A Prescriptive Model of Trade and Development for the Ummah
摘要
The question of sustainability is studied in the context of a process model of knowledge formation according to the interactive, integrative, and evolutionary (IIE) worldview of the Shuratic process in the Qur’an. This process formalism is applied to the issue of trade and development in the Muslim World. Such a theme is fundamental in the study of complementary interrelationships between economic, financial, and social factors such as money, the real economy, technology, debt management, exchange rate, and wellbeing, all of which are endogenously related with the inter-communal flows of trade and its effect on development in the Muslim World. These central issues of sustainability in relation to the problem of trade and development in the Muslim World and including in it the specific treatment of institutions, money, real economy, debt management, technology transfer, and social wellbeing are covered in this chapter. The thrust of this chapter is on normative derivations with quantitative estimation of the normative model. The technical details are given in the appendixes and are developed in the light of an actual Shura meeting, named here as the Khartoum Shuratic Meeting (KSM) on trade and development that was organized. The country blocs comprising Bloc 1 = Bangladesh, Indonesia, and Malaysia and Bloc 2 = Pakistan, Turkey, and Iran are specifically studied in the light of the issues and problems of economic integration using a dynamic input–output model and its empirical estimation using the KSM questionnaire results. Relevant policy implications on trade and development are derived by specific attention to the results of the empirical work and in general sense by referring to the KSM results and the dynamic coefficients input–output model, both of which are derived based on the Shuratic methodological worldview.