Ratio Working Papers,
The Ratio Institute

Abstract: The rule of law, constitutional democracy, and market economy are taken as the core institutions of free societies. After arguing that shared values heavily influence institutions, it is asked whether Islamic values are conducive to those institutions. The values are ascertained via the economic ethics of Islam as lived today and the attitudes of some Muslim populations via the analysis of a recent opinion poll. Neither the values nor the attitudes of Muslim societies seem particularly supportive of the institutions of a free society.

Keywords: Islam; Values; Culture; New Institutional economics; rule of law; constitutional democracy; market economy

JEL-codes: H11; K10; N45; P51; Z13

36 pages, First version: May 17, 2004. Revised: December 20, 2004.

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Stefan Voigt, 'Islam and the Institutions of a Free Society: Many Problems, Little Hope', The Independent Review

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