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Title: Balancism : a new legal and economic model for just distribution wealth and systemic financial stability
Author: Imani Markid, Maghsoud
Awarding Body: King's College London
Current Institution: King's College London (University of London)
Date of Award: 2013
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The modern economic and financial systems have not so far secured a just and fair system of distribution of wealth and have frequently been exposed as containing systemic instabilities. In response, some think that there is no choice but to follow the laws and claims of Capitalism. Others have argued that it is time to revive and implement Socialism. Still others have voiced their support that the Islamic model would be the best solution. This thesis, which is an interdisciplinary and a comparative work, aims to suggest a new solution. The alternative system introduced in this research project is a comprehensive paradigm and three-tier model. The first tier covers the ultimate objective (social justice), the new foundational theory (rights-and-duties balance/benefits-and-burdens balance “Balancism”) as well as fundamental principles and policies of the model (e.g., distribution of the proceeds of natural wealth resources according to the reasonable and legitimate needs of human beings, distribution of subordinate wealth on the basis of contribution, application of an unlimited proportionate liability standard instead of the current limited liability norm, implementation of sharing-in-income arrangement instead of modern labour employment structure, securing basic essential needs of humanity, preventing concentration of wealth, and minimizing risk rather than taking advantage of it). In the second tier, major tools, products, and facilities are suggested for distribution of the proceeds of primary wealth resources and also for for-profit, profit-free, philanthropic, microfinance, intermediary, and risk hedging activities. The third tier deals with the superstructure and political regime of the alternative system. It consists of a “House of Wealth” and a “House of Market Control”. The Houses have to follow and apply the rules of balance, the first in the system of distribution of primary wealth and the second in the circulation of subordinate wealth, in order to ensure that justice prevails.
Supervisor: Schillig, Michael ; Chiu, Hse-Yu Sponsor: Not available
Qualification Name: Thesis (Ph.D.) Qualification Level: Doctoral
EThOS ID:  DOI: Not available