Professional Documents
Culture Documents
SYSTEM
Continues..
So, Wealth is the property of Allah
Allah has given the right of use of
property to man
Right given to man is not absolute
but has certain limitations.
Man must use his right according to
the commandments of Allah
At this point, Islamic economics
differs from Capitalism and Socialism
Capitalism
Capitalism, as defined by the Collins
Dictionary, is an economic system
based on the private ownership of
the means of production, distribution
and exchange.
Capitalism gives man unconditional
and absolute right of property over
his health. That is why they claim of
doing what they like"
Capitalist model
Capitalist model
Pure
SOCIALISM
According to the Collins Dictionary,
Socialism is an economic theory or
system in which the means of production,
distribution and exchange are owned by
the community collectively through the
state.
Socialism denies mans right to private
property while in Islam man keeps his
right to use the property given to him by
Allah with the limitations explained above
Socialist model
The theories presented by Adam
Smith in 17thcentury created giant
entrepreneurs and a class that
struggle to live;
The unbalanced flow of wealth, very
low salaries and other ways of
clustering the wealth in hands of few
created very negative impacts on
society;
The resistance increased in society
and clashes erupted between elite
and labour class;
Continues..
The famous incidence of killing of Chicago
labour was an example of what was
happening there at these times;
The German economist Carl Marx was the
person who boosted the socialist thoughts;
The solution for concentration of wealth
and its unbalanced flow was solved by
eliminating the factors of Rent and
Entrepreneur;