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All Journal Kasta: Jurnal Ilmu Sosial, Agama, Budaya dan Terapan
Dewi fatmasari
Universitas Islam Negeri Siber Syekh Nurjati Cirebon
Education

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Ethical Market Failure and Islamic Political Economy: A Framework for Digital Competition Governance Mutadi Mutadi; Abdul Aziz; Dewi Fatmasari
Kasta: Jurnal Ilmu Sosial, Ekonomi, Agama, Budaya dan Terapan Vol. 6 No. 1 (2026): April
Publisher : Bale Literasi: Lembaga Riset, Pelatihan & Edukasi, Sosial, dan Publikasi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58218/kasta.v6i1.2461

Abstract

Digital platform capitalism has restructured market coordination through data extraction, algorithmic governance, network effects, and ecosystem integration. Contemporary competition law, grounded in the consumer welfare paradigm, evaluates market conduct primarily through price-based metrics that obscure structural asymmetries. This article addresses the gap between allocative efficiency and structural justice by developing Ethical Market Failure (EMF)—a structural extension of classical market failure theory capturing infrastructural concentration, dependency locking, and distributive asymmetry in platform dominated economies. Integrating digital competition scholarship with Islamic political economy, the study employs the Maqasid alShariah framework as a normative evaluative architecture. The classical institution of hisbah is reinterpreted as a governance logic informing regulatory oversight. Using Indonesia as a semi analytical empirical anchor, the article demonstrates how subsidy driven expansion, gig labor absorption, and ecosystem consolidation generate long-term structural distortions despite short-term consumer gains. This study contributes to platform governance debates by situating consumer welfare within a broader justice sensitive institutional hierarchy.
Ethical Trade and Moral Integrity: The Crisis of Ethics and Morality in Contemporary Indonesian Commerce and Its Relevance to Al-Ghazali, Ibn Khaldun, and Classical Islamic Thought Hikam Muhtadi Zuhdi; Dewi Fatmasari; Abdul Aziz
Kasta: Jurnal Ilmu Sosial, Ekonomi, Agama, Budaya dan Terapan Vol. 6 No. 1 (2026): April
Publisher : Bale Literasi: Lembaga Riset, Pelatihan & Edukasi, Sosial, dan Publikasi

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.58218/kasta.v6i1.2636

Abstract

This article examines the crisis of ethical, moral, and virtuous values in contemporary economic and trade practices, which are still prevalent in many regions of Indonesia. This crisis is marked by the neglect of public rights, deceptive and manipulative investment schemes based on speculation, and the commercialization that erodes the spiritual dimensions of economic actors. Phenomena such as the unilateral and coercive use of public spaces and facilities without regard for public access, economic and trading activities that neglect religious obligations, and the proliferation of investment schemes promising instant profits all indicate a significant moral and ethical degradation in economic (muamalah) practices. This study employs a qualitative method with a normative-philosophical approach, examining the thoughts of Al-Ghazali, Ibn Khaldun, and classical Islamic scholars (salaf) concerning ethics, morality, and virtuous conduct in economic activities. The findings reveal that trade in Islam is not merely about ensuring the smooth functioning of economic transactions or pursuing profit by any means necessary. Rather, it serves as a domain for moral and ethical formation, reflecting the ideals of Maqasid al-Shariah, particularly in the preservation of wealth (hifz al-mal), life (hifz al-nafs), and religion (hifz al-din). This article strongly emphasizes the urgency of reconstructing ethical economic and trade practices grounded in moral values and Islamic teachings as a foundation for sustainable economic development and social stability, both globally and particularly within the Indonesian contex.
Co-Authors Abdul Aziz Hikam Muhtadi Zuhdi Mutadi Mutadi