Accountancy Forum

After the failure of Socialism some economists said that the capitalism shall also diminish or fail very soon. In some European countries research is being made on new economic system.

In 1940 the great Islamic Scholar Maulana Maududi (R.A) Said

"Eik waqt ane wala ha jab ishtrakiat (Socialism)ko Masco aur Lennon Grad main panah na mile gi aur sarmayadarana ) jamhoriat(Capitalism London aur Washington main buch na sake gy"

His prediction became reality when the sculpture of Lennon and Carl Marks were abolished by the angry crowd in Russia.

But the downfall of Capitalism will not so simple as was of Socialism.
Today some economist say that the capitalism is falling. I throw this question toward all members for their comments that indeed the capitalism is falling or diminishing.


Regards,

Awais Aftab

Posted - Jun 16 2009 80120 PM
Socialism was bound to fail because of its inability to make rational economic decisions...but thats not true for Capitalism.

The definition of capitalism and socialism varies from country to country. Americans consider Sweden as a socialist country...which according to our standards is a capitalist country.

The interesting question is that, is there any alternative to Capitalism and Socialism? I read "Ma-aashiat-e_Islam"(The Economics of Islam) written by Maulana Maududi (R.A) , but i didnt find any alternative.

Dear Safwan Arshad you are right that socialism and capitalism are not found in their real essense anywhere in the world. But keep in mind that these system will be more harmful for humanity in their real essense.

As far as you view is concerned regarding the alternatives not only Maulana Maududi but also other Islamic scholars have mentioned a complete scatch of Islamic economic system. Islamic scholars do not have view of abolishment of interest based economic system but a transissional time period will be allowed for conversion of economic system from interest based to interest free. For instance after islamic resolution of Iran in 1979 a transissional period of some years was allowed for implementation of complete islamic economic system.

Regards,

Awais Aftab