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To explore the outer reaches of buying, selling, property rights in an Islamic context.

Philosophical, applying legal analysis, critique to the work of Richard Epstein.

That there are no exceptions to the general rule that, under full free enterprise, anything must be allowed to be purchased, sold or given away.

To attain a system of laissez‐faire capitalism, the law should be changed so as to recognize voluntary slave contracts.

There would be very few or none in an advanced wealthy society. However, there might be some in the underdeveloped world.

It advances one's knowledge of the marketplace, law and contracts.

This article argues that social scientists should reconsider the analytic value of the term “capitalism.” The paper argues that the two most coherent definitions of capitalism are those derived from classical Marxism and from the World System theory of Immanuel Wallerstein. Marx and Engels’ formulation was basically a genetic theory in which the structure of a mode of production is determined by the mode of surplus extraction. During the course of the 20th century, however, Marxist theorists had to modify this framework and the result has been an uncomfortable hybrid. Wallerstein resolved these tensions by redefining capitalism in terms of the logic of a world system. However, his argument has difficulty in explaining the consequential variations over time in the specific rules and institutional structures that operate at the global level. The article goes on to argue in favor of Karl Polanyi's concept of market society because it focuses attention on the political governance of market societies at both the national and the global levels.

To establish these definitions we revisit expression (5.3) of Chapter 5. Since this expression describes a phenomenological model of knowledge transmission from its epistemic origin to the world-system by learning processes, therefore, we first summarize the arguments on what can be the nature of (Ω,S) in this expression. Our arguments were centered on the contrasting nature of moral absolutism and the ethical meaning so derived. This axiomatic core of the arguments stood up against moral relativism of both the rationalist and religious types on which is premised a different meaning of ethics.

Setting the field of economics as the study of value in exchange, Blaug (1968a, 1968b, p. 6) wrote:The problem that gave rise to economics in the first place, the “mystery” that fascinated Adam Smith as much as it does a modern economist, is that of market exchange: there is a sense of order in the economic universe, and this order is not imposed from above but is somehow the outcome of the exchange transactions between individuals, each seeking to maximize his own gain. The history of economic thought, therefore, is nothing but the history of our efforts to understand the workings of an economy based on market exchange.

The paper examines recent debates on “Empire” and offers a feminist perspective. It asks: what are the gender dynamics of the new imperialism and its rival, Islamism? Drawing on world-system theory and feminist studies of international relations, this paper examines hegemonic masculinities in empire, war, and resistance; the cooptation of women's rights for neoliberal and expansionist purposes; the world-system's transition from U.S. hegemonic power to an alternative yet to be determined; and the role of global feminism in challenging Empire and shaping an alternative world.

We commence answering the above questions first with an extension of the definition of Economy given by Gerard Debreu (1959). Choudhury (1999a) has extended Debreu's formulation by introducing the learning parameter of unity of knowledge. The ethically induced economy in the light of conscious oneness is a complex relational universe of its micro-parts. These comprise prices, quantities, incomes, resources, preferences and production menus, and technological choices. These are studied in relation to multimarkets and their agents represented by vector-variables of each of the above-mentioned categories. All of these categories of the representing variables are mutually interactive according to the interactive, integrative, and evolutionary (IIE)-learning processes (explained earlier) by the medium of knowledge-flows that emanate from the episteme of conscious oneness.¹

Purpose – To understand women's participation in domestic and global sex (entertainment) industries in South Korea, this study proposes an integrative theoretical framework of political economy with three analytical dimensions: position in the world-system, local patriarchy, and the state policies.

Method/approach – The theory that seeks to understand the South Korean government's policy on prostitution is formulated based on reviews of transnational and global research on gender and sex work, local patriarchy, and political economy of world-system. Two historical examples of the sex industry, businesses near U.S. military camps on the Korean peninsula and Korean prostitutes in several cities of Japan, are used to illustrate the theory. The data for these cases were collected from a variety of sources including government and nongovernment documents, newspaper articles, film, and demographic information.

Findings – The application of the theoretical frame makes it possible to understand the socioeconomic and political contexts in which South Korean society, as a semiperipheral nation, has produced a vast number of women in the sex industry.

Practical implications – When the government's policy emphasizes rapid economic growth viewing women as a source of revenue, it will be difficult to understand marginalization of women's status in informal sectors and massive production of prostitutes in domestic and transnational scale.

Value of study – Using a macro and structural perspective, this study sheds light on the transnational/global nature of the prostitution industry, and specifically the role of the state, and local patriarchy in the globalizing South Korean sex industry.

In this book we consider the foundation of ethics to be the moral law. Contrarily, in mainstream terminology ethics is defined as values manifesting human behavior in congruence with certain civil conduct that are commonly agreed upon by society at large (Spencer, 1978). In reference to the social preference basis of ethics and morality we can adopt formalization by using two different approaches. One approach is to consider linear aggregation of preferences. The other is to treat morality and ethics within complex aggregation types.¹

In considering the role of ethics in Islamic economic and finance theory, it is necessary to understand the nature of ethics as human behavior derived from the foundation of Tawhid (oneness of Allah=unity of the divine law) through the transmission medium of the Sunnah (guidance of the Prophet Muhammad). These are together taken up as the basis of spiritual guidance in Islam – hudal il-mutaqqin (Qur'an, 2:2). This foundation of Islamic epistemology in concert with the medium of epistemological discourse among the learned participants establishes the idea of a System and its embedded circular causation relations in view of the ethics in the Qur'anic world-system. It is also necessary to understand how ethics, as so derived from the epistemological roots and processed through the ontological investigation of values and directions for rule setting pertaining to given issues at hand, establish the premise of the shari'ah along with its ijtihadi (foundational Islamic investigation for rule setting) extensions.

An epistemological inquiry underlies the investigation of the methodological content of modernity and post‐modernity as explained by their socio‐scientific world views. Against the continued prospect of a moral and intellectual demise of either of these epistemologies in the new millennium, is set the emergence of the final world view premised on unity of knowledge to configure substantive socio‐scientific realities. The fundamental premises of all of these paradigms are investigated and several examples pointed out in their light. An important one is the alternative organisation of the socioeconomic order by means of micro‐enterprises.