GMGF5324 POLITICAL ECONOMY ASSIGNMENT: ISLAMIC POLITICAL ECONOMY IN NATIONAL DEVELOPMENT PREPARED FOR: DR. KAMARUDDIN ABDULSOMAD PREPARED BY: FATIN HANANI BINTI TARMIDZI 1.
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First of all, what is economic philosophy that very important in order to achieving the national development? What is philosophy that he had explained in his talk and what kind of philosophy that had be the main key nowadays? According to Lt. Kol. Prof. Dr. Abdul Razak Chin, philosophy in general is philosophy is that branch of knowledge which relates to the concept of divinity. Besides that, with philosophy that we had use, we will endeavor to find the truth and achieve success. Al-Farabi (339H-950M) had explained that philosophy in the context of the love of wisdom or wisdom, and also become cord to every branch of science.
In addition, al-Farabi also refers wisdom as makrifullah – a way to know God. Based on my understanding, philosophy is a reflexive question in the threefold sense: it is about philosophy, it is raised by philosophers themselves and, last but not least, it represents an old and difficult philosophical problem. This multiple reflexivity is the reason why trying to find out what philosophy is inevitably becomes not only a way of dealing with philosophy but actually the way of doing philosophy. Once we start discussing philosophy we cannot scape its intellectual grip. Then, he also mentions in his talk that the human needs are no limitation. Human will gain and earn everything that they want as long as they can achieve their mission, target and etc. Secondly, he had explained about national development that had been a main point in his talk. National development refers to the process of national development and to lead a sustainable level of repairs and improvement. National development is also very concerned about the economic development refers to the index per capita.
If the index of per capita income at constant rate surpassed the national population growth rate, which means place of steady economic growth and the result is the development of the country. In his talk, he has focus on Islamic political economy in national development. He has explained about the dimension of Islamic development. In order to achieve national development in term of Islam, we need to focus on the three main points. There are dharuriyyat (essential goods), hajiyyat (comfortable), and kamaliat/tahsiniyyat (luxury needs). These three main points should base on syarie or Islamic law.
Based on my understanding, we need to balance and equals developing the nation based on Islamic law and also consider the citizen needs and interest. As a leader and elites itself, the welfare of the citizen very important includes the economis, social life, health care, education etc. Without the citizen especially middle class and workers who are the agents of society and ruling the institution or country, it may affect the country and the economic. It means without them especially the citizens itself; government cannot move and implement their policy.
It also may affect the national development. Therefore, I can see how relate the concept of Islamic with national development. Without the relation or combination of national development in Islamic concept, there are many problems that country to solve. According to Lt. Kol. Prof. Dr. Abdul Razak Chin, specifically, an understanding of the economy is appropriate emphasis to the issue of how people use resources and factors of production to achieve well-being (welfare) life (falah) in this world and the hereafter.
Thus, there are seven core areas of the economy to complement the welfare of individuals, communities and nations. * Economic activity based on good intentions and purposes. * Reasonableness obligatory on Kifayah. * Business world without compromising herafter. * Avoid illegal transactions (haram) and syubhah. Last but not least, mercantilism is economic nationalism for the purpose of building a wealthy and powerful state. Adam Smith coined the term “mercantile system” to describe the system of political economy that sought to enrich the country by restraining imports and encouraging exports.
The goal of these policies was, supposedly, to achieve a “favorable” balance of trade that would bring gold and silver into the country and also to maintain domestic employment. In contrast to the agricultural system of the physiocrats or the laissez-faire of the nineteenth and early twentieth centuries, the mercantile system served the interests of merchants and producers such as the British East India Company, whose activities were protected or encouraged by the state.
The basic proposition of Mercantilism is that the state should aim to maximize it's wealth through one-way trade with other countries, maximizing exports and keeping imports to a minimum. The developing countries are in debt due to letalknding policies with interest that they can't pay back, the developed countries export goods into these countries whilst making it very hard for the developing countries to export their own goods in return. The richer are getting richer and the poorer are getting poorer. This is what is happening now.
This is mercantilism. My Comments In my opinion, Lt. Kol. Prof. Dr. Abdul Razak Chin has explain details about the Islamic perceptions on national development. He has explain base on Islamic concept that includes world and hereafter (akhirah). He also has described the Islamic concept and theory based on a few Islamic thinkers thought. For instance, the sustainability in the country should follow the Islamic concepts. Citizens have their own rights and freedom, and they also the people that increase the national economic and development.
Hopefully, I can join this Inaugural Professional Talk again next time. A very brilliant and knowledgeable talk by a educated level like Prof. and Dr presented during that time and all the postgraduate candidates need to attend to gain knowledge and experience. Thank you to Dr Kamaruddin because give me a chance to attend that talk last week. Hopefully, I will grab the opportunity and keep it as my great moment attend the talk with very special conditions and environment
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