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Money Impartiality: Panacea for Economic Crisis
- Source :
- International Journal of Management Studies (2010)
- Publication Year :
- 2010
- Publisher :
- UUM Press, 2010.
-
Abstract
- This paper overviews the political-economics of FIAT and asset-based money. The paper further highlights the presumably syaria standpoint of the impartial character of money as the fundamental factor that differentiates asset-based money from the FIAT money. It is argued that while it is ideal for asset-based money to make a comeback in the interest of holistic wellbeing (maslahah) of humankind, it is necessary to complement it with an appropriate financial and regulatory system to safeguard its impartiality, i.e. non-tradable, non-interest bearing, and non-debt financing to avoid the recurring pitfalls which are immanent in the conventional financial system. It is hoped this rather concise paper will offer a thought provoking discourse on how syaria principles may present the world a useful ideological construct for a new monetary and financial architecture in light of the global financial crisis. Keywords: Asset-based money; FIAT money; Syaria perspectives of money; money impartiality; money and sustainable development; money and financial crisis.
Details
- Language :
- English, Malay
- ISSN :
- 21802467 and 22321608
- Database :
- Directory of Open Access Journals
- Journal :
- International Journal of Management Studies
- Publication Type :
- Academic Journal
- Accession number :
- edsdoj.64f0efc43784416381e33ee332cae009
- Document Type :
- article
- Full Text :
- https://doi.org/10.32890/ijms.17.2010.10186