Redistribution and economic justice: An exploration of islamic and heterodox perspectives in contrast to mainstream economics

This study aims to critically analyze the deficiencies of mainstream economic paradigms in addressing wealth inequality and economic justice, particularly in the context of widening disparities. It seeks to explore alternative frameworks through the lenses of Islamic and heterodox economic perspectives, offering insights into how these viewpoints can contribute to a more equitable economic landscape. Employing a comprehensive analytical approach, this research deconstructs mainstream economic theories, revealing their limitations in achieving redistribution goals. It then investigates Islamic economic principles that emphasize equitable resource allocation and community welfare, along with diverse heterodox economic theories that challenge conventional norms. A comparative analysis synthesizes these perspectives, providing a nuanced understanding of their contributions to the discourse on redistribution and economic justice. This study breaks new ground by presenting a comprehensive analysis of mainstream economics, Islamic economics, and heterodox economics in the context of redistribution. By comparing these perspectives, it offers a novel framework for understanding wealth distribution’s multifaceted dimensions. The examination of convergent and divergent viewpoints within heterodox thought adds to the originality, contributing to a richer understanding of alternative economic approaches. While this study aims for a comprehensive analysis, it acknowledges the breadth and diversity within both Islamic and heterodox economic perspectives. The interpretations presented may not fully encapsulate the entirety of these viewpoints. Moreover, the practical implementation of proposed strategies requires consideration of real-world complexities and contextual factors, which this study may not fully address. The research reveals the inadequacies of mainstream economics in addressing wealth inequality, underscoring the urgency for alternative perspectives. Islamic economic principles advocate for equitable resource allocation and community welfare, while heterodox theories offer innovative strategies for economic justice. A comparative analysis unveils the potential of integrating these perspectives to forge a more inclusive and just economic framework, resonating with a collective aspiration for equitable global prosperity.