Main Article Content
Abstract
Purpose – The Covid-19 and climate change crises have increased attention to building a more circular global economy. This paper analyses the insufficiency of the linear economy growth model in a post-Covid-19 world and sheds light on the role of the sharing/collaborative economy in the post-Covid-19 socio-economic recovery.
Methodology – An explanatory approach is employed to broaden the theoretical idea of the Sharing Economy (SE) as a contemporary concept by delving into the historical applications and motivations of sharing and collaborative practices in the Islamic economy and hunter-gather societies.
Findings – Although contemporary sharing economy platforms are credited with the sharing economy concept, history shows that pre-modern societies have used sharing concepts to maximize efficiency in allocating resources, and collaborative consumption predates the digital economy. The paper also finds that adopting Islamic economy ideologies for social solidarity could address contemporary sharing economy models' challenges.
Implications – The paper fills a gap in the literature by learning from historical sharing practices and adopting Islamic economy ideologies for social solidarity; the sharing economy could contribute significantly to building a circular global economy.
Originality – By delving into the historical applications and motivations of sharing and collaborative practices in the Islamic economy and hunter-gatherer societies, this paper brings a unique perspective that is rarely studied.
Keywords
Article Details
Copyright (c) 2023 Jamila Abubakar, Nasim Shah Shirazi
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References
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References
Allied Market Research. (2020). Peer to Peer (P2P) lending market size, share and analysis. https://www.alliedmarketresearch.com/press-release/peer-to-peer-lending-market.html#:~:text=According%20to%20a%20recent%20report,is%20projected%20to%20reach%20%24558.91
Al-Mubarakpuri, S. R. (1995). Ar-Raheeq Al-Makhtum (The Sealed Nectar). Maktaba Dar-Us-Salam Publishers. https://www.muslim-library.com/dl/books/English_ArRaheeq_AlMakhtum_THE_SEALED_NECTAR.pdf
Basselier, R., Langenus, G., & Walravens, L. (2018). The rise of the sharing economy. Economic Review, 3, 57–78. https://www.nbb.be/doc/ts/publications/economicreview/2018/ecoreviii2018_h3.pdf
Belabes, A. (2019). Islamic social finance: Entrepreneurship, cooperation and sharing economy. Journal King Abdulaziz University: Islamic Economic. https://www.routledge.com/Islamic-Social-Finance-Entrepreneurship-Cooperation-and-the-Sharing-Economy/Cattelan/p/book/9780367588052
Benthall, J. (2016). Financial worship: The quranic injunction to almsgiving, Journal of the Royal Anthropological Institute, 5(1), 27–42. https://www.jstor.org/stable/2660961
Böcker, L., & Meelen, T. (2017). Sharing for people, planet or profit? Analysing motivations for intended sharing economy participation. Environmental Innovation and Societal Transitions, 23, 28–39. https://doi.org/10.1016/j.eist.2016.09.004
Buheji, M., Da Costa Cunha, K., Beka, G., Mavrić, B., De Souza, Y. C., Da Costa Silva, S. S., Hanafi, M., & Yein, T. C. (2020). The extent of Covid-19 pandemic socio-economic impact on global poverty. A global integrative multidisciplinary Review. American Journal of Economics, 10(4), 213–224. https://doi.org/10.5923/j.economics.20201004.02
Carletti, E., Claessens, S., Fatás, A., & Vives, X. (2020). The bank business model in the post-Covid-19 World. https://cepr.org/system/files/publication-files/60039-barcelona_2_the_bank_business_model_in_the_post_Covid_19_world.pdf
Dabbous, A., & Tarhini, A. (2019). Assessing the impact of knowledge and perceived economic benefits on sustainable consumption through the sharing economy: A sociotechnical approach. Technological Forecasting and Social Change, 149, 119775. https://doi.org/10.1016/j.techfore.2019.119775
Davies, J. (2020). Can the sharing ecoomy survive Covid-19? Telecom. https://telecoms.com/504717/can-the-sharing-economy-survive-Covid-19/
Egger, D., Miguel, E., Warren, S. S., Shenoy, A., Collins, E., Karlan, D., Parkerson, D., Mobarak, A. M., Fink, G., Udry, C., Walker, M., Haushofer, J., Larreboure, M., Athey, S., Lopez-Pena, P., Benhachmi, S., Humphreys, M., Lowe, L., Meriggi, N. F., … Vernot, C. (2021). Falling living standards during the Covid-19 crisis: Quantitative evidence from nine developing countries. Science Advances, 7(6). https://doi.org/10.1126/SCIADV.ABE0997/SUPPL_FILE/ABE0997_SM.PDF
El-Ashker, A., & Wilson, R. (2006). Islamic Economics. https://www.isfin.net/sites/isfin.com/files/islamic_economics_-_history.pdf
Erasmus (2017). Introduction to sharing and to collaborative consumption. 1–61. https://ec.europa.eu/programmes/erasmus-plus/project-result-content/1ee057b8-a7a2-454b-bf8c-fd143fdb5cf4/01%20-%20IO1%20-%20Guide_Sharing_EN.pdf
Financial Times. (2016). What does the crisis mean for the se? https://www.ft.com/content/15a7940e-6eed-30cf-a5fd-8fec1f730d34
Groene Brein Authors. (2019). A circular economy differs from a linear economy, but how? Circular Economy. https://kenniskaarten.hetgroenebrein.nl/en/knowledge-map-circular-economy/how-is-a-circular-economy-different-from-a-linear-economy/
Henry, M. A., Schraven, D., Bocken, N., Frenken, K., Hekkert, M. P., & Kirchherr, J. (2021). The battle of the buzzwords: A comparative review of the circular economy and the sharing economy concepts. Environmental Innovation and Societal Transitions, 38, 1–21. https://doi.org/10.1016/j.eist.2020.10.008
Hossain, M. (2020). Sharing economy: A comprehensive literature review. International Journal of Hospitality Management, 87, 102470. https://doi.org/10.1016/j.ijhm.2020.102470
Hu, M. (2019). Sharing economy: Making supply meet demand. Springer International Publishing. https://link.springer.com/book/10.1007/978-3-030-01863-4
International Labour Organization. (2020). ILO Monitor: Covid-19 and the world of work. Fifth edition. https://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/documents/briefingnote/wcms_749399.pdf
International Labour Organization. (2021). ILO Monitor: Covid-19 and the world of work. (7th ed.). https://www.ilo.org/wcmsp5/groups/public/---dgreports/---dcomm/documents/briefingnote/wcms_767028.pdf
International Monetary Fund. (2020). World economic outlook update June 2020. IMF, 2, 6. https://www.imf.org/en/Publications/WEO/Issues/2020/06/24/WEOUpdateJune2020
Islamic Markets. (n.d.). Takaful – Waqf Model - IslamicBanker.com. https://islamicmarkets.com/education/takaful-waqf-model
Jain, J. K., & Pandey, R. (2013). Rural development through entrepreneurship. AISECT University Journal, 2(4). http://aujournals.ipublisher.in/p/55574
Jørgensen, S., & Pedersen, L. (2018). The circular rather than the linear economy. Palgrave Studies in Sustainable Business in Association with Future Earth, 103–120. https://doi.org/10.1007/978-3-319-91971-3_8
Kaza, S., Yao, L., Bhada-Tata, P., & Woerden, F.V. (2018). What a waste 2.0: A global snapshot of solid waste management to 2050. https://openknowledge.worldbank.org/server/api/core/bitstreams/92a50475-3878-5984-829e-0a09a6a9badc/content
Lacy, P., & Rutqvist, J. (2016). Waste to wealth: The circular economy advantage. Palgrave Macmillan UK. https://thecirculars.org/content/resources/Accenture-Waste-Wealth-Exec-Sum-FINAL.pdf
Lakner, C., Yonzan, N., Gerszon Mahler, D., Castaneda Aguilar, R. A., Wu, H., & Fleury, M. (2020). Updated estimates of the impact of Covid-19 on global poverty: The effect of new data. World Bank Data Blog. https://blogs.worldbank.org/opendata/updated-estimates-impact-Covid-19-global-poverty-effect-new-data
Magazzino, C., & Falcone, P. M. (2022). Assessing the relationship among waste generation, wealth, and GHG emissions in Switzerland: Some policy proposals for the optimization of the municipal solid waste in a circular economy perspective. Journal of Cleaner Production, 351, 131555. https://doi.org/10.1016/j.jclepro.2022.131555
Meyer, G., & Shaheen, S. (2017). Disrupting mobility - impacts of sharing economy and innovative transportation on cities. Springer. https://doi.org/10.1007/978-3-319-51602-8
Obstfeld, M., Cho, D., & Mason, A. (2012). Global economic crisis: Impacts, transmission and recovery. Edward Elgar Publishing. https://www.e-elgar.com/shop/gbp/global-economic-crisis-9781781006290.html
Ravenelle, A. J. (2019). Hustle and Gig: Struggling and surviving in the sharing economy. University of California Press. https://www.ucpress.edu/book/9780520300569/hustle-and-gig
Reed, B., & Atwell, M. (n.d.). The rise of the could sharing wisdom be the next Gig ? https://www.civicllc.com/_files/ugd/03cac8_eb69a73ab4cc4141af4b95880fe084b7.pdf
Renee Cho. (2019). How climate change impacts the economy. Columbia University. https://blogs.ei.columbia.edu/2019/06/20/climate-change-economy-impacts/
Schoch, M., & Lakner, C. (2020). The number of poor people continues to rise in Sub-Saharan Africa, despite a slow decline in the poverty rate. Data Blog: World Bank Group, 1. https://blogs.worldbank.org/opendata/number-poor-people-continues-rise-sub-saharan-africa-despite-slow-decline-poverty-rate
Tyson, B. (2019). Hunter-gatherer culture. National Geographic Society. https://education.nationalgeographic.org/resource/hunter-gatherer-culture/
Valensisi, G. (2020). Covid-19 and global poverty: Are LDCs being left behind? The European Journal of Development Research, 32(5), 1535–1557. https://doi.org/10.1057/s41287-020-00314-8
Widlok, T. (2016). Anthropology and the economy of sharing. Anthropology and the Economy of Sharing. https://doi.org/10.4324/9781315671291
World Bank. (2017). Food system jobs. https://www.worldbank.org/en/topic/food-system-jobs
World Bank. (2022). World development report 2022: Finance for an equitable recovery. World Bank Publications. https://www.worldbank.org/en/publication/wdr2022
World Economic Situation and Prospects. (2022). UN warns global economic recovery is losing steam, United Nations EBooks. https://doi.org/10.18356/9789210011839
World Wide Fund for Nature. (2020). Living planet report 2020 - Bending the curve of biodiversity loss. https://wwfin.awsassets.panda.org/downloads/lpr_2020_full_report.pdf
Yaraghi, N., & Ravi, S. (2017). The current and future state of the sharing economy. Social Science Research Network. https://doi.org/10.2139/ssrn.3041207
Zuki, M. S. M. (2012). Waqf and its role in socio-economic development. ISRA International Journal of Islamic Finance, 4(2), 173–178. https://doi.org/10.12816/0002755