By J. Marangos
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Two times within the final century the often stalwart economic climate of usa has crumbled—first in 1929, whilst the inventory marketplace crash that resulted in the nice melancholy hit, and back with the monetary marketplace meltdown of 2008-2009 that continues to be crippling a lot of the US. whereas it really is nonetheless too quickly to nation unequivocally how this newest fiscal catastrophe happened, it really is attainable to theorize that a lot of what has occurred might have been foreseen or even avoided—just because it might have been in 1929.
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Additional resources for Consistency and Viability of Islamic Economic Systems and the Transition Process
145). An economic system is not a static entity but an ongoing process comprised of the aggregate of institutions that perform economic functions and determine economic conditions. These institutions behave according to working rules, many of which are established by authorities in accordance with the predominant ideology.
The political structure determines the decision-making process in society, and this has consequences for the structure and function of the central authorities. Bureaucracies place formal and informal constraints on individuals through pressures and threats. In modern economic systems, the government is complex and its authority extensive. Political decisions invariably influence economic decisions, and there is a link between economic and political structures. Clearly, the means by which a government derives its power, and the degree of control that it exercises over the behavior of its citizens, varies greatly between economies.
Through this quality a person is free to conform, or not, to tradition and authority. Sources are treated as information rather than directives. Sociocentricity: the thoughts and claims of others are understood and given recognition. Sociocentricity encapsulates socialization, experience, understanding, and reasoning. Individuals learn in this way the rules of the game and conform to them and justify their actions. It is a guide to social reality and a necessary ingredient in good interpersonal relations.