Fourth International Islamic Economics Seminar

During the past three decades, development has been perceived bothas a goal itself and as a means towards achieving certain goals. In manyThird World countries, development has even become a form of ideology.To achieve it, numerous theories and strategies have been presented.Many of these approaches have been experimented with in a practicalmanner. In general, however, returns and benefits have been negligible.Although modernized sectors have appeared in most third World countries,along with social classes and lifestyles similar to those of the West,the majority of the population's economic and social standard of livinghas deteriorated. Many basic human and Political rights have even beenstripped away in the name of achieving development. In many instances,development has become nothing more than a slogan and a means fordespotic regimes to solidify their grip on their unfortunate populations.Perhaps the same factors contributing lo the lhlrd World's paralysiscontribute to the West's success and achievement. One group of relatedfactors is the concept of development, its ideology and strategy. When weanalyze this issue, we find that the historical advances in western societysince the Industrial Revolution, and its associated social and culturalmovements, did not follow a predetermined written strategy or variousfive- and ten-year plans. Rather, this development followed a more spontaneouscourse determined by the changing circumstances of time, place,culture, and individual effort. As a result of the accumulation of such experiences,procedures, and know-how, development was achieved.When development was defined as a goal for the Third World, readymadewestern procedures, theories, and strategies were adopted withoutregard to the fact that these procedures were not actually implemented inthe West but rather came about as a result of a long period of trial anderror. In the third World, however, they are implemented beforehand andthus redefine what the Third World will look like socially, culturally, andintellectually

Development economics · Economic growth · Economics · Ideology · Islam · Political science · Politics · Population · Slogan · Sociology · History · Islamic Finance and Banking Studies · Law