An analysis of the moral philosophy of Adam Smith : selected lessons for Islamic economics

Abstract

The study is a philosophical and socio-historical analysis of the origins of modern economics as a discipline of study. By tracing out the reasons why certain intellectual events of 17th and 18th Century Europe, culminating in the works of Adam Smith, induced this specialized branch of knowledge; the researcher attempts to contextualize its roots for building a framework from an Islamic perspective. The focus is not on the framework for Islamic Economics, but rather on the texts and context of Adam Smith. The aim then, is to highlight its prospects for the foundational aspects of Islamic Economics. The study is a content and discourse analysis. It attempts to recreate the moral system that Smith espoused in his works. This system is contextualized in the 18th century philosophical discourse to better comprehend it. The study will then elaborate this system by classifying them into natural and historical dimensions. Once this system is expounded, the study will then investigate and explore the lessons and prospects that it can provide for Islamic Economics.