Economic Thought of Ibn-e-Khaldun: A Guideline for Contemporary Islamic Polity

Abstract

The detachment from a rich intellectual literature has thrown at least three generations of Muslims worldwide into experimentation to come up with a viable mechanism of governance for growth of respective national states. Ibn e Khaldun is considered the forerunner of modern sociology and economics to chalk out rules and principles for the design and management of fiscal and monetary policies. In addition, his intellect encompasses the grasp on theories of productivity, labor relations, total quality management, research & development, optimal design of cities and causes and consequences of inflation. The lessons contained in his writing are an enlightening source to handle the problems modern states are facing today to make the existing managerial framework shari’ah compatible.