Globalization’s Vulnerabilities and the Response of Islamic Economics
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Abstract
The philosophical-theoretical premise of globalization is ignorant of the
values of justice, equity, and oneness of humanity, hence it leads to vertical
integration of humanity, systemic vacuum in global governance,
drastic erosion in national policy autonomy, and accountability-free
empowerment of global capital. The Islamic worldview provides an
alternative paradigm for globalization and offers wide scope for refprm
of contemporary globalization by re-exploring the interrelationship
between the concepts ‘Ummah’ and ‘one humanity.’ This suggests that
operational re-orientation of Islamic economic institutions is greatly
needed to protect the Ummah and humanity against the vulnerabilities
of contemporary globalization.
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