THE ROLE OF GOVERNMENT IN THE ECONOMY

Introduction The recent past has seen fundamental changes in the government’s role in the economy. With the defeat of socialism and the worldwide onslaught of privatization, a new scenario is emerging. The direct role of government is shrinking and its indirect role is increasing. Arguably, privati...

Descripción completa

Guardado en:

Detalles Bibliográficos
Autor principal:	Muhammad Akram Khan
Formato:	article
Lenguaje:	EN
Publicado:	International Institute of Islamic Thought 1997
Materias:	Islam BP1-253
Acceso en línea:	https://doaj.org/article/f86ad09505354fcb800eeff627ccc0cf
Etiquetas:	Agregar Etiqueta Sin Etiquetas, Sea el primero en etiquetar este registro!

id	oai:doaj.org-article:f86ad09505354fcb800eeff627ccc0cf
record_format	dspace
spelling	oai:doaj.org-article:f86ad09505354fcb800eeff627ccc0cf2021-12-02T19:41:18ZTHE ROLE OF GOVERNMENT IN THE ECONOMY10.35632/ajis.v14i2.22472690-37332690-3741https://doaj.org/article/f86ad09505354fcb800eeff627ccc0cf1997-07-01T00:00:00Zhttps://www.ajis.org/index.php/ajiss/article/view/2247https://doaj.org/toc/2690-3733https://doaj.org/toc/2690-3741 Introduction The recent past has seen fundamental changes in the government’s role in the economy. With the defeat of socialism and the worldwide onslaught of privatization, a new scenario is emerging. The direct role of government is shrinking and its indirect role is increasing. Arguably, privatization does not necessarily mean “no government,” but rather “better government.” As a result, the following new issues are emerging: What is the extent and nature of government regulation in the economy? How can government play an effective role in the redistribution of economic power and still keep the free market economy undisturbed? What structural changes are necessary to protect the public interest? How can government itself be regulated? How can we prevent government from becoming an instrument of injustice and tyranny? The present paper seeks to discuss these questions from the Islamic perspective. Need for Government We need government to provide the fundamental legal and social framework for a free market economy. This framework implies necessary laws that define the property and other rights, enforce contracts, and describe the status and form of various business organizations. We need government to define the rules of the game. Through legislation the government acts as a referee and forbids foul play. It prohibits cheating and the sale of adulterated foods and drugs; it establishes ... Muhammad Akram KhanInternational Institute of Islamic ThoughtarticleIslamBP1-253ENAmerican Journal of Islam and Society, Vol 14, Iss 2 (1997)
institution	DOAJ
collection	DOAJ
language	EN
topic	Islam BP1-253
spellingShingle	Islam BP1-253 Muhammad Akram Khan THE ROLE OF GOVERNMENT IN THE ECONOMY
description	Introduction The recent past has seen fundamental changes in the government’s role in the economy. With the defeat of socialism and the worldwide onslaught of privatization, a new scenario is emerging. The direct role of government is shrinking and its indirect role is increasing. Arguably, privatization does not necessarily mean “no government,” but rather “better government.” As a result, the following new issues are emerging: What is the extent and nature of government regulation in the economy? How can government play an effective role in the redistribution of economic power and still keep the free market economy undisturbed? What structural changes are necessary to protect the public interest? How can government itself be regulated? How can we prevent government from becoming an instrument of injustice and tyranny? The present paper seeks to discuss these questions from the Islamic perspective. Need for Government We need government to provide the fundamental legal and social framework for a free market economy. This framework implies necessary laws that define the property and other rights, enforce contracts, and describe the status and form of various business organizations. We need government to define the rules of the game. Through legislation the government acts as a referee and forbids foul play. It prohibits cheating and the sale of adulterated foods and drugs; it establishes ...
format	article
author	Muhammad Akram Khan
author_facet	Muhammad Akram Khan
author_sort	Muhammad Akram Khan
title	THE ROLE OF GOVERNMENT IN THE ECONOMY
title_short	THE ROLE OF GOVERNMENT IN THE ECONOMY
title_full	THE ROLE OF GOVERNMENT IN THE ECONOMY
title_fullStr	THE ROLE OF GOVERNMENT IN THE ECONOMY
title_full_unstemmed	THE ROLE OF GOVERNMENT IN THE ECONOMY
title_sort	role of government in the economy
publisher	International Institute of Islamic Thought
publishDate	1997
url	https://doaj.org/article/f86ad09505354fcb800eeff627ccc0cf
work_keys_str_mv	AT muhammadakramkhan theroleofgovernmentintheeconomy AT muhammadakramkhan roleofgovernmentintheeconomy
_version_	1718376239988736000

THE ROLE OF GOVERNMENT IN THE ECONOMY

Ejemplares similares