political fragmentation and cultural diversity 253discussion of market conditions was to bring it to, or very near to,
the condition of the perfect competitive market.
Al-Ghazàlì did not advocate the maximisation of profit, though
he did not condemn it. “To take less profit is Iœsan, doing good
deeds”, but, “to take greater profit is not unlawful”. This is because,
“Sale is for profit in a business and there is no profit unless a thing
is charged more than the price by which it is bought”, (Vol. II
p. 67). Also, consideration may be given to a poor seller even if it
may lead to the buyer carrying some losses. “If a buyer buys from
a poor man, there is no harm to buy at a higher price to show
kindness to him”, p. 67, and “Don’t be greedy in markets and busi-
ness”, (Vol. II, p. 73). So, although he advocated free market con-
ditions, his market was not a market that was void of consideration
for the poor or less affluent and his profit objective tended to be
more concerned with profit satisfaction than a profit maximisation.
It is a free market with a conscience.
In connection with just market conditions, al-Ghazàlìlooked at the
counterfeit coins. It is oppression on the public to use counterfeit coins
and, “the first man who uses such coins will be liable for the sins of
those who subsequently transfer them to other persons”, (Vol. II, p. 63).
Turning his attention to wealth, al-Ghazàlìneither condemns nor
praises wealth, “Wealth is good from one point and bad from another”
(Vol. III, p. 243). If the intention of acquiring wealth is good, wealth
is good, and if the intention is bad wealth is bad. Also, wealth should
not be sought in excess, as one should seek to obtain only what one
and his dependents need, “Earning of excess wealth should be avoided.
Only what is necessary should be earned. What is necessary for food,
cloth, and habituation should be earned. There are three stages of
each of these three objects- low, middle, and high stages. So long as
you remain near the low stage and near the necessary limit you have
got the right therein. When you cross that limit, you will fall in the
lowest Hell” (Vol. III, 244). This is a view that is different from that
of al-Shaibànì, as we saw earlier, whose view was that there was no
need to put an artificial restriction on the pursuit of wealth, pro-
viding that other duties are not neglected. But al-Shaibànìwas born
rich, while al-Ghazàlì was a flùfì. Once again, wealth satisfaction
will replace wealth maximisation in the consumer’s utility function
according to al-Ghazàlì.
The next author is a scholar and a merchant who devoted his
work to wealth, trade and management of business. He is Ja"afer al-
Dìmashqì.