Economic Crisis: Theory or Ideological Failure?

Nurul Hilmiyah, Bayu Taufiq Possumah, Muhammad Hakimi Mohd. Shafiai

Abstract


Today global economic system practiced is commonly derived from Western thought and civilization. A lot of research has
shown that this modern economic system unsuccessful in achieving economic goals, moreover this system produce a negative
effect as causes of various economic problems, such as crisis, inequality distribution, poverty, and war in various countries.
The matter then leads us to find what exactly source of the problem is. By using qualitative analysis with content analysis
technique, this paper attempt to identify two points related to economic theory and problem. Firstly, does the economic problem
linked to the economic theories itself or by human behavior? Secondly, does economic system, theory or ideological failure?
This study argues that economic theories closely related and unseparated to ideology or religion matter which has develop the
human perspective on how to solve the economic problem. This paper designed also to realign the contemporary economic
system and their economic theory compared to the Islamic economic system based on Tawhid. This study found that the lack
of fundamental ethical norms, political economy, morality and the pursuit of unbridled self-interest, is the main problematic
issues and cause of the economic problems as the findings. The implication is that the economic system should adopt Tawhidic
system as an answer and solution of human economic phenomenon.

DOI: 10.5901/mjss.2016.v7n2p90


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Mediterranean Journal of Social Sciences ISSN 2039-9340(Print) ISSN 2039-2117(Online)

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