A Third Sector-Led Economic Model

Private (first sector) and public (second sector) sector economics, both individually and jointly, have failed to ensure the wellbeing of human societies on the national and global levels. In response, social enterprise (third sector) economics, which features cooperatives and not-for-profit social...

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Autores principales:	Rafiqul Islam Molla, Md. Mahmudul Alam
Formato:	article
Lenguaje:	EN
Publicado:	International Institute of Islamic Thought 2013
Materias:	Islam BP1-253
Acceso en línea:	https://doaj.org/article/dd8612d1221340858cc5b66d9fedcc01
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spelling	oai:doaj.org-article:dd8612d1221340858cc5b66d9fedcc012021-12-02T19:23:13ZA Third Sector-Led Economic Model10.35632/ajis.v30i1.3112690-37332690-3741https://doaj.org/article/dd8612d1221340858cc5b66d9fedcc012013-01-01T00:00:00Zhttps://www.ajis.org/index.php/ajiss/article/view/311https://doaj.org/toc/2690-3733https://doaj.org/toc/2690-3741 Private (first sector) and public (second sector) sector economics, both individually and jointly, have failed to ensure the wellbeing of human societies on the national and global levels. In response, social enterprise (third sector) economics, which features cooperatives and not-for-profit social enterprises, foundations (awqOEf), and similar undertakings, has emerged as a make-up strategy in an attempt to counter the deficiencies of the market-state economic model. However, there is a strongly felt belief that the third sector needs to be broadened and mainstreamed in order to include both not-for-profit and for-profit businesses blended with social justice (via provision of such social welfare programs as corporate social responsibility) so that they can play a major role in poverty alleviation and economic growth. Islamic entrepreneurship, which is basically a community-centric mode of business initiative, is an antidote to the problem of intolerable economic and social dualism, a natural strategy against all forms of capitalist exploitation and attempts to control a nation’s resources. Moreover, it is the natural model for solving economic inequity, wealth concentration, and social divides. Based on its potential and using examples from Bangladesh and Malaysia, we present the Islamic style of entrepreneurship. We contend that this particular style is the most efficient and desirable one for effectively widening and mainstreaming community-centric third sector economics so that it can ensure development with equity and social justice especially in developing countries. Rafiqul Islam MollaMd. Mahmudul AlamInternational Institute of Islamic ThoughtarticleIslamBP1-253ENAmerican Journal of Islam and Society, Vol 30, Iss 1 (2013)
institution	DOAJ
collection	DOAJ
language	EN
topic	Islam BP1-253
spellingShingle	Islam BP1-253 Rafiqul Islam Molla Md. Mahmudul Alam A Third Sector-Led Economic Model
description	Private (first sector) and public (second sector) sector economics, both individually and jointly, have failed to ensure the wellbeing of human societies on the national and global levels. In response, social enterprise (third sector) economics, which features cooperatives and not-for-profit social enterprises, foundations (awqOEf), and similar undertakings, has emerged as a make-up strategy in an attempt to counter the deficiencies of the market-state economic model. However, there is a strongly felt belief that the third sector needs to be broadened and mainstreamed in order to include both not-for-profit and for-profit businesses blended with social justice (via provision of such social welfare programs as corporate social responsibility) so that they can play a major role in poverty alleviation and economic growth. Islamic entrepreneurship, which is basically a community-centric mode of business initiative, is an antidote to the problem of intolerable economic and social dualism, a natural strategy against all forms of capitalist exploitation and attempts to control a nation’s resources. Moreover, it is the natural model for solving economic inequity, wealth concentration, and social divides. Based on its potential and using examples from Bangladesh and Malaysia, we present the Islamic style of entrepreneurship. We contend that this particular style is the most efficient and desirable one for effectively widening and mainstreaming community-centric third sector economics so that it can ensure development with equity and social justice especially in developing countries.
format	article
author	Rafiqul Islam Molla Md. Mahmudul Alam
author_facet	Rafiqul Islam Molla Md. Mahmudul Alam
author_sort	Rafiqul Islam Molla
title	A Third Sector-Led Economic Model
title_short	A Third Sector-Led Economic Model
title_full	A Third Sector-Led Economic Model
title_fullStr	A Third Sector-Led Economic Model
title_full_unstemmed	A Third Sector-Led Economic Model
title_sort	third sector-led economic model
publisher	International Institute of Islamic Thought
publishDate	2013
url	https://doaj.org/article/dd8612d1221340858cc5b66d9fedcc01
work_keys_str_mv	AT rafiqulislammolla athirdsectorledeconomicmodel AT mdmahmudulalam athirdsectorledeconomicmodel AT rafiqulislammolla thirdsectorledeconomicmodel AT mdmahmudulalam thirdsectorledeconomicmodel
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A Third Sector-Led Economic Model

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