The Muslim faith is widely scourged here in the land of the free, as people are inclined to be provincial and project their own evil onto others. (I’m way above that sort of thing myself, mind you.) But if you set aside the jihads and seven virgins waiting (just as Christians should set aside virgin births and Revelations), it has some appealing features.
Among these features are avoidance of alcohol, daily prayer rituals, and a severe mandate that those who accumulate wealth must share with those who are less fortunate.
They also have some weird stuff, just as other religions do, concerning diet, clothing and travel. Food restrictions probably came from a time when they made sense, as with Jews who avoided crustacean seafood, which could be deadly poisonous. And the pilgrimage to Mecca is a wasted vacation, as far as I am concerned. I’d much rather go to Arizona and watch spring training.
What set me off on this was some reading I did this morning by Loretta Napoleoni in her book Rogue Economics. I’ve just been triggered to learn more about it, and can’t begin to be useful here, but she was writing about Sharia Economics, which has its roots in the Qur’an.
The concept of “interest”, or money making money on money, is outlawed in Islamic societies, though in practice they cannot avoid it, since western economics sets the table for them.
The ideal behind the concept is that wealth is the product of labor, and that payment of money must be done in return for good or services, and not merely because someone holds financial investments. It is so foreign to Westerners that we automatically dismiss the idea as impractical. But events are leading many of the Islamic faith down a non-western path.
Napoleoni specifically writes about two events: The Asian collapse of 1996, and the aftermath of 9/11/2001.
The former was brought about by flight of capital from South Korea, Thailand, Philippines, Indonesia, and Malaysia. (The latter two are heavily Muslim.) It is a classic example of too much power in too few hands, and the inability ot nation states to control the flow of capital. Those countries were devastated by the collapse, and are yet to recover. One country, Malaysia, decided to abandon Western economics, and turn to the Sharia form. It limped along for a while, and of course was shunned by the IMF, which waited for it to regain its senses. In recent years, it has attracted Muslim capital, and the country is performing quite well.
The other event was 9/11, and the ominous “War on Terror”, which many Muslims regarded as a mere witch hunt. It caused many wealthy Muslims to withdraw from the world scene, and seek to close the walls and build their own economies, free of Adam Smith, Alan Greenspan, and the IMF.
The brief chapter I read this morning was just a trigger, and it’s a whole new area for me – I invite readers here to spill their knowledge on us – if you can add some expertise to these ramblings, I can simply put up a post under your name and let you have at it.
Please add your two bits. In the meantime, it’s a whole new avenue for me.
