Fourth International Islamic Economics Seminar Inaugural Address

Abstract

During the past three decades, development has been perceived both
as a goal itself and as a means towards achieving certain goals. In many
Third World countries, development has even become a form of ideology.
To achieve it, numerous theories and strategies have been presented.
Many of these approaches have been experimented with in a practical
manner. In general, however, returns and benefits have been negligible.
Although modernized sectors have appeared in most third World countries,
along with social classes and lifestyles similar to those of the West,
the majority of the population's economic and social standard of living
has deteriorated. Many basic human and Political rights have even been
stripped away in the name of achieving development. In many instances,
development has become nothing more than a slogan and a means for
despotic regimes to solidify their grip on their unfortunate populations.
Perhaps the same factors contributing lo the lhlrd World's paralysis
contribute to the West's success and achievement. One group of related
factors is the concept of development, its ideology and strategy. When we
analyze this issue, we find that the historical advances in western society
since the Industrial Revolution, and its associated social and cultural
movements, did not follow a predetermined written strategy or various
five- and ten-year plans. Rather, this development followed a more spontaneous
course determined by the changing circumstances of time, place,
culture, and individual effort. As a result of the accumulation of such experiences,
procedures, and know-how, development was achieved.
When development was defined as a goal for the Third World, readymade
western procedures, theories, and strategies were adopted without
regard to the fact that these procedures were not actually implemented in
the West but rather came about as a result of a long period of trial and
error. In the third World, however, they are implemented beforehand and
thus redefine what the Third World will look like socially, culturally, and
intellectually ...