Academic journal article Journal of Economic and Social Studies

Paradigm Shift for Sustainable Development: The Contribution of Islamic Economics

Academic journal article Journal of Economic and Social Studies

Paradigm Shift for Sustainable Development: The Contribution of Islamic Economics

Article excerpt

(ProQuest: ... denotes formulae omitted.)

Introduction

The concept of 'sustainable development' started to appear in the 1970's and became a frequent hot topic for discussions about world politics, economy and the environment. However, the fulfillment of the aim of sustainable development is yet to happen. There are different reasons for this unfulfillment, such as the lack of political will, the effect of financial crises, etc. But we believe the problem is at a deeper level, i.e., at the paradigm level.

The aim of this paper is to discuss the possible contribution of Islamic economics to the necessary paradigm shiftfor the aim of sustainable development. In this sense, there are two hypotheses:

H1: A paradigm shiftis necessary for the aim of sustainable development

H2: Islamic economics can contribute to the paradigm shiftfor the aim of sustainable development

While trying to find out the validity of the above hypotheses, we will analyze the reasons for the necessity of a paradigm shift, the structure of a possible paradigm shift, and why and how Islamic economics can contribute to such a paradigm shift.

The next section will give background information on sustainable development, the paradigm shiftconcept and Islamic economics. The third section will be about the relationship between sustainable development and Islamic economics. The last section will conclude the paper.

Literature Review

To be able to analyze the possible contributions of Islamic economics to the paradigm shiftfor sustainable development, some concepts should be clear first. The three basic concepts of this paper will be introduced. These concepts are sustainable development, paradigm shiftand Islamic economics.

The concept of sustainable development started to appear in the 1970s. The reason behind the emergence of such a concept was the growing awareness of the depletion of natural resources, and worsening environmental conditions on the one hand and increasing world population on the other hand, i.e., demand-supply discrepancy. Despite the common use of the concept, there is a lack of an explicit definition. One of the first attempts towards the definition of this concept was done by World Conservation Strategy (1980): "For development to be sustainable, it must take account of social and ecological factors, as well as economic ones; of the living and non-living resource base; and of the long-term as well as the short-term advantages and disadvantages of alternative action." However, today the most commonly used definition is the one established by the World Commission on Environment and Development (1987): "Economic and social development that meets the needs of the current generation without undermining the ability of future generations to meet their own needs." This definition can sound vague since it does not indicate what is meant by 'meeting the needs of the current generation' and 'without undermining the future generations' ability of meeting their own needs'. At this point, Dalal-Clayton and Bass (2002) explain what they actually mean. According to them, meeting the needs of the present generation covers the economic needs, social, cultural and health needs plus the political needs. On the other hand, "without undermining the future generations' ability to meet their own needs" refers to minimising usage, the sustainable use of renewable resources, and keeping within the absorptive capacity of local and global sinks for wastes.

Efforts to maintain sustainable development include treaties and establishment of rules, laws and regulations. The actors taking part in these efforts are quite diverse, such as intergovernmental organizations, non-governmental organizations, nations, international organizations, the private sector and civil society. One of the earliest efforts in the global arena was the Stockholm Conference held in 1972. However, the first comprehensive attempt came with the Rio Declaration on Environment and Development (1992), issued as a result of the United Nations Rio Conference. …

Search by... Author
Show... All Results Primary Sources Peer-reviewed

Oops!

An unknown error has occurred. Please click the button below to reload the page. If the problem persists, please try again in a little while.