Al-Ghazali
Economic philosophy

Al-Ghazali's economic philosophy was primarily influenced by his Islamic beliefs. He argued that the importance of economic activity lay both in its benefit to society, as well being necessary for salvation.

He established three goals of economic activity that he believed were part of one's religious obligation: "achievement of self-sufficiency for one's survival; provision for the well-being of one's progeny; and provision for assisting those in economic need." He argued that subsistence living, or living in a way that provides the basic necessities for only one's family, would not be an acceptable practice to be held by the general population because of the detrimental results that he believed that would bring upon the economy, but he acknowledged that some people may choose to live the subsistence lifestyle at their own will for the sake of their personal religious journey. Conversely, he discouraged people from purchasing or possessing excessive material items, suggesting that any additional money earned could be given to provide for the poor.

Al-Ghazali believed that the imposition of income equality in society should not be a necessity. Instead, he advocated for individuals to be guided by the "spirit of Islamic brotherhood," encouraging them to willingly share their wealth. However, he acknowledged that this ideal isn't universally practiced. According to him, earned wealth can serve two potential purposes. The first is for the good of oneself, which includes maintaining one's own health and that of their family, as well as extending care to others and engaging in actions beneficial to the Islamic community. The other is what al-Ghazali would consider misuse, spending it selfishly on extravagant or unnecessary material items.

In terms of trade, al-Ghazali discussed the necessity of exchanging goods across close cities as well as larger borders because it allows more goods, which may be necessary and not yet available, to be accessible to more people in various locations. He recognized the necessity of trade and its overall beneficial effect on the economy, but making money in that way might not be considered the most virtuous in his beliefs. He did not support people taking "excessive" profits from their trade sales.
oulipo:avoid_letter[o], combination:two_responses