Introduction
Modern economics often masks its axiological choices under a cloak of technocratic neutrality. This text, inspired by the work of Waseem Naser, juxtaposes the thought of Adam Smith with the Islamic intellectual tradition. We analyze how restoring ethics and metaphysics to the economy allows us to move beyond the "soulless automaton" model and understand the market as a space of human responsibility.
Adam Smith: Between Modern Science and Moral Conscience
Smith was not a patron of cold capitalism, but an anatomist of morality. His thought connects with Islam through a shared search for a social order based on sympathy—the ability to imaginatively enter into the situation of one's neighbor. While Smith uses the "impartial spectator" to calibrate emotions, Islam introduces Kalam and theological frameworks to give these sentiments ontological depth. This dialogue allows us to overcome the reductionism of an economics that treats preferences as mere empirical data, ignoring their social and spiritual underpinnings.
From the Mechanics of Feelings to the Formation of Virtue
Smithian morality is based on propriety, or the alignment of affect with its cause. Islam goes further, proposing riqqa (softness of heart) and malaka (a lasting disposition of virtue). While Smith views society as a mirror in which the individual corrects their behavior, Islam emphasizes the active formation of character. The consequence for economics is a shift from an "aesthetics of correctness" to an ethics of responsibility. Modern markets, which often dehumanize relationships, require this Islamic hermeneutic to avoid becoming merely an "architecture of obedience."
From Owner to Trustee: An Ethical Alternative
A key shift is introduced by the concepts of Amanah (trusteeship) and Mithaq (covenant). In the liberal model, ownership is the right to exclude; in the Islamic model, it is a deposit burdened with responsibility before the Creator. This approach resolves the dilemma of inequality: the state cannot be neutral if the law protects only the "gates of the wealthy." Comparing Smith’s stage theory with the cyclical vision of Ibn Khaldun (asabiyya) shows that economic growth without virtue leads to the decay of institutions. Modern economics needs both perspectives to avoid the trap where property becomes a tool of domination.
Summary
An economy without a conscience is like an instrument tuned to a non-existent orchestra. The dialogue between Smith and Islamic thought teaches us that the market is not a neutral machine, but a space for negotiating our humanity. In an age of algorithmic mirrors that corrupt our consciences, we must regain the capacity to be trustees of the world, rather than merely its owners. The question of the meaning of community remains more important than the technical efficiency of GDP.
📄 Full analysis available in PDF