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What represents the best economic system? Socialism seems like an ideal that never quite works. Some element of privatisation and foreign investment is crucial for the functioning of any economy, giving all control to the state just inflicts more govt. imposed tyranny and takes power away from the corporations and private investors and hands it to the state. Capitalism on the other hand gives full power to the private investors and to a bunch of greedy people at the top. However, the argument is often made that the rich create jobs for the poor in a capitalistic environment, whereas in socialism, where the rich are taxed very heavily, they just won't employ as many people and you'll just have many unemployed people. So what represents the best system? Also, a lot of people seem to blame capitalism for a lot of wars we face, but I don't know if private corporate interests can be blamed for that entirely, because Ron Paul is a hard-core advocate of free market economy and smaller governments, but he is also very isolationist and libertarian on foreign policy, so I'm not sure you can blame capitalism for that. 

Edited by Mohamed1993

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Islamic system:

1. Allows private business owner to do business. 

2. Government maintains parity in market through public response and installs it's own businesses to increase competition and lower inflation.

3. Everyone is levied taxes according to their wealth.

4. Every individual is allowed in job as long as he or she has capability to perform.

5. Basic needs of impoverish class such as widows, orphans and jobless are met. No one may sleep hungry or without a shelter and without medicine. 

And so on so forth.

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It's an imperfect world; there will never be an ideal system.

However, socialism within democracy will distribute the power better than other systems. Power corrupts, but peer and voter pressure to not be corrupt will help.

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15 minutes ago, Hannah 43 said:

 Being human they create hell.

There is no system that works perfectly. We just do the best we can. 

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5 hours ago, Sindbad05 said:

Islamic system:

1. Allows private business owner to do business. 

2. Government maintains parity in market through public response and installs it's own businesses to increase competition and lower inflation.

3. Everyone is levied taxes according to their wealth.

4. Every individual is allowed in job as long as he or she has capability to perform.

5. Basic needs of impoverish class such as widows, orphans and jobless are met. No one may sleep hungry or without a shelter and without medicine. 

6. The Islamic system also discourages people from becoming rich, thereby thwarting a gradually increasing gap between the rich and the poor.

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9 minutes ago, Reza said:

Public ownership for what's essential, private ownership for everything else. 

I really like this idea, but how do you decide what is essential? In 1900 neither electricity nor indoor plumbing were considered essential. In 2000 cell phones were a luxury item, but now they are essential enough that people on welfare are sometimes able to get a free basic phone and limited service. 

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The problem with laissez faire is that it is really crazay faire. A disorderly free-for-all in which the crooked and criminal win.

The problem with socialism is gov't is glacial, parochial and abhors innovation before corruption and extortion are even factored in.

No matter what system is designed, a stable banking and credit system has to be maintained.

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1 hour ago, baqar said:

6. The Islamic system also discourages people from becoming rich, thereby thwarting a gradually increasing gap between the rich and the poor.

That's a new one. Nowhere is it mentioned that it is haram or even makrooh to be rich, as long as you do your obligations such as zakat and khums then there is no harm in owning a successful business and being rich.

Some of our hadiths also encourage lavish spending on certain items, such as perfumes.

It's like you want people to impoverish (is that the word?) themselves, and in fact that might be haram.

Edited by E.L King

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3 minutes ago, E.L King said:

That's a new one. Nowhere is it mentioned that it is haram or even makrooh to be rich, as long as you do your obligations such as zakat and khums. 

Some of our hadiths also encourage lavish spending on certain items, such as perfumes.

Charity is very encouraged, and lavish spending decreases/redistributes wealth.

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Just now, notme said:

Charity is very encouraged, and lavish spending decreases/redistributes wealth.

So because charity is encouraged, then being rich is dicouraged? That's not how it works. There's no contradiction, I can be very rich and also very much giving to the poor. You might imagine that is difficult, but I know family friends who are extremely stacked up yet are impeccable believers who also happen to pay a lot of charity.

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Islam gives you a set of principles and rules/guidelines, and it is up to the state to set up a system that upholds these principles and rules.

For example, there is no Verse or hadith which explicitly says "medicare for all" - but we know for example that allowing a person to die or suffer when we could have helped him/her is haram and sinful. 

So then the state would have to come up with the best possible healthcare system to ensure that people do not die when they could be helped.

Edited by E.L King

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1 hour ago, Reza said:

private ownership for everything else

Not including water, electricity, energy, trash and other natural and renewable sources. All of that should be made public to the people and for every investor that invests in these public companies; Their money should fund social security. Everything else should be private.

Edited by Gaius I. Caesar

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2 minutes ago, Gaius I. Caesar said:

Not including water, electricity, energy, trash and other natural and renewable sources. All of that should be made public and every investor's money should fund social security. Everything else should be private.

I'd like to see everyone provided basic housing, food, education, and necessary medical care, in addition to utilities and infrastructure. 

 

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1 minute ago, notme said:

I'd like to see everyone provided basic housing, food, education, and necessary medical care, in addition to utilities and infrastructure. 

Me too, I would add one more thing, Strict poverty control laws. Should be illegal to be under the poverty line. It's absolutely unnecessary for people to live under such circumstances and conditions.

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2 minutes ago, Gaius I. Caesar said:

Me too, I would add one more thing, Strict poverty control laws. Should be illegal to be under the poverty line. It's absolutely unnecessary for people to live under such circumstances and conditions.

Same as I asked Reza above, who determines what is poverty?

I think as long as everyone is adequately fed, housed, protected from illness and crime, and has access to education, and is in a stable financial situation, nobody is poor.

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2 hours ago, notme said:

There is no system that works perfectly. We just do the best we can. 

With all its injustice the best system to raise workers living standards. It is not hard to pick the free enterprise system. No one is trying to go move to North Korea are Cuba. 

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Are you saying that someone who is into drugs does not wish to work. Should steal the money from someone who does not use drugs and works very hard for his family. The Koran teaches one to be righteous. Not to take drugs

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1 hour ago, E.L King said:

That's a new one.

Not really!

Staying by the sunnat of our Holy Prophet (pbuh) and Imams (as) is true Islam, in which case, wealth is not a very good idea.

Jesus put it very succinctly "It will be easier for a camel to pass through the eye of a needle than for a rich man to enter the gates of heaven."  

Just think of that!

Edited by baqar

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27 minutes ago, Hannah 43 said:

Are you saying that someone who is into drugs does not wish to work. Should steal the money from someone who does not use drugs and works very hard for his family. The Koran teaches one to be righteous. Not to take drugs

What? Who do you think said that? Who are you talking to? I don't understand.

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I imagine the the ideal economic system is one that's embedded with other systems, on a global scale that isn't extreme towards capitalism (in the US for example, the extreme case), nor entirely Socialist (China the other extreme case), but the best of both worlds, or elements in both. And doesn't leave a part of the world out, or steal from one place and horde it. 

It must address health, taxes, education, population, subjective ethical/normative practices/beliefs, food/resources and other systemic issues, while maintaining some balance.  Maybe it's not the ideal, but perhaps more efficient than the current prevailing system.  Perhaps this one I'm envisioning coincidentally aligns with Islamic guidelines, but I wish I was more learned on the subject of Islamic finance/economics.

This system may require that the world realizes quality of life for all, is more important than quality of life for just a select few, creating a gap that perpetuates what seems to be periodic/continuous war.  So once again, I'm not answering the question because I'm hoping in my scenario humankind experiences a moral/ethical evolution over a technological one.

Probably doesn't really answer your question since I think of Ideal as also practical.

Edited by wmehar2
more detail/grammar

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3 hours ago, Hannah 43 said:


socialists try to create paradise on earth. Being human they create hell.
Only Allah can create  paradise  not humans
 

Democratic socialism is like saying democratic rate we get the vote to take other people's property. You can always get people to vote to take other people's things

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59 minutes ago, Hannah 43 said:

Are you saying that someone who is into drugs does not wish to work. Should steal the money from someone who does not use drugs and works very hard for his family. The Koran teaches one to be righteous. Not to take drugs

Mashallah. What is happening I come to this site for my love of Allah the holy Koran.
And I find myself talking silly politics.Astaghfiru lillah. Maybe I'm just getting too old. Forgive me

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