbia, U. Penn., Cal. Tech. and Johns Hopkins as well as Bilkent University, Ankara and Lahore University of Managements Sciences. His econometrics textbook Statistical Foundations of Econometric Techniques is widely used as a reference in graduate econometrics courses, internationally. He is managing editor of International Econometric Reviews and on the editorial board of numerous journals. He has more th ...more

Islamic Economics versus Capitalism

Islamic teachings launched a revolution in world history, 14 centuries ago. They transformed ignorant and backward Bedouin into world leaders, and created a civilization which enlightened the world for more than a thousand years.


Most Muslims today believe that progress today depends on following Western models, developed over the past few centuries. They believe that the powerful teachings of the Read more of this blog post »
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Published on December 15, 2022 09:03 Tags: islamic-economics
Average rating: 4.89 · 18 ratings · 9 reviews · 3 distinct works
Islamic Economics: The Pola...

it was amazing 5.00 avg rating — 15 ratings3 editions
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Building Genuine Islamic Fi...

really liked it 4.00 avg rating — 2 ratings
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Statistical Foundations for...

it was amazing 5.00 avg rating — 1 rating — published 1996 — 2 editions
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Asad Zaman shared a quote
“The more general realization of the role of Capitalism in history has been accompanied by a second change, which, if equally commonplace, has also, perhaps, its significance. "Trade is one thing, religion is another": once advanced as an audacious novelty, the doctrine that religion and economic interests form two separate and co-ordinate kingdoms, of which neither, without presumption, can encroach on the other, was commonly accepted by the England of the nineteenth century with an unquestioning assurance at which its-earliest exponents would have felt some embarrassment. An historian is concerned less to appraise the validity of an idea than to understand its development. The effects for good or evil of that convenient demarcation, and the forces which, in our own day, have caused the boundary to shift, need not here be discussed. Whatever its merits, its victory, it is now realized, was long in being won. The economic theories propounded by Schoolmen; the fulminations by the left w ...more Tawney. R.H.
Asad Zaman shared a quote
Adam Smith by Adam Smith
“. . After the division of labor has once thoroughly taken place, it is but a very small part of the [necessaries, conveniences, and amusements of human life] with which a man's own labor can supply him. The far greater part of them he must derive from the labour of other people, and he must be either rich or poor according to the quantity of that labor which he can command, or which he can afford to purchase. (Smith, 1976,1, V)”
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Banking on the People by Ellen Brown
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Radical Uncertainty by John Kay
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Francis Crick
“An honest man, armed with all the knowledge available to us now, could only state that in some sense, the origin of life appears at the moment to be almost a miracle, so many are the conditions which would have had to have been satisfied to get it going.”
Francis Crick, Life Itself: Its Origin and Nature

Karl Polanyi
“Enclosures have appropriately been called a revolution of the rich is against the poor. The lords and nobles were upsetting the social order, breaking down ancient law and custom, sometimes by means of vio¬lence, often by pressure and intimidation. They were literally robbing the poor of their share in the common, tearing down the houses which, by the hitherto unbreakable force of custom, the poor had long regarded as theirs and their heirs'. The fabric of society was being disrupted; desolate villages and the ruins of human dwellings testified to the fierce¬ness with which the revolution raged, endangering the defenses of the country, wasting its towns, decimating its population, turning its over¬burdened soil into dust, harassing its people and turning them from decent husbandmen into a mob of beggars and thieves.”
Karl Polanyi, The Great Transformation: The Political and Economic Origins of Our Time

Karl Polanyi
“This almost miraculous performance was due to the working of the balance of power, which here produced a result which is normally foreign to it. By its nature that balance effects an entirely different result, namely, the survival of the power units involved; in fact, it merely postulates that three or more units capable of exerting power will always behave in such a way as to combine the power of the weaker units against any increase in power of the strongest. In the realm of universal history balance of power was concerned with states whose independence it served to maintain. But it attained this end only by continuous war between changing partners. The practice of the ancient Greek or the Northern Italian city-states was such an instance; wars between shifting groups of combatants maintained the independence of those states over long stretches of time. The action of the same principle safeguarded for over two hundred years the sovereignty of the states forming Europe at the time of the Treaty of Minster and Westphalia (1648). When, seventy-five years later, in the Treaty of Utrecht, the signatories declared their formal adherence to this principle, they thereby embodied it in a system, and thus established mutual guarantees of survival for the strong and the weak alike through the medium of war. The fact that in the nineteenth century the same mechanism resulted in peace rather than war is a problem to challenge the historian.

The entirely new factor, we submit, was the emergence of an acute peace interest. Traditionally, such an interest was regarded as outside the scope of the state system. Peace with its corollaries of crafts and arts ranked among the mere adornments of life. The Church might pray for peace as for a bountiful harvest, but in the realm of state action it would nevertheless advocate armed intervention; governments subordinated peace to security and sovereignty, that is, to intents that could not be achieved otherwise than by recourse to the ultimate means. Few things were regarded as more detrimental to a community than the existence of an organized peace interest in its midst. As late as the second half of the eighteenth century, J. J. Rousseau arraigned trades people for their lack of patriotism because they were suspected of preferring peace to liberty.
After 1815 the change is sudden and complete. The backwash of the French Revolution reinforced the rising tide of the Industrial Revolution in establishing peaceful business as a universal interest. Metternich proclaimed that what the people of Europe wanted was not liberty but peace. Gentz called patriots the new barbarians. Church and throne started out on the denationalization of Europe. Their arguments found support both in the ferocity of the recent popular forms of warfare and in the tremendously enhanced value of peace under the nascent economies.”
Karl Polanyi, The Great Transformation: The Political and Economic Origins of Our Time

Max Weber
“In fact, the summum bonum of his ethic, the earning of more and more money, combined with the strict avoidance of all spontaneous enjoyment of life, is above all completely devoid of any eudaemonistic, not to say hedonistic, admixture. It is thought of so purely as an end in itself, that from the point of view of the happiness of, or utility to, the single individual, it appears entirely transcendental and absolutely irrational. Man is dominated by the making of money, by acquisition as the ultimate purpose of his life. Economic acquisition is no longer subordinated to man as the means for the satisfaction of his material needs. This reversal of what we should call the natural relationship, so irrational from a naive point of view, is evidently as definitely a leading principle of capitalism as it is foreign to all peoples not under capitalistic influence.”
Max Weber, The Protestant Ethic and the Spirit of Capitalism

Robert J. Shiller
“We can say with some accuracy that most people put on a show of their own knowledgeability and try to conceal their ignorance of millions of facts.”
Robert Shiller

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