Globalization’s Vulnerabilities and the Response of Islamic Economics

Abstract

The philosophical-theoretical premise of globalization is ignorant of the values of justice, equity, and oneness of humanity, hence it leads to vertical integration of humanity, systemic vacuum in global governance, drastic erosion in national policy autonomy, and accountability-free empowerment of global capital. The Islamic worldview provides an alternative paradigm for globalization and offers wide scope for refprm of contemporary globalization by re-exploring the interrelationship between the concepts ‘Ummah’ and ‘one humanity.’ This suggests that operational re-orientation of Islamic economic institutions is greatly needed to protect the Ummah and humanity against the vulnerabilities of contemporary globalization.