Examining Classical and Neo-Classical Theories of Development from Islamic Perspective and Islamic Solutions to Contemporary Development Problems

What is it about?

The development indicators show that the major part of the world is underdeveloped and warrants us to critically analyze the classical and neoclassical theories and their policy approaches to development. This study critically examines these theories, models and policy approaches in the light of Islam and offers analysis of Islamic subsystems and institutions in solving development problems.

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Why is it important?

The paper is one of the few attempts to cite and critically appraise specific development theories from Islamic perspective. The paper critically appraises development literature in mainstream Economics. It cites the external factors responsible for underdevelopment besides weak internal administration, commitment and management.

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