Ethical Teachings of Abu Hamid al-Ghazali: Economics of Happiness

This book explores the relationship between economic philosophy and moral conduct in the writings of Imām al-Ghazālī, highlighting his neglected contribution to economic thought and its alignment with Sharī'a and taṣawwuf. It aims to analyze and revive his economic philosophy within the context of modern economic theories.

Format: Hardback
Length: 176 pages
Publication date: 26 February 2021
Publisher: Anthem Press

This book delves into the intricate interplay between economic philosophy and moral conduct, as explored through the writings of one of the most renowned scholars in Islamic history, Abū Ḥāmid Muḥammad ibn Muḥammad al-Ghazālī (d. 1111). Renowned as "the proof of Islam," Imām al-Ghazālī made significant contributions to Islamic theology, philosophy, and Sufism, also known as Islamic mysticism (taṣawwuf). Interestingly, al-Ghazālī's contributions to economic thought have often been overlooked, despite his dedicated chapters on just and Sharīʿa-based economic conduct within Muslim society. This book seeks to analyze and revitalize al-Ghazālī's understudied contribution to economic thought by highlighting his economic philosophy and its connection to Sharīʿa's moral law and the tradition of taṣawwuf. Additionally, it aims to place his thought within the broader context of modern economic theories.

Al-Ghazālī's economic philosophy is rooted in his belief in the unity of the world and the interconnectedness of all things. He saw economics as a branch of knowledge that aimed to understand the nature of wealth and its distribution among individuals and societies. According to al-Ghazālī, the pursuit of wealth should be guided by moral principles and ethical values, such as justice, fairness, and compassion. He believed that economic behavior should be based on the principles of justice and equity, ensuring that resources are allocated in a way that benefits all members of society.

One of the key concepts in al-Ghazālī's economic philosophy is the concept of "the just price." He argued that the price of a good or service should be determined by the cost of production, the market demand, and the social benefit derived from it. The just price should not be excessive or exploitative, but should reflect the true value of the good or service. Al-Ghazālī also emphasized the importance of fair trade and the avoidance of monopolies and unfair competition. He believed that these practices could lead to economic instability and social unrest.

Al-Ghazālī's economic philosophy also had a strong influence on his views on the role of government in regulating economic activities. He believed that government should play a constructive role in promoting economic growth and stability, but should also ensure that economic policies are fair and just. Al-Ghazālī advocated for the implementation of policies that promote social welfare, such as education, healthcare, and social security, to ensure that all members of society have access to basic needs.

In addition to his economic philosophy, al-Ghazālī's thought was deeply influenced by the tradition of taṣawwuf, which emphasizes the pursuit of spiritual enlightenment and the cultivation of a deep relationship with God. Al-Ghazālī saw the economy as a means of achieving spiritual fulfillment and as a tool for promoting social harmony. He believed that the economy should be guided by the principles of compassion, generosity, and empathy, ensuring that the benefits of economic growth are shared with all members of society.

Al-Ghazālī's economic philosophy and its correlation between Sharīʿas moral law and the tradition of taṣawwuf offer valuable insights into the relationship between economics and morality. His emphasis on the just price, fair trade, and the role of government in regulating economic activities aligns with contemporary economic theories that emphasize the importance of social welfare, sustainability, and equity. By analyzing and reviving al-Ghazālī's understudied contribution to economic thought, we can gain a deeper understanding of the role of economics in promoting social welfare and creating a more just and equitable society.

In conclusion, this book aims to analyze and revive al-Ghazālī's understudied contribution to economic thought by emphasizing his economic philosophy and its correlation between Sharīʿas moral law and the tradition of taṣawwuf. By placing his thought within the broader context of modern economic theories, we can gain a deeper understanding of the role of economics in promoting social welfare and creating a more just and equitable society. Al-Ghazālī's economic philosophy and its correlation between Sharīʿas moral law and the tradition of taṣawwuf offer valuable insights into the relationship between economics and morality, and his thought continues to be relevant and valuable in today's world.

Weight: 412g
Dimension: 159 x 237 x 19 (mm)
ISBN-13: 9781785275302