On Ibn Khaldun's Contribution to Heterodox Political Economy (Company Overview‪)‬

Abstract: The aim of this paper is to demonstrate that Ibn Khaldun made an early contribution to heterodox political economy. Although he developed many important ideas that are consistent with the neo-liberal model of development such as the benefits of the free market, the division of labour, free international trade and optimal tax rates--Ibn Khaldun also developed ideas that are relevant to heterodox political economy. These include the mode of production; evolutionary changes of people, institutions and dynasties (or empires); the importance of labour as the source of profits, properties of nations and economic development; the idea of a business slump; imperialism and looting; and the immorality of early capitalism. Essentially, his contribution to economic thought can be considered as an indispensable non-Western source for many heterodox ideas. 1 Introduction