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This paper aims to provide an economic rationale for Islamic finance.

Its methodology is simple. It starts with listing the contributions to economic analysis relevant to the required rationale in the theories of banking, finance, price, money and macroeconomics, to identify the main rationale for Islamic finance. A concise description of the author’s model for an Islamic economic system, within which Islamic finance can be operational, is provided.

The paper finds distinct advantages of Islamic finance, when properly applied within the author’s model. Islamic finance can therefore be a candidate as a reform agenda for conventional finance. It opens the door for significant monetary reform in currently prevalent economic systems.

The first limitation of the paper is that the distinct benefits of Islamic finance are all of macroeconomic types which are external to Islamic banking and finance institutions. They are therefore not expected to motivate such institutions to apply Islamic finance to the letter, without regulators interference to ensure strict application. The second limitation is the necessity to set up enabling institutional and regulatory arrangements for Islamic finance.

The results are unique as they challenge the received doctrine and provide non-religious rationale for Islamic finance.

Western economics came into being with the rise of the capitalist market economy. It had a nature of duality beginning from its birth: the justificativeness of providing theoretical pillars for the capitalist market economy system and the scientificity of revealing the internal relations and operating rules of the capitalist market economy. The paper aims to discuss this issue.

However, after the 1830s, this justificativeness gradually evolved into vulgarity. Since the 1930s, modern western mainstream economics has mainly explored the general market economy on the assumption that the capitalist system remains unchanged, and many outcomes of such research are positive and beneficial.

Political economy of socialism with Chinese characteristics, at the present stage, is mainly a Chinese socialist market economics. It is guided by the Marxist political economy and rooted in the great practice of China’s reform and opening up and socialist modernization.

According to political complexion, western economic theories can be divided into political economic theory, mainstream economic theory and basic economic theory. By subjecting these theories to what we term “elimination,” “transformation” and “transplantation” surgeries, respectively, we can absorb and accommodate their beneficial elements in building a political economy of socialism with Chinese characteristics, which in turn is conducive to the development and prosperity of such an economy.

This study aims to investigate how media content consumed through immersive technology may evoke changes in human rights attitudes. It has been proposed that our inability to empathize with others could be overcome by stepping into another's shoes. “Immersive journalism” has been postulated as being able to place us into the shoes of those whose feelings and experiences are distant to us. While virtual reality (VR) and 360-degree news videos have become widely available, it remains unclear how the consumption of content through immersive journalism affects users' attitudes.

Utilizing a between-subject laboratory-controlled experiment (N = 87) this study examined participant scores on the Human Rights Questionnaire before and after consuming 360-degree video immersive journalism content via VR (n = 31), 2D (n = 29), and Article (n = 27) formats. Collected data were analysed using statistical inference.

Results indicate that immersive journalism can elicit a positive attitudinal change in users, unlike an Article, with mobile VR having a more prominent effect than a 2D screen. Furthermore, this change is more strongly affected by users' higher Involvement in the content.

These findings are relevant for grasping the distinct effects novel and recently popularized technologies and media have on attitudinal change, as well as inform the current debate on the value of VR as “empathy machines”.