The main purpose of the book “Economic System in Islam” which was written by Abul Hussain Muhammad is to compare the existing Economic system with the Islamic one.
This book is one of the many Islamic publications distributed by Ahlulbayt Organization throughout the world in different languages with the aim of conveying the message of Islam to the people of the world.
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:
- The Democratic Capitalist System.
- The Democratic Socialist System.
- The Communist System.
- The Islamic System.
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