I. Introduction
"Our Economics," authored by Ayatollah Sayyid Muhammad Baqir al-Sadr in the early 1960s, is a seminal and pioneering work in the field of Islamic economics. This book represents a serious and systematic attempt to establish the foundations of Islamic economics and distinguish it from the prevailing economic doctrines of that period, namely Marxism and capitalism. This report aims to provide a comprehensive summary of the book's main ideas, structure, and its enduring contribution to shaping contemporary Islamic economic thought and practice. The book primarily seeks to lay the groundwork for an independent and distinct Islamic economy, capable of providing practical solutions to economic problems based on the concepts of justice and the values upheld by Islam.
II. Background and Context of "Our Economics"
"Our Economics" was published during a period that witnessed the rise of socialist and capitalist ideologies and their competition for global influence. Sayyid Muhammad Baqir al-Sadr, a prominent Islamic jurist and thinker, recognized the need to present an integrated Islamic economic alternative rooted in Islamic Sharia and responsive to the challenges of the time. The author's extensive knowledge in various Islamic sciences, such as jurisprudence and philosophy, profoundly influenced his approach to economic issues, enabling him to bridge the gap between Islamic principles and economic analysis. His deep understanding of the challenges facing the Islamic world in light of growing secular influence motivated him to author this book, aiming to provide an alternative economic vision based on Islamic values and principles. Since its publication, the book has garnered widespread attention and has become a fundamental reference for numerous Islamic financial institutions and researchers in the field of Islamic economics to this day.
III. Critique of Marxist Economics (Chapter One)
Sayyid al-Sadr begins his book with an in-depth critical study of Marxist doctrine in the first chapter. This chapter is essential for understanding the intellectual context in which Islamic economics, as envisioned by the author, emerged. The chapter includes a comprehensive analysis of historical materialism, which represents the philosophical foundation of Marxism, and the laws of dialectics, considered the essence of the Marxist approach to understanding historical development. The book also discusses the five stages of human societal development as defined by Marxist thought and provides a detailed critique of the intellectual and economic foundations of this doctrine. Through this critique, the author seeks to refute the purely materialistic foundations upon which Marxist thought is based, emphasizing the importance of spiritual and ethical aspects in understanding history and the development of societies from an Islamic perspective. The book also criticizes the economic interpretation of history and the theory of surplus value, which are fundamental pillars of Marxist economics. Sayyid al-Sadr argues that the exclusive focus on material and economic factors in interpreting history overlooks other crucial aspects in the development of civilizations and societies.
IV. Critique of Capitalist Economics (Chapter Two)
In the second chapter of the book, Sayyid al-Sadr moves on to study and critique the capitalist doctrine and its fundamental principles. After addressing Marxism, the author sees the necessity to analyze the capitalist economic system, which represented the other pole in the global economic landscape at that time. The critique in this chapter focuses on concepts such as absolute private ownership, unrestricted market freedom, and the individual drive for self-interest as the driving force of the economy. The book clarifies that Islam rejects the idea of absolute private ownership, emphasizing that true ownership belongs to God and that humans are trustees responsible for its use in accordance with the teachings of Sharia. The book also criticizes the potential negative effects of unchecked capitalism, such as the exacerbation of class disparities and the neglect of the poor and needy. Sayyid al-Sadr believes that the capitalist system, with its sanctification of profit and individual interest, may lead to the marginalization of ethical and social values that Islam places great importance on. The emphasis on social justice and the care for the vulnerable is a primary motivation for the author's critique of the capitalist system.
V. Foundations of Islamic Economics (Chapter Three)
The third chapter constitutes the largest and most detailed part of "Our Economics." In it, Sayyid al-Sadr presents a detailed study of the foundations and principles of Islamic economics. Following his critique of Marxism and capitalism, the author aims in this chapter to construct a clear and integrated conception of Islamic economics. The book emphasizes that Islamic economics derives its principles from Islamic Sharia and is integrated with Islamic values and ethics. Among the most important principles presented in the book is the principle of "social justice," which includes social solidarity and balance, aimed at reducing disparities among members of society as much as possible. The book also addresses the concept of "restricted economic freedom," where individuals are allowed to engage in economic activities within a framework of Sharia and ethical controls that prevent monopoly, exploitation, and harmful practices. The book also explains the concept of "dual ownership" in Islam, which recognizes both private and public ownership, while emphasizing that absolute ownership belongs to God alone. This chapter provides a detailed explanation of the systems of distribution and production in Islam, based on scriptural texts and the general principles of Islam.
VI. Core Concepts and Theories
"Our Economics" introduces several core concepts and theories that are significant additions to Islamic economic thought. Prominent among these is the "Theory of the Free Zone" (Legislative Vacuum Zone). This theory posits that Islamic Sharia has established detailed rulings in some economic areas, while leaving other areas within a "free zone" where the Islamic ruler or state can enact legislations and laws in accordance with the requirements of time and place, provided that these legislations do not conflict with the general principles of Sharia. This theory is considered an important mechanism for achieving flexibility and adaptation in the application of Islamic economics to the developments of economic life. The book also delves into the theory of wealth distribution in Islam, both in the pre-production stage (distribution of natural resources) and the post-production stage (distribution of economic output). The book clarifies that Islam places great importance on the fair distribution of resources and wealth to ensure the achievement of social and economic justice. It also discusses the ownership and utilization of natural resources such as land and water, emphasizing the right of individuals to benefit from them while considering the public interest and avoiding harm to others.
VII. The Role of the State in the Islamic Economy
"Our Economics" defines an important role for the state in managing and organizing the economy according to Islamic principles. The book argues that the Islamic state is responsible for achieving social justice and providing social security for all members of society. This includes providing job opportunities, assisting the needy and disabled, and ensuring a decent standard of living for all citizens. The state also plays a role in achieving social balance by encouraging solidarity and cooperation among members of society and curbing manifestations of extravagance and luxury in the wealthy classes. In addition, the state has the authority to legislate in the "free zone" to regulate economic affairs in a manner that achieves the public interest and is consistent with the principles of Islamic Sharia. The role defined for the state in the book goes beyond that of a night watchman, limited to protecting individual rights, to include an active role in achieving broader social and economic goals.
VIII. Distinguishing Between Islamic Economic Doctrine and Economics
In his book, Sayyid al-Sadr makes an important distinction between Islamic economic doctrine and the science of economics. He clarifies that Islamic economic doctrine represents a set of values, principles, and standards that Islam favors for organizing economic life and achieving justice among people. It is a normative framework that defines what should be in the world of economics from an Islamic perspective. Economics, on the other hand, is a social science that seeks to understand and analyze existing economic phenomena in society and discover the laws that govern these phenomena. It is a descriptive and analytical science that seeks to understand what is present in the economic world. The author argues that Islam provides a comprehensive economic doctrine aimed at achieving justice and prosperity for society, but it does not necessarily provide a detailed scientific economic theory in all its aspects. The book emphasizes that the application of Islamic economic doctrine requires the existence of a society that believes in and generally accepts the Islamic intellectual and belief system.
IX. The Integrated View of Islamic Economics
"Our Economics" emphasizes that Islamic economics is not a separate system in itself, but rather an integral part of the comprehensive Islamic vision of life, which includes social, political, and ethical aspects. The author believes that the economic principles in Islam are derived from its general teachings and values and aim to achieve broader goals that go beyond merely achieving economic efficiency to include achieving justice, human dignity, and spiritual development. The book stresses that the application of Islamic economics requires the Islamization of society in thought, behavior, and values. It rejects partial attempts to Islamize specific aspects of the economy in non-Islamic countries, especially those based on the usury system, which the book considers a foundation of modern economics. The integrated view presented by the book affirms that Islamic economics cannot fully succeed except within an integrated Muslim society that adopts Islamic values and principles in all aspects of its life.
X. Impact and Significance
"Our Economics" has had a profound and lasting impact on the development of Islamic economic thought and contemporary Islamic financial practice. The book is considered a fundamental reference for researchers, scholars, and Islamic financial institutions worldwide. The book has contributed to providing a systematic and logical formulation of the principles of Islamic economics, which has helped to distinguish it from other economic doctrines. It has also played a significant role in inspiring and guiding the establishment and development of modern Islamic banks and financial institutions. The translation of the book into many living languages indicates its widespread and global importance among those interested in Islamic economics. The book has provided an integrated theoretical framework that has enriched academic discourse on Islamic economics and opened new horizons for research and application in this field.
XI. Conclusion
"Our Economics" by Sayyid Muhammad Baqir al-Sadr is a landmark in the history of Islamic economic thought. The book provides a critical analysis of prevailing economic doctrines and lays solid and systematic foundations for Islamic economics based on the principles of social justice, Islamic ethics, and the integrated Islamic perspective. The book remains a vital reference for understanding the theoretical foundations of Islamic economics and its contemporary applications and continues to inspire researchers and practitioners in their pursuit of building a more just and equitable economic system.
Table 1: Comparison of Economic Systems
Table 2: Core Principles of Islamic Economics in "Our Economics"
