AskProfWolff: Socialism and Islam

A patron of Economic Update asks: "Hi Professor Wolff. My question is on the theoretical intersection of Islamic economics and Socialist economics. Due to the prohibition on interest and the strong distaste on accumulation of private capital, Islamic thinkers have always been concerned about inequality. I wanted to ask if Professor Wolff is familiar with some of the models within Islamic economics (wages as pre-modern wealth redistribution, Musharaka as joint housing and business owning vehicles without interest, Zakat as mandatory wealth tax for infrastructure development, etc.) If he is aware, or interested, where are the common points? Where are the points of departure? And more importantly, is there a genesis for potential synthesis within socialist economies that meld with Islamic frameworks that would be very exciting?"

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