Profile picture
, 4 tweets, 2 min read
My Authors
Read all threads
The Muslim world led in scientific knowledge in its first few centuries, but then declined to its current lows.

Why did the decline happen?

I highly recommend this fascinating new book by @prof_ahmetkuru on the topic
/1

amazon.com/Islam-Authorit…
Main thesis: decline started with the "ulema-state alliance" that "prevents competition and creativity".

Science flourished when there was space for critical and independent thinking - with scholars taking pride in their independence from state.
/2
Fast-forward to today, and things are very different. From Iran & Saudi Arabia, to Pakistan, there is a pattern.

The clerics with state support stifle free speech, critical thinking and hence creativity.

Societies stagnate, and science cannot flourish in such an environment
/3
For scientific thinking to have a chance, the state will have to extricate itself from the clutches of dogmatic clerics ... but chances look slim right now.

Here is the author Ahmet Kuru talking about his book
/end

Missing some Tweet in this thread? You can try to force a refresh.

Enjoying this thread?

Keep Current with Atif Mian

Profile picture

Stay in touch and get notified when new unrolls are available from this author!

Read all threads

This Thread may be Removed Anytime!

Twitter may remove this content at anytime, convert it as a PDF, save and print for later use!

Try unrolling a thread yourself!

how to unroll video

1) Follow Thread Reader App on Twitter so you can easily mention us!

2) Go to a Twitter thread (series of Tweets by the same owner) and mention us with a keyword "unroll" @threadreaderapp unroll

You can practice here first or read more on our help page!

More from @AtifRMian see all

Profile picture
Atif Mian
@AtifRMian
One potential risk facing advanced economies is "deflationary pressure".

In the near-zero rate environment, central banks already had a tough time meeting their stated inflation targets.

The figure shows cumulative deviation from respective targets.
/1
Over the last five years, average inflation has been below target for all major CBs.

The strongest evidence comes from Japan, that has been in this predicament the longest.

The Covid crisis is likely to make this even more difficult.

Why does it matter?
/2
The level of debt has never been higher in the world - and that is a major issue.

One way to reduce the real burden of debt gradually over time is moderate inflation.

We need moderate targeted-inflation in advanced economies. And that might be a challenge in the near term.
/end
Read 3 tweets
Profile picture
Atif Mian
@AtifRMian
Saudi Arabia's (SA) economy is caught between a rock and a very hard place.

There are two immediate issues:
(i) SA needs oil price of 70+ to break-even fiscally, i.e. to cover all of its government expenditure.
(ii) SA has an exchange rate pegged to the US $

1/
With oil price in the 20s, SA is running a huge deficit and burning through its reserves.

This is not sustainable unless oil price rises sharply soon and then stays there.

But that's unlikely, given a looming global recession and a world moving away from combustion engine.

2/
So what gives?

If SA had a flexible exchange rate, it could devalue Riyal. This would help cut down its imports and make it more attractive for locals and outsiders to invest in the non-oil sector. SA could also have run an independent monetary policy.

3/
Read 7 tweets
Profile picture
Atif Mian
@AtifRMian
The chickens have come home to roost.

China’s lending to some of the most fragile countries was poorly structured and often not in the best interest of recipient countries.

I will spell out the issues

1/
ft.com/content/5a3192…
The timing of BRI was driven by Chinese self-interest: a country with massive surplus savings, needed new places to invest post-2008 as US could no longer receive as much as before.

So China turned to weak countries that it had influence over.

2/
The weak country leaders saw this as an opportunity to quickly show case some “flashy projects”.

There was no due process. For example, Chinese State-owned enterprises (SOEs) were both lenders and contractors - a situation rife for over-invoicing to boost Chinese returns.

3/
Read 8 tweets

Embed code for your website

×
Follow Us on Twitter!

Did Thread Reader help you today?

Support us! We are indie developers!

This site is made by just two indie developers on a laptop doing marketing, support and development! Read more about the story.

Become a Premium Member ($3.00/month or $30.00/year) and get exclusive features!

Become Premium

Too expensive? Make a small donation by buying us coffee ($5) or help with server cost ($10)

Donate via Paypal Become our Patreon

Thank you for your support!