Money as Anfal; the theoretical basis for endogenous financing of production

Document Type : Original Article

Abstract

Despite extensive studies on the nature of money and access to light on the essence of money, there are still ambiguities in this regard. Theorizing about the nature of money, ownership of money, and monetary governance from a religious perspective can solve many of the new issues of financing, interest rates, and prescribing a new mechanism for allocating and equipping economic activities and guaranteeing the goals of the Islamic economic system. In the context of a resilient economy and support for national production. Therefore, knowing the nature of money and formulating the theory of money as Anfal can guarantee the realization of the goals of the Islamic economic system and achieve effective monetary policies in addition to the basic implications for monetary governance and its relationship with legitimate political governance. According to Anfal, the use of monetary and credit resources as a priority will be in the hands of those involved in effective production activities and those who seek to disrupt the national economy in speculative activities should be fined. It is important to note that the liquidity accumulated in the monetary and financial sectors of the economy will gradually be eliminated at the negative interest rate of the deposit, but it is necessary to eliminate the motives of speculation and speculation in other financial markets and direct liquidity to production

Keywords

References

  1. A.S.Eichner and J.A.Kregel. 1975. ”An easay on Post Keynesian Theory: A New Paradigm in Economics”; Journal of Economic Literature, dec.

    B.J.Moore. 1983. ”Unpacking the Post Keynesian Black Box: Bank Lending and Money Supply, Journal of Post Keynesian Economics.

    Barkai, H. 1989. The old historical school: Roscher on money and monetary issues. History of Political Economy.

    Bell, S. 2001. The role of the state and the hierarchy of money. Cambridge Journal of Economics, 25. PP. 149-63.

    Chang Ha-Joon 2010. 23 Things They Don't Tell You About Capitalism, Bloomsbury Press.

    Crouzet, F.1999. Politics and banking in revolutionary and Napoleonic France. In R. Sylla, R. Tilly and G. Tortella, The State, The Financial System and Economic Modernization, Cambridge: Cambridge University Press.

    Goodhart, A.E. Charles. 1998. “The two concepts of money: implications for the analysis of optimal currency areas”, European Journal of Political Economy, Vol. 14. PP. 407–432.

     Graziani, A. 2003, The Monetary Theory of Production, Cambridge: Cambridge University Press.

    Grierson, P. 1977. The Origins of Money. London: Athlone Press.

    Ingham, G. 2004. The Nature of Money. Cambridge: Polity.

    Innes, A. M. 1913. What is money? Banking Law Journal (May). PP. 377-408.

    Jackson, A. & Dyson, B. 2012. Modernising Money: Why our monetary system is broken and how it can be fixed, London: Positive Money.

    Keynes, J. M. 1930. A Treatise on Money. London: Macmillan.

    Knapp, G.F. 1973[1924]. The State Theory of Money. New York: Augustus M. Kelley.

    1. Lavoie. 1984. ”The Endogenous Flow of Credit and the Post Keynesian Theory of Money “;Journal of Economic Issues.

    McLeay, M., Radia, A., & Thomas, R. 2014. Money creation in the modern economy. Bank of England Quarterly Bulletin, Q1.

    McMullen Steven 2012. “Endogenous Virtues and Economic Policy”, Paper submission to the 2012 ASE World Congress in Glasgow.

    Mishkin, F. 2004. The Economics of Money, Banking and Financial Markets, 7th ed., US: The Addison-Wesley series in economics.

    Moore, B. J. 1983. Unpacking the post Keynesian black box: bank lending and the money supply, Journal of Post keynesian economics. PP. 537-556.

    P.Davidson. 1968. ”A Keynesian View of the Relationship between Accumulation, Money and the Money Wage- rate”; The Economic Journal.

    P.Davidson. 1988. ”Introduction : Three Views on the Endogenous Money SUPPLY”; Journal of Post Keynesian Economics.

    P.Davidson. 1996. ” What are the Essential Elements of Post Keynesian and Circulation Approaches, Edited by G.Deleplace and E.J.Nell.

    Pierce, D.G. & Shaw, D.M.: Monetary Economics: Theories, Evidence and Policy; Crand, Russak & Company, Inc. N.Y.(1974)

    Schumpeter, J.A. 1994. History of Economic Analysis, London and New York: Routledge.

    Simmel, G. 1978 . The Philosophy of Money. London: Routledge.

    Weber, M. 1978. Economy and Society. Berkeley: University of California Press.

    Wray, R. (ed.) 2004. Credit and State Theories of Money. Cheltenham: Edward Elgar.

    Yu, Krista. Danielle. S., Tan, Raymond. R., Kathleen, B. Aviso., Promentilla, Michael. Angelo. B., & Santos, Joost. R. 2014. A Vulnerability Index for Post-Disaster Key Sector Prioritization. Economic Systems Research, 26:1. PP. 81-97.

Files

Share

How to cite

Statistics