The case of transition economies: what institutions matter for growth?

There is a consensus among scholars that institutions (i.e. norms and regulations) are country specific. The article aims to contribute to the debate by examining what types of institutions have been most important for growth in transition countries. It employs a new set of institutional variables of the World Bank against the commonly used transition index of the European Bank for Reconstruction and Development. It appears that among the institutional variables government effectiveness has the most significant impact on growth in former planned economies. At the same time, classical growth factors seem to be more important for growth than institutions.Institutions, governance, transition economies, growth.

Stabilisation and solidification of contaminated soil using cement and sugarcane bagasse ash (SCBA)

Soil that is contaminated with heavy metals has become a major issue worldwide. However, proper remediation techniques such as stabilisation/solidification (S/S) method can be employed and is capable of controlling these heavy metals. Conventionally, the common S/S method used cement as binder on remediating the contaminated soil particularly heavy metals. This research is to investigate the effect of physical and leachability of contaminated soil in S/S method when Sugarcane Bagasse Ash (SCBA) is added to remedy contaminated soil. Landfill contaminated soil was used to test the effectiveness of those binder. Cement was added at a proportion of 5%, 10%, 15% and 20% in sample weights without SCBA while in another sample; the cement was replaced by SCBA at a proportion of 2.5%, 5%, 7.5% and 10%. All samples are to be allowed to harden and cured at room temperature for 7, 14 and 28 days. The effectiveness of the treatment was assessing by conducting physical testing such as Unconfined Compression Strength, Water Absorption and Permeability test. In addition, leaching tests were performed to identify the leachate behavior of heavy metals during treatment. Three leaching tests were conducted and they were the Toxicity Characteristic Leaching Procedure (TCLP), Synthetic Precipitation Leaching Procedure (SPLP) and Dynamic Leaching Test (DLT). Through the physical testing, samples containing 10% OPC mixed with 10% SCBA were found to improve the compressive strength, reduced the water absorption and water permeability measuring 1550 MPa, 17.94% and 4.41 x 10 -10 m/s respectively. In the same way, through the statistical analysis, the R-squared for UCS with respect to mixed design is high at 98%. However, the value for both water absorption and permeability recorded to be marginally low, compared to the value for strength at 89% and 88% respectively. Through the TCLP and SPLP test, results indicated that when SCBA added to OPC content in soil samples, less heavy metal been leached out from the S/S sample. In average, the satisfying result was shown by samples containing 10% OPC + 10% SCBA where reduction of heavy metals in final leachate is more than 90% for As, Cd, Cr, Pb and Zn. Through the Dynamic Leaching Test, sample containing 10% OPC +10% SCBA showed the satisfactory leachability index (Lx) at 9.17, 9.17, 8.81, 8.17 and 6.97 for As, Cd, Cr, Pb and Zn respectively. This indicates that the use of cement and SCBA as a binder was successful in remediating the contaminated soils through the S/S method

Obstacles in the way of Islamic banking in India

The present paper aims to give a brief account of the main difficulties faced by the movement of Islamic banking and finance in India. Some of these obstacles may not be special to Indian case. However, their intensity becomes many folds due to prevailing condition of suspicion or indifference and absence of executive and enforcing power. The purpose of highlighting these issues is to draw the attention of scholars and business activists to think over the measures that may be adopted to overcome these difficulties.Banking; Islamic Baning; Islamic baning in India.

The emergence of mercantilism as a reaction against Muslim power: some of the evidences from history

In the early modern period, changing attitude of Medieval Europe towards trade as an outcome of encounter with Muslim scholars and rulers and consequently emergence of 'mercantilism' was a turning point in the history of economic thought. The paper documents evidences which prove that initially mercantilism was a reaction against Muslim powers. In the rise of mercantilism, discovery of the New World is considered a significant factor. The main objective before explorers and pioneers of mercantilism was to strengthen their governments through the acquisition of precious metal to regain the Holy Places, defeat the enemy, check the expanding power of Muslim rivals and spread Christianity. However, later it ended up in an effective economic movement.Mercantilism; History of Economic Thought; Medieval Economic History.

Corruption and development: an inquiry into nature and causes and suggested remedy

Recognition for corruption as one of the main obstacles in the way of economic development is a rather recent development in the discipline of Development Economics. Due to wide-spread corruption only a small portion of development money reaches to the public. The reasons behind the corruption culture are numerous such as rejection of moral and spiritual values, greed and lust of money, rising election expenses, no belief in accountability to God or responsibility to the masses. With these states of character, the new policy of liberalization, privatization and globalization provided a golden opportunity to money maximizing culture. The remedy lies in inner purification and fear of God the all-knowing and all-seeing, and propagation of ethical and moral values. The strengthening of democracy and freedom of judiciary, right to information, and freedom of press should also be ensured to dislodge the corrupt politicians and public officials. A country caught in corruption and crimes is like a sick person. If timely and effective measures are not taken, it may result in collapse and disintegration of the whole system.Development problems, Ethics and economics, Nature and causes of corruption, Remedy of corruption, Indian economic problems.

Works on public finance by the sixteenth century Muslim scholars

The subject of public finance and taxation marked the beginning of systematic and rather exclusive writing on economic issues in Islamic tradition in its earliest period. Within a few centuries a large number of works came out on the subject. This trend continued in the later centuries but with a difference in quantity, quality and style. Their number decreased, coverage contracted and they increasingly tended to deal with specific issues. Writings in the later centuries were characterized by imitation and repetition. In the sixteenth century the major works on the subject include al-Balatunusi's "Tahrir al-Maqal….." and Ibn Nujaym's "Risalah fi'l-kharaj" and " Mas'alat al-Jibayah …. " From the Persian speaking East, Fadl-Allah Khunji has discussed the Islamic provision of public finance in much details in his work Suluk al-Muluk a very comprehensive treatment of the subject in the 16th century. It presents many insights on the Islamic theory of public finance. In the Safawid Iran the issue of kharaj was a very controversial topic. But this controversy centered on whether acceptance of stipend from kharaj income is permissible for religious scholars.Public Finance; Public Expenditure; Kharaj; Iqta`; Bait al-mal; Ibn Nujaym, Khunji, History of public finance in Islam.

Mercantilism and the Muslim states: Lessons from the history

Mercantilism was the dominant current of economic thinking and practice during the 16th, 17th, and 18th centuries till the emergence of physiocracy. The scientific discoveries in Europe helped the development of mercantilism in many ways. Discovery of new world provided them with new market and a new all water route of European trade through the Cape of the Good Hope. On all these fronts the Muslim states lagged behind. Their absence from this front left the merchant-patronizing governments free to impoverish a larger part of the world by establishing colonies and exploiting them to their own benefit. The development of mercantilism marked the shift of paradigm. It ignored ethical considerations and destroyed moral values that had been hitherto inseparable part of economic thinking and practices.Pre-classical Economics; price and market, Pre-Smithian Pricing Mechanism.

'Humanomics' of Ranade

M.G. Ramrde (1842-1901) was among the pioneering thinkers of India who, wanted modification in classical economics and criticized it because of its abstraction, miscalculation of human nature, and no accounting of socio-cultural environment and religious elements. The present paper aims to study this aspect of his contribution to economic theory in general and to Indian school of economics in particular. We refer to it as 'Humanomics' because he gave the prime importance to diverse human society and culture, its values and beliefs in formulation and application of economic theory.Human Economics, Ethico-economics; Indian economic Thought.