THE ROLE OF THE STATE IN THE ISLAMIC ECONOMIC SYSTEM: A REVIEW OF ABBAS MIRAKHOR'S THOUGHT

Islamic economy is a progressive and dynamic economy. Various new theories have been raised as an offer for the development of Islamic economics, one of which was carried out by Abbas Mirakhor. This article discusses the main principles of the economic system to the role of the state; an offer of Abbas Mirakhor to Islamic economics. To know more deeply the Islamic economic thoughts offered by Abbas Mirakhor, from the main principles of the economic system to the role of the state in the economy. This article uses a type of qualitative research using library research. The results of this study indicate that Abbas is a practitioner of Islamic economics and finance who has a good reputation in the world, both Islam and the West and is considered a reformer in the Islamic economy, and is part of the Iqtishad school of thought. In the field of the Islamic economic system, Mirakhor argues that the main principle of the Islamic economic system requires distribution in two mechanisms, namely freedom, and justice, without which prosperity will not be realized. Therefore, there is a need for a hermeneutical approach to answering various problems that occur in the Islamic economic system. In the context of the state, according to Mirakhor, the state has a very significant role in the welfare of society, especially through its productive policies. The state must also be present in realizing justice amid society.

Investment, Profitability, and Structural Change

This chapter explores the links between profitability, investment, and structural change. This is examined for the case of India, using both a historical overview and regression analysis. In a Kaldorian dynamic economy, the reallocation of investment provides the driver for resource reallocation, allowing more productive and profitable activities to expand and less productive and less profitable activities to contract. Thus, investment choices drive structural change, productivity growth, technological advance, and ultimately profits. Investment in turn responds to expected profits, which are driven by technical change, related productivity gains, and shifts in demand. The relationships are thus circular and cumulative, with this chapter testing for the presence of such relationships.

Panama

While Panama has been the most dynamic economy in Latin America over the last three decades (growing 6 percent on average), its strength is being tested by the COVID-19 global pandemic. Panama is a service-based economy that is highly integrated in the world economy and exposed to extreme shocks during the pandemic.

Shocks and Operation of the Law of Denial of Negation

The long history of complication of static economy objectively leads it to exhaustion of self-organization potential and to the point of no return – a leap into dynamic state with self-development mechanism. In the new quality, the dynamic economy is regulated by the dialectical law of negation of negation with new functions of shocks in its operation. As for self-organizing systems, shocks are determined to destroy the structural links that weaken systemic integrity. In order, the static system could jump into a dynamic state, shocks realize the first negation, destroying the vertical hierarchy of structural links, and as for the second negation, shocks destroy basic structural level as well. The epochal task is associated with construction of new dynamic systemic integrity on the modern technological base by forming new structure since the previous structural hierarchy has been completely destroyed by shocks embedded into the dialectical law of double negation.

The State and the Construction of the Post-COVID-19 Future

The final chapter is the normative part of the shocks' theory, which defines the functions of the state in a dynamic economy. The process and object components of systemic integrity in economy are quite objectively regulated by the mechanisms of positive and negative selection of organizational forms and by three dialectical laws with shocks at their turning points. The subjective component of self-movement processes is governed by the state and its functions. If the structures of a static economy have been destroyed, the dynamic system's new structures must be created. The institutionalization of structures creation for dynamic systems is imputed to the state. It is about education and health of the critical mass of people as creators, about their adequate socialization in the society where people are “free, since they realize the need for it,” about the institutionalization of self-sufficient companies' activities capable to form human-centric organizations through upwards and downwards causation mechanisms.

PARTNERSHIPS IN MODERN PROCUREMENT SYSTEMS AS THE BASIS FOR COMPANIES' STABILITY AND GROWTH IN CRISIS AND UNPREDICTABLE CIRCUMSTANCES

All functions within the company, regardless of its size and activity, meet with an extremely dynamic economy and an environment in which they perform many day-to-day activities. In that sense, procurement is no different. It no longer serves only the purpose of ordering goods or services at the request of production at the lowest possible prices. Today's modern procurement systems offer solutions, improvements and thoughts on all aspects of business operations in which they are involved. There is a special emphasis on the dynamic resolution of challenging situations, which lies in unpredictable circumstances and crisis. The procurement department always works closely with other functions that directly affect production, and this is where extremely dynamic, high-quality and timely communication is expected. Communication with functions within the company is followed by communication with partners, where procurement becomes a sort of link between production and suppliers. Members of the procurement team are in most cases representatives of their companies, and it is based on their communication skills, behaviour and decisions that the image of the company is created among partners. Quality and timely communication of procurement team members with partners can play a key role for the continuation of production in turbulent market situations. Managers must organize all procurement processes in a quality manner, as well as motivate, educate and reward members of the procurement department. With their comments, opinions, advice and experience, partners offer an additional perspective, solution and an alternative path in the further planning of steps which would help achieve all of company's objectives. Experienced management, especially in times of crisis, use all possible information to make quality decisions, but also learn from these situations in order to make all possible preparations in regular business operations to minimize the shock that a new crisis could cause. The theoretical part of the paper will present a description of the concept of procurement business, management and crisis management, business and crisis communication, creating partnerships, and maintaining the company's image. The empirical research, conducted through questionnaires which were filled in by employees from the procurement department in the Republic of Croatia, provides us with answers about the importance of partnerships, with a special emphasis on the current coronavirus pandemic. In conclusion, we have explained proposals for improving and maintaining partnerships in the procurement business during crisis, as well as in regular business situations.

Elevation of the Human Role in the Technology and Economy Interaction

The peculiarities of the formation of the technological paradigm led the authors to the idea of the organic involvement of a person in the processes that mediate technical progress, the self-structuring of systemic integrity in the economy, since this is consistent with his own goal of expanding the sphere of his life and the means of achieving it. A human acts in several fundamental roles, creating new technological solutions, acting as an economic subject and integrating into social interactions. At the stage of self-organization of the economy, human trust gradually replaces the monetary equivalent or its substitutes in vertical structural ties, making the systemic integrity fragile, predetermined with the propensity of the market economy to instability. At the stage of self-development, it is a person who is destined to implement the achievements of the technological revolution 4.0 and form the latest technological base for a dynamic economy of the post-coronavirus future.

Poklicne odločitve in vodenje kariere v kontekstu avtonomnosti in samoodločanja

The author reviews changes in career management that have occurred in recent years due to a dynamic economy and labour market, as well as the influences of modern approaches deriving from career development theories. It is obvious that the current career guidance is complex and relies on psychological theories dealing with the structure of an individual, with developmental phases and, more recently, those focusing on identity and creating individuality. In this context, the emphasis is on the requirements for autonomous management and career construction, the own management of learning processes rather than passive education and other innovations. The author applies all of these innovations to persons with special needs, where he also presents a synthesised competence career model for this population.

Intergenerational Bubbles of Beliefs for Sustainability

We constructed a simple model of a dynamic economy in which the current generation chooses to excessively consume, thereby rendering society unsustainable. In such an economy, we assumed that a notional bubbly asset emerges, and its value grows if the current generation conserves adequate resources for future generations. Provided that the bubbly asset is considered valuable, the current generation chooses to conserve resources, rendering the economy sustainable. The condition for sustainability is that the value of this asset grows intergenerationally and indefinitely. The asset represents a belief system, such as a religious doctrine or a political ideology. Results imply that, to restore sustainability, a new intergenerational belief system must be identified, and its value grows indefinitely.