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The Enterprise Solution to Capitalist Opportunism: The Musharakah Waqf

Year 2020, Volume: 10 Issue: 1, 51 - 72, 30.06.2020
https://doi.org/10.31679/adamakademi.463245

Abstract

Despite all its success, capitalism has a problematic structure that produces crises. Individuals, businesses, sectors, regions or countries can be found in crisis anytime and anywhere in the capitalist system. Capitalism has indigenized this situation and presented the crisis, which is normally a problem, as opportunity. It even produced an entire sociology and its elements: opportunists. This study aims to propose and discuss the feasibility of the musharakah waqf model, which can be an important component of the solution to capitalist opportunism by conducting a critical analysis of the current crisis literature. Findings indicate that the proposed model can be an important part of solution against capitalist opportunism. The basis of the proposed model depends on Ahilik (futuwwa) experience in Anatolia. The proposed model can be considered as a country level policy.

References

  • Abdul Rahman, R., & Dean, F. (2013). Challenges and solutions in Islamic microfinance. Humanomics, 29(4), 293-306.
  • Ahmed, H. (2002). Financing microenterprises: An analytical study of Islamic microfinance institutions. Islamic Economic Studies, 9(2), 27-64.
  • Alüftekin, N., Yüksel, Ö., Taş, A., Çakar, G., & Bayraktar, F. (2012). Küresel krizden çıkışta kümelenme modeli: tekstil ve hazır giyim sektörü örneği. Uluslararası Yönetim İktisat ve İşletme Dergisi, 5(10), 1-19.
  • Asutay, M. (2007). A political economy approach to Islamic economics: Systemic understanding for an alternative economic system. Kyoto bulletin of Islamic area studies, 1(2), 3-18.
  • Attar, F. (2012). Pendname. Çev. Mehmet Ali Özkan. Semerkand. İstanbul.
  • Babacan, M. (2011). Economics of Philanthropic Institutions, Regulation and Governance in Turkey. Journal of Economic and Social Research, 13(2), 61-89.
  • Battal, F. G. (2014). Türkiye’de havacılık kümelenmeleri ve finansman sorunları. Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 7(1), 273.
  • Boz, Ç. (2018). Sürdürülebilir Kalkınmanın Bir Öncülü Olarak Keynes’in “İyi Yaşam” Felsefesi ve Kapitalizm Eleştirisi. Yildiz Social Science Review, 4(2), 187-200.
  • Bulut, M. (2015). Ahlak ve iktisat. ADAM AKADEMİ Sosyal Bilimler Dergisi, 5(2).
  • Bulut, M., & Korkut, C. (2016). A Comparison Between Ottoman Cash Waqfs (CWs) and Modern Interest-Free Financial Institutions. Vakıflar Dergisi, 46, 24-45.
  • Bulut, M. & Korkut, C. (2019). Ottoman Cash Waqfs: an Alternative Financial System. Insight Turkey, 21(3), 91-111.
  • Cahill, D. (2014). The end of Laissez-Faire?: On the durability of embedded neoliberalism. Edward Elgar Publishing.
  • Chapra, M. U. (2011). The global financial crisis: can Islamic finance help?. In Islamic Economics and Finance (pp. 135-142). Palgrave Macmillan, London.
  • Chowdhury, M. S. R., bin Ghazali, M. F., & Ibrahim, M. F. (2011). Economics of Cash WAQF management in Malaysia: A proposed Cash WAQF model for practitioners and future researchers. African Journal of Business Management, 5(30), 12155.
  • Cizakca, M. (1998). Awqaf in history and its implications for modern Islamic economies. Islamic Economic Studies, 6(1), 43-70.
  • David, F. (2009). Strategic Management Concepts and Cases, 12th Ed. Pearson Prentince Hall, USA.
  • Duménil, G., & Lévy, D. (2011). The crisis of neoliberalism. Harvard University Press. USA.
  • Foster, J. B., & McChesney, R. W. (2017). The endless crisis: How monopoly-finance capital produces stagnation and upheaval from the USA to China. Monthly Review Press.
  • Genç, M. (2018). Osmanlı İmparatorluğu'nda devlet ve ekonomi. Ötüken, İstanbul.
  • Grossberg, L. (2010). Modernity and commensuration: a reading of a contemporary (economic) crisis. Cultural studies, 24(3), 295-332.
  • Günay, A. (2008). Akılıkta Mesleksel Dayanışma, Yalın, İstanbul.
  • Gürsoy, Ç. (2014). Para Vakıfları Muhasebe Kayıtları Örneğinde Ahî-Esnaf Birlikleri, II. Uluslararası Harakani Sempozyumu Tebliğ, Kafkas Üniversitesi.
  • Hasan, Z., & Abdullah, M. N. (2008). The Investment of Waqf Land as an instrument of Muslims: Economic development in Malaysia. The Dubai International Conference on Endowments’ Investment, February (pp. 4-6).
  • Hassan, M. K., & Kayed, R. N. (2009). The global financial crisis, risk management and social justice in Islamic finance. ISRA International Journal of Islamic Finance, 1(1), 33-58.
  • High, J. (1983). Knowledge, maximizing, and conjecture: a critical analysis of search theory. Journal of Post Keynesian Economics, 6(2), 252-264.
  • Ibrahim, H., Amir, A., & Masron, T. A. (2013). Cash waqf: An innovative instrument for economic development. International Review of Social Sciences and Humanities, 6(1), 1-7.
  • Kala, A. (2019) Ahi Kümelenme Modeline Göre Anadolu Sanayi Devrimi, KuveytTürk Yayınları, İstanbul.
  • Kar, B. B. (2017). Keynes’te Kapitalizmin Ahlaki Eleştirisi. İs Ahlakı Dergisi, 10(2), 275-302.
  • Kara, M. (2009). Sosyal ve Kültürel Yapının Girişimcilik Üzerine Etkileri ve Türk Toplumundan Örnekler, Journal of Azerbaijani Studies, 465-485.
  • Kato, H. (2004). A Historical Study of the Market Society Reflected in the Waqf System in Muslim Societies (Special Issue: A Comparative Perspective on Asia: Market Economies). Annals of Japan Association for Middle East Studies, 20(1), 47-63.
  • Kotz, D. M. (2009). The financial and economic crisis of 2008: A systemic crisis of neoliberal capitalism. Review of Radical Political Economics, 41(3), 305-317.
  • Kuran, T. (2001). The provision of public goods under Islamic law: Origins, impact, and limitations of the waqf system. Law and Society Review, 841-898.
  • Lahsasna, A. (2010). The role of cash waqf in financing micro and medium sized enterprises (MMEs). Seventh International Conference–The Tawhidi Epistemology: Zakat and Waqf Economy (pp. 97-118).
  • Mohsin, I.A. M. (2013). Financing through cash-waqf: a revitalization to finance different needs. International Journal of Islamic and Middle Eastern Finance and Management, 6(4), 304-321.
  • More, T. (2017). Utopia, İstanbul: Oda.
  • Obaidullah, M. (2008). Introduction to Islamic Microfinance. New Delhi: IBF Net.
  • O'Donnell, R. (1990). The Epistemology of J. M. Keynes. The British Journal for the Philosophy of Science, 41(3), 333-350.
  • Overbeek, H., & Van Apeldoorn, B. (2012). Neoliberalism in crisis. Springer.
  • Palley, T. I. (2010). The limits of Minsky's financial instability hypothesis as an explanation of the crisis. Monthly Review, 61(11), 28.
  • Riaz, S., Buchanan, S., & Bapuji, H. (2011). Institutional work amidst the financial crisis: emerging positions of elite actors. Organization, 18(2), 187-214.
  • Saad-Filho, A. (2011). Crisis in neoliberalism or crisis of neoliberalism?. Socialist Register, 47(47).
  • Salarzehi, H., Armesh, H., & Nikbin, D. (2010). Waqf as a social entrepreneurship model in Islam. International Journal of Business and Management, 5(7), 179.
  • Schoenblum, J. A. (1999). The Role of Legal Doctrine in the Decline of the Islamic Waqf: A Comparison with the Trust. Vand. J. Transnat'l L., 32, 1191.
  • Schumpeter, J. (1942). Creative destruction. Capitalism, socialism and democracy, 825.
  • Schumpeter, J. A. (2006). History of economic analysis. Routledge.
  • Siddiqi, M. N. (2009). Current financial crisis and Islamic economics. Insights, 1(3), 141.
  • Smolo, E., & Mirakhor, A. (2010). The global financial crisis and its implications for the Islamic financial industry. International Journal of Islamic and Middle Eastern Finance and Management, 3(4), 372-385.
  • Tabb, W. K. (2012). The restructuring of capitalism in our time. Columbia University Press.
  • Williamson, O. E. (1993). Opportunism and its critics. Managerial and decision economics, 14(2), 97-107.
  • Zuki, M. S. M. (2012). Waqf and its role in socio-economic development. ISRA International Journal of Islamic Finance, 4(2), 173-178.

Kapitalist Fırsatçılığa Kurumsal Çözüm Önerisi: Muşaraka Vakfı

Year 2020, Volume: 10 Issue: 1, 51 - 72, 30.06.2020
https://doi.org/10.31679/adamakademi.463245

Abstract

Kapitalizm tüm başarısına rağmen sorunlu bir kurgudur ve krizler üretir. Kapitalist sistem içinde herhangi bir zamanda ve herhangi bir yerde ekonomik kriz yaşayan bireyler, işletmeler, sektörler, bölgeler veya ülkeler bulunabilir. Kapitalizm bu durumu içselleştirmiş ve bir sorun olan krizi fırsat olarak sunmuştur. Hatta bu sorundan yararlanan bütün bir sosyoloji ve bu sosyolojinin unsurları olan fırsatçılar ve simsarlar üretmiştir. Bu çalışmanın amacı İslam iktisadı perspektifinden kriz literatürünün sistematik bir analizini yaparak kapitalist fırsatçılık karşısında çözümün önemli bir bileşeni olabilecek nitelikteki muşaraka vakfı model önerisinin uygulanabilirliğini tartışmaktır. Bulgular kriz fırsatçılığı karşısında çözümün vakıf modeli içerisinde şekillendirilebileceğini göstermektedir. Model önerisi Ahilik tecrübesi üzerine kurulmuştur. Öneri ülke düzeyinde bir politika bileşeni olarak ele alınabilir. 

References

  • Abdul Rahman, R., & Dean, F. (2013). Challenges and solutions in Islamic microfinance. Humanomics, 29(4), 293-306.
  • Ahmed, H. (2002). Financing microenterprises: An analytical study of Islamic microfinance institutions. Islamic Economic Studies, 9(2), 27-64.
  • Alüftekin, N., Yüksel, Ö., Taş, A., Çakar, G., & Bayraktar, F. (2012). Küresel krizden çıkışta kümelenme modeli: tekstil ve hazır giyim sektörü örneği. Uluslararası Yönetim İktisat ve İşletme Dergisi, 5(10), 1-19.
  • Asutay, M. (2007). A political economy approach to Islamic economics: Systemic understanding for an alternative economic system. Kyoto bulletin of Islamic area studies, 1(2), 3-18.
  • Attar, F. (2012). Pendname. Çev. Mehmet Ali Özkan. Semerkand. İstanbul.
  • Babacan, M. (2011). Economics of Philanthropic Institutions, Regulation and Governance in Turkey. Journal of Economic and Social Research, 13(2), 61-89.
  • Battal, F. G. (2014). Türkiye’de havacılık kümelenmeleri ve finansman sorunları. Niğde Üniversitesi İktisadi ve İdari Bilimler Fakültesi Dergisi, 7(1), 273.
  • Boz, Ç. (2018). Sürdürülebilir Kalkınmanın Bir Öncülü Olarak Keynes’in “İyi Yaşam” Felsefesi ve Kapitalizm Eleştirisi. Yildiz Social Science Review, 4(2), 187-200.
  • Bulut, M. (2015). Ahlak ve iktisat. ADAM AKADEMİ Sosyal Bilimler Dergisi, 5(2).
  • Bulut, M., & Korkut, C. (2016). A Comparison Between Ottoman Cash Waqfs (CWs) and Modern Interest-Free Financial Institutions. Vakıflar Dergisi, 46, 24-45.
  • Bulut, M. & Korkut, C. (2019). Ottoman Cash Waqfs: an Alternative Financial System. Insight Turkey, 21(3), 91-111.
  • Cahill, D. (2014). The end of Laissez-Faire?: On the durability of embedded neoliberalism. Edward Elgar Publishing.
  • Chapra, M. U. (2011). The global financial crisis: can Islamic finance help?. In Islamic Economics and Finance (pp. 135-142). Palgrave Macmillan, London.
  • Chowdhury, M. S. R., bin Ghazali, M. F., & Ibrahim, M. F. (2011). Economics of Cash WAQF management in Malaysia: A proposed Cash WAQF model for practitioners and future researchers. African Journal of Business Management, 5(30), 12155.
  • Cizakca, M. (1998). Awqaf in history and its implications for modern Islamic economies. Islamic Economic Studies, 6(1), 43-70.
  • David, F. (2009). Strategic Management Concepts and Cases, 12th Ed. Pearson Prentince Hall, USA.
  • Duménil, G., & Lévy, D. (2011). The crisis of neoliberalism. Harvard University Press. USA.
  • Foster, J. B., & McChesney, R. W. (2017). The endless crisis: How monopoly-finance capital produces stagnation and upheaval from the USA to China. Monthly Review Press.
  • Genç, M. (2018). Osmanlı İmparatorluğu'nda devlet ve ekonomi. Ötüken, İstanbul.
  • Grossberg, L. (2010). Modernity and commensuration: a reading of a contemporary (economic) crisis. Cultural studies, 24(3), 295-332.
  • Günay, A. (2008). Akılıkta Mesleksel Dayanışma, Yalın, İstanbul.
  • Gürsoy, Ç. (2014). Para Vakıfları Muhasebe Kayıtları Örneğinde Ahî-Esnaf Birlikleri, II. Uluslararası Harakani Sempozyumu Tebliğ, Kafkas Üniversitesi.
  • Hasan, Z., & Abdullah, M. N. (2008). The Investment of Waqf Land as an instrument of Muslims: Economic development in Malaysia. The Dubai International Conference on Endowments’ Investment, February (pp. 4-6).
  • Hassan, M. K., & Kayed, R. N. (2009). The global financial crisis, risk management and social justice in Islamic finance. ISRA International Journal of Islamic Finance, 1(1), 33-58.
  • High, J. (1983). Knowledge, maximizing, and conjecture: a critical analysis of search theory. Journal of Post Keynesian Economics, 6(2), 252-264.
  • Ibrahim, H., Amir, A., & Masron, T. A. (2013). Cash waqf: An innovative instrument for economic development. International Review of Social Sciences and Humanities, 6(1), 1-7.
  • Kala, A. (2019) Ahi Kümelenme Modeline Göre Anadolu Sanayi Devrimi, KuveytTürk Yayınları, İstanbul.
  • Kar, B. B. (2017). Keynes’te Kapitalizmin Ahlaki Eleştirisi. İs Ahlakı Dergisi, 10(2), 275-302.
  • Kara, M. (2009). Sosyal ve Kültürel Yapının Girişimcilik Üzerine Etkileri ve Türk Toplumundan Örnekler, Journal of Azerbaijani Studies, 465-485.
  • Kato, H. (2004). A Historical Study of the Market Society Reflected in the Waqf System in Muslim Societies (Special Issue: A Comparative Perspective on Asia: Market Economies). Annals of Japan Association for Middle East Studies, 20(1), 47-63.
  • Kotz, D. M. (2009). The financial and economic crisis of 2008: A systemic crisis of neoliberal capitalism. Review of Radical Political Economics, 41(3), 305-317.
  • Kuran, T. (2001). The provision of public goods under Islamic law: Origins, impact, and limitations of the waqf system. Law and Society Review, 841-898.
  • Lahsasna, A. (2010). The role of cash waqf in financing micro and medium sized enterprises (MMEs). Seventh International Conference–The Tawhidi Epistemology: Zakat and Waqf Economy (pp. 97-118).
  • Mohsin, I.A. M. (2013). Financing through cash-waqf: a revitalization to finance different needs. International Journal of Islamic and Middle Eastern Finance and Management, 6(4), 304-321.
  • More, T. (2017). Utopia, İstanbul: Oda.
  • Obaidullah, M. (2008). Introduction to Islamic Microfinance. New Delhi: IBF Net.
  • O'Donnell, R. (1990). The Epistemology of J. M. Keynes. The British Journal for the Philosophy of Science, 41(3), 333-350.
  • Overbeek, H., & Van Apeldoorn, B. (2012). Neoliberalism in crisis. Springer.
  • Palley, T. I. (2010). The limits of Minsky's financial instability hypothesis as an explanation of the crisis. Monthly Review, 61(11), 28.
  • Riaz, S., Buchanan, S., & Bapuji, H. (2011). Institutional work amidst the financial crisis: emerging positions of elite actors. Organization, 18(2), 187-214.
  • Saad-Filho, A. (2011). Crisis in neoliberalism or crisis of neoliberalism?. Socialist Register, 47(47).
  • Salarzehi, H., Armesh, H., & Nikbin, D. (2010). Waqf as a social entrepreneurship model in Islam. International Journal of Business and Management, 5(7), 179.
  • Schoenblum, J. A. (1999). The Role of Legal Doctrine in the Decline of the Islamic Waqf: A Comparison with the Trust. Vand. J. Transnat'l L., 32, 1191.
  • Schumpeter, J. (1942). Creative destruction. Capitalism, socialism and democracy, 825.
  • Schumpeter, J. A. (2006). History of economic analysis. Routledge.
  • Siddiqi, M. N. (2009). Current financial crisis and Islamic economics. Insights, 1(3), 141.
  • Smolo, E., & Mirakhor, A. (2010). The global financial crisis and its implications for the Islamic financial industry. International Journal of Islamic and Middle Eastern Finance and Management, 3(4), 372-385.
  • Tabb, W. K. (2012). The restructuring of capitalism in our time. Columbia University Press.
  • Williamson, O. E. (1993). Opportunism and its critics. Managerial and decision economics, 14(2), 97-107.
  • Zuki, M. S. M. (2012). Waqf and its role in socio-economic development. ISRA International Journal of Islamic Finance, 4(2), 173-178.
There are 50 citations in total.

Details

Primary Language Turkish
Journal Section Articles
Authors

Yusuf Dinç 0000-0002-5321-2723

Publication Date June 30, 2020
Submission Date September 24, 2018
Published in Issue Year 2020 Volume: 10 Issue: 1

Cite

APA Dinç, Y. (2020). Kapitalist Fırsatçılığa Kurumsal Çözüm Önerisi: Muşaraka Vakfı. Adam Academy Journal of Social Sciences, 10(1), 51-72. https://doi.org/10.31679/adamakademi.463245

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