Objectives of Islamic Economics

the land they claim, it simply gives them the right to a say in the

Taking possession of other peoples land is a quality of a person who is

Many philosophers have written arguments advocating for all types of property rights ranging from private to communal and for a varying array of reasons.Personally, I feel Schmidtz has the most compelling argument surrounding property rights. He argues for private property rights. According to Schmidtz when property does not have an owner and instead belongs to the commons, there is no way to protect that resource. Schmidtz provides the example of fishing using destructive methods. In certain countries, fishermen fish using methods that destroy habitats such as throwing dynamite or bleach in the water. This method has an extremely successful one time effect as all the dead fish float to the top of the water. However, it kills the entire habitat

The concept of property has long been one of the most crucial aspects for the U.S. citizens, as it is a major part of the Constitutional, and, therefore, human rights. Although the perception and understanding of “property” have been considerably changed, especially in terms of political and philosophical vision, it still has a particular meaning for the Americans. In general, the idea of property is the question of the political thought and conceptualized thinking common for the United States. In most cases, its transformations are connected to the introduction of capitalism and related governmental decision in politics. Therefore, as any other topic, the value of property has undergone harsh debates. In particular, such important figures as James Fenimore Cooper, Ralph Waldo Emerson, and Walt Whitman have developed a fundamental scope of analyses with regard to the property rights in America.

“Though the earth, and all inferior creatures be common to all men, yet every man has a property in his own person. This nobody has any right to but himself. The labour of his body, and the work of his hands, we may say, are properly his. Whatsoever then he removes out of the state that Nature hath provided, and left it in, he hath mixed his labour with, and joined to it something that is his own, and thereby makes it his property”. “From all which it is evident, that though the things of Nature are given in common, man (by being master of himself, and proprietor of his own person, and the actions or labour of it) has still in himself the great foundation of property;...” (Locke, 1978

Property: The right to claim and hold property; When it has been laboured for, one encloses it for greater individual profit the profit of the community of Man, it has been laboured for – Natural means of ownership one encloses it – The process of holding legal “deed” for greater individual profit – to build investment equity and avoid poverty of waste the profit of the community of Man – Moral commitment to Human Development (Locke: 1689).

In Distributive Justice, Robert Nozick aims to clarify the processes of distribution that can be reasonably upheld in a free society. To do so, he examines the origins of how people legitimately come to own things and applies the least intrusive set of guidelines that can be doled out in order to guarantee the most justice possible, while also respecting individual liberty. Nozick provides the Entitlement Theory, which specifies that so long as there is justice in the acquisition and transfer of holdings (things one owns), there is no injustice or infringement upon liberties of others and the parties involved are entitled their holdings. In the event there is an injustice committed, he provides the third topic of “ the rectification of injustice in holdings.” Establishing how individuals may legitimately acquire holdings is crucial to a discussion on the liberty and rights of individuals in a free, yet cooperative society. In order to further clarify how individuals originally come to own things in society, Distributive Justice later analyzes John Locke’s Theory of Acquisition. A diminishing number of unowned resources as well as the inherent problems in a free market convolute the issue.

Equality is pushed upon each citizen. But with this equality, comes aforementioned characteristics: submission, hopelessness, detachedness, conformity, and isolation. Superiority is punished. As written in chapter I, "It is not good to be different from our brothers, but it is evil to be superior to them" (21). In this way, uniqueness is repressed when it should be

What is this you call property, It cannot be the earth, for the land is our mother, nourishing all her children, beasts, birds, fish and all men, the woods, the streams, everything on it belongs to everybody and is for the use of all. How can one man say it belongs only to him¨? Said a man named massasoit, an indian chief in this text you will learn about who massasoit is and what he did in his life.

Throughout American history, the definition, allocation and protection of property rights has been one of the most controversial and combative issues. According to Armen and Demsetz (1973), “…a private property right includes the right to delegate, rent, or sell any portion of the rights by exchange or gift at whatever price the owner determines (provided someone is willing to pay that price). If person A is not allowed to buy some rights from Person B and Person B therefore is not allowed to

For the Native Americans’, claiming the land had a different meaning. They felt a more spiritual connection to the land. They believed in a concept called “personhood”. This was an idea that gave inanimate objects a sense of a personality. “Because objects has a personhood, they also had the right to own themselves” (Albers). For this reason, the

Locke begins his explanation of private property by establishing how individuals come to possess property separate from the common resources of mankind. The defining feature of a piece of private property is labor, as the individual who performs the “labour that removes [the good] out of that common state nature left it in” makes the property his own (V. 30). According to Locke, the common resources of nature are open to all mankind, but a good becomes an individual’s own when a person performs some sort of labor on it. This stems from his idea that industry is an extension of self-ownership – people have natural rights of their own being, and extending these personal rights through work is how people come to own other things. Labor is what establishes ownership of a good, and as long as the amount of property taken is within a reasonable and modest amount, people are free to take what resources they must from the Earth. Although Locke argues in favor of the possession of private property, he emphasizes the point that it is “dishonest” for a man “to hoard up more than he could make use of” (V. 46). When people take property in excess, perishable

Having established his state of nature, Locke begins his description of the formation and transition to society, and appropriately starts with a discussion of property. “God, who hath given the World to Men in common, hath also given them reason to make use of it to the best advantage of Life, and convenience.” (Locke, Second Treatise, V.26). Here, Locke does little more than apply natural law (self preservation) to what he sees around him (land), but in doing so, makes a groundbreaking shift. He reveals that, following from natural law, men have a right to use what they have around them to further their own preservation and lives. In addition, man has an inherent, and obvious, possession of himself and all that comes with it, including, and most importantly, labor. “The Labour of his Body, and the Work of his Hands, we may say, are properly his.” (Locke, Second Treatise,

Therefore, even though the rights are the individuals they do not have the right to give them away. In the same respect, no other man or governing body has the ability to take these rights from an individual. (Wives and servants cannot have their rights taken away from them by their husbands or masters because they are human individual endowed with unalienable rights.) The question is then: what is property? Property according to Locke can range from pieces of land to products, but even if a person has none of these “every man has a property in his own person” (Locke). Labor put in is the qualifying factor that turns something from common property to private property. The labor put forth in an individuals being can be seen simply through the act of breathing being at birth to the endeavors of an individual to better his character. When actual land is concerned, the transition to private property is similar to the owning of the individual due to labor applied. Common land, shared by all, becomes the property of an individual by the consent of all those within the common and as long as the individual leaves enough for others and

Becoming an expert in Islamic economics and finance field is one of my long-term goals in life. I started to organize and made a plan towards achieving that dream since senior high school. The concern towards Islamic economics and finance concept, and its application for society and the country began when I was reading a book entitled Islamic banking-theory and practice. After finishing reading the book, my interest in Islamic economic and finance topics rose and strengthen my own determination to become the expert of Islamic economics and finance. The main principle of Islamic economics and finance which offers the just and ethics in economic activity, poverty alleviation through income distribution mechanism, and prevention of economic and