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- W52820323 abstract "The problems of integrating the economies of developed countries are fundamentally different from the problems of integrating the economies of developing (or less developed or under-developed) countries. It is necessary to keep in mind that all Islamic countries come under the latter category. In other words their common characteristic is that none of them is a developed country. The planned evolution of the European Economic Community (EEC) (which is a grouping of developed countries) during the last quarter century, has been an effort to solve the problem of overproduction. But the effort to integrate the economies of developing countries aims at solving the problem of under-production. World wars born of imperialist rivalries for foreign markets gave an opportunity to national movements and struggles in the colonial countries to win political independence. Thus West European countries rapidly lost their direct political control of vast colonies and dependencies in Asia, Africa and Latin America in the post-war period. These former owners of colonies, therefore, took steps to amalgamate their domestic or national markets into a larger or expanded market with vast purchasing powers: (i) to compensate for the loss of colonies and, also (ii) to enable themselves to maintain their hold on their former colonies and markets in a new form the economic form. The problem of integrating the markets of the Islamic (i.e. developing or under-developed) countries which are starved due to under-production and foreign exploitation, is on the contrary, that of mutual help and cooperation in resuming the development of their national economies which had been snapped at a certain point in history, due to foreign political control. Thus while EEC is the example of cooperation among former rulers, the effort for economic integration among Islamic countries will be an example of cooperation among former subjects. While the EEC aims at maintaining its previous economic position in a new form, the latter aims at obliterating its previous position characterised by economic enslavement." @default.
- W52820323 created "2016-06-24" @default.
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- W52820323 date "2016-01-01" @default.
- W52820323 modified "2023-09-27" @default.
- W52820323 title "ECONOMIC INTEGRATION OF ISLAMIC STATES" @default.
- W52820323 hasPublicationYear "2016" @default.
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