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Journal of Critical Realism in Socio-Economic (JOCRISE)
Published by Universitas Darussalam Gontor
ISSN : 29642930     EISSN : 29643317     DOI : https://doi.org/10.21111/jocrise
Core Subject : Religion, Economy, Humanities, Social,
Religion Humanities Economics, Econometrics & Finance Social Sciences
The objective of JOCRISE as a scholarly bedrock of critical thinking in socio-economic issues and problems comprises abstraction derived from the ontological premise and mapped into the continuum of the socio-economic learning system by the ontological being and becoming of logical formalism. Analytical investigation subsists upon the premise of unity of knowledge as the primal ontology. This approach is further characterized by the objective criterion of simulating global wellbeing in the evolutionary learning metaverses driven in continuum of matter and mind interrelationship by the episteme of unity of knowledge. Being a multidisciplinary scholarly journal of a singular kind in academia, JOCRISE is open to the methodological moral inclusiveness study of diverse issues and problems of the socio-scientific domain. Among this entirety, as few are named here: Theory of critical realism Theory of unity of knowledge Application of the theory of critical realism to socio-economics Theory of social ontology and applications From ontology to epistemology and phenomenology pertaining to socio-scientific problems Theory of multidisciplinary wellbeing of moral inclusiveness in science Evolutionary learning behavior and inter-variate circular causation in simulating wellbeing Islamic methodological worldview of unity of knowledge Application of Islamization of knowledge in socio-economics Sustainability in respect of a comprehensive objective criterion of wellbeing Climate change by socio-economic transformation for the common good Poverty alleviation and socio-economic restructuring Consciousness in socio-scientific structures and choices Pervasively participatory socio-economic development
Arjuna Subject : Ilmu Sosial - Ilmu Sosial (Lain-Lain)
Articles 69 Documents
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Social Networks and Legal Transfers: A Study on the Contractual Relations of Afghan Taxi Drivers Choudhury , Nafay
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 3 No. 04 (2025): DISCUSSION ON QUR’ANIC NATURE OF MONEY
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v3i04.87

Abstract

This study examines the phenomenon of legal transfers in developing countries through the lens of social network analysis, using the case of Afghan taxi drivers to explore the interaction between formal legal reforms and embedded social norms. Drawing on field research conducted in Kabul, the paper investigates how taxi drivers conduct their contractual affairs in the context of a weak formal legal system. Despite significant international efforts to transplant formal contract law regimes and strengthen judicial institutions in Afghanistan, the findings reveal that formal law plays a minimal role in regulating everyday transactions. Instead, drivers rely heavily on social networks—particularly guarantors—whose legitimacy stems not from state authority, but from trust and reputation within the community. Intriguingly, these guarantors increasingly include government-affiliated individuals, whose bureaucratic registration makes them traceable and thus pragmatically valuable, while still operating within informal norms. The paper argues that rather than replacing traditional norms, legal reforms have been absorbed into existing social networks, resulting in a hybrid regulatory model. This underscores the resilience of local social structures and challenges conventional assumptions in law and development discourse that equate legal reform with normative transformation. By introducing social network analysis into legal transfer studies, the paper provides a more nuanced framework to understand how legal ideas are localized, reinterpreted, or resisted. The study ultimately advocates for greater contextual sensitivity in assessing the impact of legal transfers, recognizing that recipient environments are governed not merely by legal institutions but by complex webs of interpersonal relationships and social meaning.
Debt And Riba Avoidance In The 100% Reserve Requirement Monetary System: A TSR Perspective On Sustainable Complementarities Kamal, Mustafa
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 3 No. 04 (2025): DISCUSSION ON QUR’ANIC NATURE OF MONEY
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v3i04.88

Abstract

This paper explores the systemic roots of debt and riba (interest) in conventional monetary systems and presents a morally grounded alternative based on the Tawhidi String Relations (TSR) framework. Within the prevailing fractional reserve system, money creation through debt issuance has led to financial instability, speculative cycles, and wealth concentration—dynamics that conflict with the foundational principles of Islamic economics, particularly the prohibition of riba and the imperative for distributive justice. In response, the paper proposes a 100% reserve requirement monetary system that aligns with TSR’s epistemology of unity (tawhid), emphasizing complementarity between ethics, economic institutions, and real sector activities. The study argues that under the TSR framework, money is not a neutral tool but a moral instrument tied to real value creation and governed by ethical purpose. Through the principles of circular causation and knowledge-ethics-action integration, the full reserve system facilitates participatory finance, eliminates the structural basis for riba, and enhances financial inclusion and macroeconomic stability. Banks are reconceptualized as ethical intermediaries operating through profit-and-loss sharing contracts, while investments are directed toward socially beneficial and risk-shared ventures. Supported by both theoretical rigor and empirical evidence, this paradigm offers a holistic, sustainable, and shari‘ah-compliant alternative to debt-based finance. Ultimately, the TSR-aligned full reserve model offers not only a monetary reform, but a civilizational shift toward a justice-oriented Islamic economic order.
Monetary Policy in Debt System and in Risk-Sharing System Mirakhor, Abbas
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 3 No. 04 (2025): DISCUSSION ON QUR’ANIC NATURE OF MONEY
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v3i04.89

Abstract

This paper critically examines the operations of monetary policy within two fundamentally contrasting financial architectures: the interest-based debt system and the equity-based risk-sharing system. Drawing upon recent global financial developments—particularly the debt distress and monetary tightening episodes of the 2020s—it highlights how conventional monetary policy, centered on interest rate manipulation and fractional reserve banking (FRB), has led to excessive global indebtedness, financial fragility, and widening socioeconomic inequality. The study underscores that in debt-driven systems, monetary expansion often results in wealth concentration among rentier classes and creates systemic moral hazards, whereby financial institutions are shielded from the consequences of their risk-taking behavior through government guarantees and bailouts. In contrast, the risk-sharing model rooted in Islamic economic principles offers a fundamentally different monetary architecture. It proposes a financial system that is closely integrated with the real economy, free from interest-based debt, and governed by participatory contracts such as mudarabah and musharakah. Monetary policy in this system relies on asset-backed, equity-based instruments that align public and private sector incentives, enhance financial inclusion, and promote macroeconomic stability without reliance on pro-cyclical interest rate tools. The paper concludes that transitioning toward a risk-sharing framework presents a viable alternative to the debt-based monetary paradigm, not only in theory but as a necessary step toward achieving long-term sustainability, equitable growth, and resilience against future financial crises.
BOOK REVIEW: NOBEL LAUREATE PROFESSOR DR. MUHAMMAD YUNUS, (2017). A WORLD OF THREE ZEROS, THE NEW ECONOMICS OF ZERO POVERTY, ZERO UNEMPLOYMENT AND ZERO NET CARBON EMISSIONS. Choudhury, Masud
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 3 No. 04 (2025): DISCUSSION ON QUR’ANIC NATURE OF MONEY
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v3i04.90

Abstract

This book review critically examines A World of Three Zeros by Nobel Laureate Professor Muhammad Yunus, which advocates for a new economic paradigm centered on zero poverty, zero unemployment, and zero net carbon emissions through the model of social business. While Yunus proposes social business as a moral and practical alternative to profit-maximizing capitalism, the review highlights key limitations in his framework. It notes the lack of epistemological depth and systemic methodological rigor in challenging entrenched capitalist structures. Moreover, while Yunus emphasizes microcredit and entrepreneurship, he under-theorizes the institutional transformation necessary to sustain a global order of social business. The book's optimism about technological change and development partnerships with capitalist entities also reveals contradictions in its critique of neoliberal economics. The reviewer introduces an alternative worldview based on the episteme of Tawhid and critical realism, advocating for a consciousness-based civilization rooted in unity of knowledge, justice, and moral purpose. Through diagrams and conceptual models, the review suggests that Yunus’s vision, though morally appealing, lacks the structural, philosophical, and theological grounding needed to realize sustainable transformation. A more coherent socio-economic alternative would require integrating ethics, consciousness, and systemic complementarity into the heart of development discourse.
Decentering - from Ptolemaic to Planetary (or Oneness) Paradigm Shakespeare, Rodney
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 4 No. 1 (2025): Supercardinal Accountability of Allah, Heaven, and Earth
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v4i1.91

Abstract

The Ptolemaic paradigm put the Earth at the centre of the universe giving rulers a Divine Right (to rule) and awarding humans high status as God’s Children who had planetary dominion.  However, in the sixteenth century, the Copernican Revolution decentered the Earth and so began undermining the Divine Right although it continued the high status and planetary dominion. Three centuries later, Darwinian Evolution, establishing that Homo sapiens is only one species among many, decentered humans from their high status.  Nevertheless, it did not check the dominion.  Indeed, Evolution did the opposite and gave humans a licence to pillage.  Moreover, the licence exacerbated the aggressive tendencies of Homo economicus as developed by John Stuart Mill.  Influenced by Malthus and Tennyson, Herbert Spenser then united Darwin and Mill proclaiming Survival of the Fittest thereby encouraging the imperialism and economic expansionism which would plunder the planet and result in today’s environmental crises. However, the Planetary (or Oneness) Paradigm, in a third decentering, remembers that humans are part of, and not separate from, the planet as a whole and enables Homo economicus to evolve into Homo co-operans thereby creating beneficial outcomes and enabling A Shared World View.
The Advantages of Free Trade Over Tariffs Asprodites, Emmanuel M.; Block, Walter E.
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 4 No. 1 (2025): Supercardinal Accountability of Allah, Heaven, and Earth
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v4i1.92

Abstract

The term paper examines the historic conflict between protectionism and free trade, arguing that unilateral free trade is the superior economic policy. While tariffs are traditionally justified as tools to guard home industries and protect jobs, economic theory and existing evidence confirm that such protectionist behavior ultimately reduces economic efficiency, raises consumer prices, and hurts long-run growth. Drawing from the initial theories of David Ricardo and Adam Smith and Austrian economists today, the paper describes how open markets, specialization, and comparative advantage provide a win-win scenario for trading nations. Historical evidence from case studies like Britain's post-Corn Laws period and the East Asian export-led growth is testimony that countries thrive if free trade is permitted. Lastly, the evidence is in favor of the argument that free trade is not just economically optimal but also ethical, and should be embraced as a means to greater prosperity and global development.
What is Scientific Reality? Hossain, Mohammad Shahadat
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 4 No. 1 (2025): Supercardinal Accountability of Allah, Heaven, and Earth
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v4i1.96

Abstract

Scientific progress in AI, Big Data, and FINTECH has revolutionized human life but also intensified inequality, surveillance, and ecological crises. This paper argues that such contradictions arise from modern science’s separation of morality from materiality. It advances the Law of Unity of Knowledge, integrating ethical consciousness (“being”) with empirical reality (“becoming”) through circular causation. The framework, rooted in insights from Einstein, Hawking, Whitehead, and Imam Ghazali, culminates in a Wellbeing Function that links sustainability to moral-material complementarity. Applications include ethical AI in healthcare and Qur’ānic principles of trusteeship in agriculture, redefining scientific reality as holistic, ethical, and transformative
BOOK REVIEW: Principal Model of Divergence In Increasing Inequality In Thomas Piketty (Translated By Arthur Goldhammer). Capital In The Twenty-First Century. The Belknap Press of Harvard University Press Cambridge, Massachusetts London, England 2014. Choudhury, Masud
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 4 No. 1 (2025): Supercardinal Accountability of Allah, Heaven, and Earth
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v4i1.102

Abstract

The section towards the end is a focused extract from the above masterpiece by Thomas Picketty. The question raised in this partial book review is that the current egalitarian expectation of Islamic Economics, Finance, and Social Contract by shari’ah scholars is untenable in a market economy. Thereby, only an abounding rich and enforcing policy mechanism of non-democratic states can provide exogenously power-structure of such countries to institutionalize Islamic socio-economic enforcement structure, while avoiding the endogenous market process. Yet it is the latter socio-economic structure that induces the most central driving force of the Islamic worldview. That is, the endogenous induction of essential qur’anic knowledge of unity of knowledge, explained by the socio-economic structure of participated complementary in the order of ‘everything’. The qur’anic overarching meaning of maqasid as-shari’ah as the DIVINE WAY is invoked and implicated as the Law of Tawhid. This is explained and continuously sustained as the universal law of unity of knowledge induced by consciousness in ‘everything’, That is the unifying structure of pairing as the regenerative structure of ‘pairing’ in ‘everything’.
Introduction to Qur'anic Wisdwom Ali, Kausar
Journal of Critical Realism in Socio-Economics (JOCRISE) Vol. 4 No. 1 (2025): Supercardinal Accountability of Allah, Heaven, and Earth
Publisher : University of Darussalam Gontor Press

Show Abstract | Download Original | Original Source | Check in Google Scholar | DOI: 10.21111/jocrise.v4i1.103

Abstract

The human Span of Knowability is limited to boundaries defined by Logical Positivism. The Quran as a book of Knowledge is Message contents revealed from God Almighty. The messages in general may broadly be classified into two broad categories i.e. LEARNING and ACADEMIC. The text contents LEARNING in nature are set of Communication materials calling one to change of its behavior voluntarily i.e. Commanding Response appropriate to Specific Message Contents. The other broader class i.e. ACADEMIC are Text Contents that do not command change of behavior or response expressed through conscience, intents, motivations and actions reflected as ATTITUDES. The holy Quran is explored as Message Contents primarily directed to Change of Behaviour and hence LEARNING in nature. The Quranic Learning Texts are attached with dire consequences in terms of Perpetual bliss and Everlasting sufferings and hence referred as Quranic Wisdoms. The success is the result of commitment and actions in due response to such inherent Wisdoms. It provides with basic ingredients for building of Personalities. The Quranic Wisdoms are communicated through combination of Text forms i.e. MUHKAMAAT and MUTASHABIHAAT. The text contents of MUTASHABIHAAT are essentially Unknowable yet Inferable (through reason) whereas as the texts of MUHKAMAAT are direct, precise, perceptible and observable i.e. Knowable in essence. The progress of behavioral change may be evaluated amid various changing environments and circumstances presented as Quranic Templates. The effective monitoring of change observed across various Quranic Templates can be used as tools for right development of Ordinary Self leading to True Islamic Personalities.

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