Islamic Response to the Impact of Globalization : Developing Countries’ Perspective

Abstract

‘Globalism’ and ‘Globalization’ reveal the global convergence of values which are termed as the same point although a great dilemma is prevalent among the scholars in the practical aspects of it. ‘Globalism’ is apparently a theoretical perspective for being the entire world a village i.e. cutting the fragmented shape of world into a single unit. But when the process of ‘globalism’ culminates in an observable fact for the humanity, it is called the globalization. The term globalization is used to describe the global nature of capital and the emergence of a single global economy in the contemporary era. It also suggests certain homogenizing tendencies in the social as well as political realms where economy is dominant that controls all the social and political aspects. The dominance or impact of economic globalization in this study shows a downbeat ambiance for the developing countries that could not be espoused under the principles of Islam ordained in the Holy Qur’an and Sunnah. In fact, the study lucidly points out Islamic response to the room of globalization and to the impact of it in the developing countries.