ভূমিকা

Shiavault - a Vault of Shia Islamic Books Economic System in Islam Compared with Capitalism and Socialism Introduction In the Name of Allah, the Most Beneficent, the Merciful The following points should be considered as a prelude to our discussion. It is of utmost importance to differentiate between two concepts, namely, the economic system and economic science.

The former, that is the economic system, deals with the best ways dictated by an ideology, to provide and safeguard national welfare and justice among people; while the latter, that is economic science, is concerned with natural laws which govern economic operations and transactions, independent of justice. For instance, take the laws of "supply and demand." It is observed that when demand on particular goods is increased, its price will increase accordingly.

Then the rise in the price will effect the demand which contributes to the price decrease. This is a well known law in the science of economics which can be applied or observed in any economic operation, irrespective of the economic system prevailing in the society. But if we took the concept of possession, we find that Capitalism is centred about private ownership: Socialism proclaims collective ownership; while Islam neatly balances the interests of individuals and society.

Islam has its unique and independent system which shall be dealt with in time. The main purpose of this article is to compare the existing economic systems as it is defined by the title. The comparison is based on doctrinal grounds. The following systems shall be examined in sequence: a. The Democratic Capitalist System. b. The Democratic Socialist System. c. The Communist System. d. The Islamic System. The Democratic Capitalist system is followed by countries like America, England, France.

It is needless to say that the evils of this system has made its advocates retreat from many of its values, ideals and laws. It is not astonishing to hear cries of socialist measures, such as national health service, free education etc. It is then not surprising at all to find France and England claiming to be Socialist countries! The Democratic values in these countries have been challenged to whether they actually achieve social justice, and reflect the society's opinion as a whole.

It actually fails the test of securing true representation of all people and protect their interests without some sector being victimised.