Corona Virus And The Quest For Moral Economy: Islamic Response

Abstract

This article argues that the coronavirus pandemic has shown the world community that the current global economic system is unsustainable. The devastating impact of social, economic and health due to the corona virus are manifesting along with societies’ great inequalities due to the flaws of capitalism. The pandemic has also shed light on the fact that human societies cannot flourish without combatting inequalities.Thus, the seemingly more apparent internal tensions, inconsistencies and moral inadequacies in capitalism seem to necessitate a more ‘moral’ economy. Pertinent to this, Moral capitalism based on universal values can be an alternative system. Both moral capitalism and Islamic economics share similar moral ethical values that could possibly contribute to a more just economic system and therefore a better wellbeing for the global community. This article concludes that there is a dire need to have moral economy for global community. Neo-liberalism needs to be reconstructed for its structural inequalities that renders to societies unsustainablity. For, failure to protect the health and safety of people living in abject poverty around the world, we put the entire world at risk.