A comparative evaluation of Islamic economics and liberal economics approaches on the basis of morality in the context of the market intervention

Although the market is considered as a concrete concept of economics, assumptions of the market are built on metaphysical and moral foundations. Therefore, the market forces have never been shaped independently from these values. At this point, it should not be forgotten that the meanings attributed to concepts such as morality, metaphysics, and value in human history have also varied. The thesis aims to compare the nature of the market and moral concepts within the context of classical Islamic and liberal economic thoughts, to reveal differences at the ontological and epistemological level. In this regard, in the first chapter market and moral concepts have been examined in the context of the first stage of Islamic classical thought, Hz. Muhammad and Hulafa Rashidin period, and the last stage, Ottoman Empire. In the second chapter, a similar method has been carried out for liberal economics. It is important at this point that the idea of a liberal economy, which draws criticism especially in the context of morality, builds itself as a moral theory. Finally, in the third chapter, how the concept of today's market is transformed and where morality is positioned in this transformation is discussed in the context of globalization, financialization, technology, production, needs, and multinational companies. Even though they have similarities in practice, Islamic economics and liberal economics have valuable differences from the ontological ground. So, if anyone studies against liberal thoughts, misses out these differences in market theory discussions, it is probable to support liberal market operations even unintentionally.