Views of contemporary Muslim thinkers

Muhammad Nauman Khan’s wide-ranging essay on economic history – Part II.

The Rise and Decline of Pax Americana

Over one hundred years ago, in 1905, the United States’ gross domestic product per head first overtook Great Britain’s, making it the world’s biggest economy. For over a century, the US has dominated world affairs, leading the global economy and the institutions that preside over it . . .

dollars

Gore Vidal, an American writer and a public intellectual, who was a lifelong critic of American imperialism, was one of the     first to spot that the military-industrial-financial complex was driving America into a state of perpetual war; he was equally outraged by the corporatisation of the US political system through crony capitalism . . .


These days immigrants searching for the “American dream” are doomed to disappointment. Persistently high unemployment and a squeeze on the incomes of the middle class do pose a real threat to the “American dream.” The great American middle class is in long-term crisis. Most people cannot get secure, well-paid jobs any longer . . .   

Click here the-history-of-capitalism_part_ii for  the second part of Nauman Khan’s essay which focusses on the factors that led to US prosperity and the nation’s  eventual economic and moral crisis.

 

More from Ideas

Silicon Valley Delusion: a Ghanian case study

An essay by Jeff Kunzler, reproduced from alterNet.org and scanned here from Third World Resurgence No. 312/313 : As a freelance graphic designer living and working in New York City, I’ve seen more than my fair share of nonsensical startups: The … read more

Neuroscience and Geopolitics

Extracts from an essay by Professor Nayef al-Rodhan in weforum.org: Neuroscience has emerged as a new form of philosophy in recent years, with implications far beyond healthcare. At a time of divisive and turbulent politics, the study of the way … read more

Pope Francis & Francis of Assisi

Paul Vallely in thecairoreview.com When Jorge Mario Bergoglio was elected the bishop of Rome in 2013, he took the name Francis. He was the first man to do so in the two-thousand-year history of the papacy. He was the first, … read more

Revitalising Waqfs

Shinsuke Nagaoka is Associate Professor at the Graduate School of African and Asian Studies, University of Kyoto, specialising in Islamic Economics,  motivated by a desire to rediscover “a distinctive feature of the economic concept of Islam . . . When we … read more

Towards a cogent vision of Islamic governance

S Parvez Manzoor’s seminal essay, ‘Islamic Legitmacy without the testimony of the Muslim will?’ written around 2004 pinpointed  a central contradiction within the political programme of the traditional 40s and 50s-shaped ‘Islamic  movements’: if it was ideologically necessary to state that ‘sovereignty belongs to … read more

Why was Finance de-Islamicised in the 19 Century?

An investigation by Timur Kuran, Gorter Family Professor of Islamic Studies at Duke University, and Jared Rubin, Associate Professor at Chapman University,   of 17th and 18th Century Ottoman finances:  . . . The rich pay less for credit because they are relatively unlikely … read more