Critical Analysis of Capitalism Socialism and Islamic Economic Order (An Old and Rare Book)

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Economics is a social science which deals with the production. exchange and distribution of wealth for the benefit of individuals. groups and society as a whole. Since respective interests of individuals and groups involved in economic pursuits differ materially from the collective interests of society as a whole, three different economic systems can possibly evolve and develop as a consequence:-

1. A system laying undue stress on the interests of individuals and groups at the expense of society as a whole:

2. A syetem laying undue stress on the collective social Interests at the expense of individual's basic human rights and freedoms:and

3. A system advocating a via media between these two extremes.

Human society has actually adopted and practiced each of these three systems for long in different countries at different times; and each has left its indelible imprint on history, which no sensible student of economics can overlook or ignore.

Capitalism is an economic system which lays undue stress on individual self-interest for historic reasons. Human economic endeavours began as struggle for existence and survival by individuals fully occupied in discovering and adopting ways and means to satisfy their own wants. They had no leisure or inclination to seek other's comforts or attend to social demands. Consequently the economic system that sprang up by itself under such circumstances as a wild growth developed untrimmed. grasping practices which benefitted some individuals at the expense of others. By constant usage these practices became economic norms, and vested interests secured their legal sanctions. Classical economists pruned and dressed a jumble of these practices to present them as an economic system, in which capital dominated over other factors of production. So it acquired the title of capitalism.

Capitalism exploited the labouring classes and the consuming public ruthlessly during the last two centuries, and gradually became a target of general indignation. Cries for social reforms gave birth to a socialist movement, which produced many leaders.

Amongst them was Karl Marx, the father of modern socialism, who worked methodically. He formed a Communist Party and issued a Communist Manifesto, to overthrow the capitalist class by dint of hatred aroused by his party in the minds of the labouring classes. He failed in his lifltime, but his followers succeeded under Lenin in establishing a socialist state in Russia. Within half a century U.S.S.R. became a mighty empire challenging U.S.A.In all político-economic spheres, and Socialism has by now consolidated itself as a full-fledged rival economic system, goading its followers to the other extreme. It holds its sway over almost half the world. Capitalism and Socialism both have their good points and bad ones but they cannot be properly grasped without studying them in detail. in their own atmosphere. It is not possible to conduct such critical studies in countries like Pakistan, which lack necessary litrature and true atmosphere. A visit to and a long stay in the countries of their origin are indispensible. It was England which laid the foundations of modern capitalism and became the leader of industrial revolution in its haydays.It was England again which gave refuge to Karl Marx and allowed him with his friend Frederick Engels to preach their cult from that country till they died. There-fore, the undersigned visited England and stayed there long enough to complete his critical analysis of both Capitalism and Socialism within that country. Freedom to visit U.S.S.R. for collecting first-hand information was not available. So the undersigned could peep through the iron curtain only from a distance.

The third economic system can be that of a via media between these two extremes. This middle course is cherished much by the under-developed countries of the Third World, which are hemmed in on either sides by capitalism and socialism ready to pounce upon them. Unfortunately these terrified and bewildered countries do not know what that via media is; vested interests hold their sway in these countries and their intellegentsia is imbacile. However in this Third World there are Muslim countries which claim that the "Via media was revealed unto their Holy Prophet Mohaminad (peace be upon him) who introduced it fourteen centuries ago, and it worked for long.

The Muslims claim that the principles and some details of this Via Media are preserved in the Holy Quran and Sunnah, which can be applied to modern economic situations to benefit the Muslim World. There is a fresh awakening in Muslim countries to rediscover and renovate the Islamic Economic Ideology and the last three decades have seen some brisk activities in that direction.