Open AccessPRIVATIZATION AND THE ETHICS OF ISLAM
Author(s) -
Felix Pomeranz
Publication year - 1997
Publication title -
american journal of islam and society
Language(s) - English
Resource type - Journals
eISSN - 2690-3741
pISSN - 2690-3733
DOI - 10.35632/ajis.v14i2.2243
Subject(s) - islam , faith , debtor , political science , political economy , law , sociology , business , finance , theology , philosophy , debt , creditor
Current privatization efforts dwarf all which have gone before. In general,the “less developed” nations, including peoples of the Muslim faith,seem to have attracted the advocates of privatization. Disturbing resultsare obtained when the substance and process of privatization are juxtaposedto the teaching of Islam.In certain cases, privatization may result in the transfer of wealth fromrelatively weak hands (i.e., from the debtor governments of the lessdeveloped nations) to relatively strong hands (i.e., consortia of intemationalentrepreneurs). Islam teaches the opposite: It recognizes the rightof the less able in the wealth of those who have greater ability or theopportunity to produce greater wealth (Mirakhor, 1989).The outcomes of privatization are important to peace and security.Consequently, the emergence of privatization as a cat’s paw in politicaldiscourse is not a good omen. For example, Abdelhak Benhamouda,Algeria’s labor leader, “opposes any privatizations undertaken on the‘back‘ of the workers and demanded (sic) ‘guarantees’ from the govemment”(AFX News, 1995).The article defines privatization and discusses its structural and operationalproblems in light of religious imperatives ...