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Introduction to Islamic Economics: Theory and Application by Abbas Mirakhor, Zamir Iqbal, Hossein Askari

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9Role of the State and Public Policy

  1. The importance of rules and their supervision and enforcement.
  2. The need for government intervention if individuals don't adhere to rules.
  3. Important government functions to keep the economy, especially markets, functioning smoothly.
  4. The importance of rules (institutions) as the foundation of economic prosperity, with government monitoring and enforcement.
  5. The importance of the rule of law for sustained economic and social prosperity.
  6. The government's programs for the disabled.
  7. The government's preservation of the right of all individuals in all generations to natural and depletable resources.
  8. The government's provision of an environment where free individuals have equal opportunity to pursue their dreams.
  9. The government's provision of defense and safety.
  10. The government's intervention to restore economic activity, employment, and price stability, especially with market failure.

All mixed market systems, whether the capitalist system as adopted in the West or the Islamic system, depend on the intervention of the state to ameliorate the economic life of a community, region, and country. Governments strive to develop appropriate policies (so that social and private interests converge) and supervision incentives (where rules and regulations are followed and cooperation and coordination are enhanced) for a thriving economy where all citizens can find good jobs and those who cannot work are provided for. The major difference ...

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