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Unpacking Conscious Capitalism: An Islamic Perspective

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The Spirit of Conscious Capitalism

Part of the book series: Ethical Economy ((SEEP,volume 63))

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  • The original version of the chapter has been revised: The first name and last name of the chapter author Shoeb Mohammad was published incorrectly which has been corrected now. A correction to this chapter can be found at https://doi.org/10.1007/978-3-031-10204-2_25

Abstract

In light of the social, economic, and environmental turmoil present in today’s world, capitalism is at the heart of fiery debates across many disciplines, including business, politics, and international development. While its proponents advocate for it as the mechanism that underlies the growth and sophistication of modern society, its detractors renounce it as a root cause of the growing inequality and environmental degradation in the world. Thus, the legitimacy of capitalism as an economic model capable of responding to the twenty-first century’s most pressing challenges is in serious question. The concept of conscious capitalism aims to legitimize capitalism by emphasizing its virtues that have the potential of fostering inclusive, equitable and sustainable social and economic development. While conscious capitalism continues to capture the attention of both academics and practitioners, we believe that it can be further legitimized, particularly in the Islamic context, by exploring its moral underpinnings from an Islamic perspective. To do so, we explore the compatibility of Islamic values with conscious capitalism. We conclude our chapter by suggesting that Islam and conscious capitalism offer complementary perspectives on business.

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Change history

  • 22 November 2022

    The book was inadvertently published with incorrect first name and last name of the chapter author Shoeb Mohammad. The correct name of the author has been updated in the chapter.

Notes

  1. 1.

    ‘Peace be upon him’ (pbuh) is an Arabic phrase of veneration used by Muslims whenever a prophet is mentioned, in writing or verbally.

  2. 2.

    Note that we rely on various translations of the Quran to convey what we feel is the most relevant and clear meaning for the purpose of this chapter.

  3. 3.

    When referring to specific chapters and verses in the Quran, we will use the convention aa:bb, where aa denotes the chapter and bb denotes the verse.

  4. 4.

    In Islam, the 99 names of God (Asma-al Husna or “Allah’s Beautiful Name’s) are attributes of God that are mentioned in the Quran. They are a part of Islamic thought to foster remembrance of God.

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Correspondence to Sofiane Baba .

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Baba, S., Mohammad, S. (2022). Unpacking Conscious Capitalism: An Islamic Perspective. In: Dion, M., Pava, M. (eds) The Spirit of Conscious Capitalism. Ethical Economy, vol 63. Springer, Cham. https://doi.org/10.1007/978-3-031-10204-2_16

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