My lecture video on the ‘Islamic Economic System – the solution to poverty’ is up online.
In it, I take a look at the existing world economic systems, and highlight the causes of poverty and deprivation caused by the Capitalist system, and why it is the cause of these problems from its very philosophical basis; A basis that ignores distribution of wealth in favour of maximisation of production in the hope of everyone getting a share. This principle alone has caused untold death, wars and occupations as Western governments are compelled to feed the insatiable ravening economic monster they have created, or risk economic collapse at home.
I also look at how Communism fails to provide an alternative solution to the problems inherent in capitalism, based upon it’s fundamentally flawed philosophy of assuming humans to be purely materialistic, yet self-sacrificially altruist, and the problems putting this into practice.
Finally, I give an introduction to Islamic Economics, looking at Islam’s alternative perspective and rational philosophy when treating the human economic problem. I examine iIslam’s rational principles for organising an economic system which focuses on distribution first, and the clear cut solutions it offers to achieve the universal satisfaction of human needs. Finally I demonstrate practically how Islam can be implemented under a future Islamic system (Caliphate) – with examples taken from Islamic history showing prior successful precedence. It will surely be observed that what can be achieved successfully despite medieval limitations, can be far easier to achieve by using modern technology – and perhaps with a revived Islamic civilisation – newly developed technology by Muslims.
Categories: Economic System, Islamic Economic System, LECTURES, The Muslim Debate Initiative
JazakAllahu Khayr for this interesting and informative lecture. Two questions have come to my mind about a couple of the issues that you mentioned (although please bear in mind that I have only a rudimentary knowledge of economics):
1. You critiqued the Capitalist conception of the individual as the “economic man” whose actions are motivated solely by their desire to pursue happiness, by pointing towards Philanthropy as an example of an action undertaken by individuals that has selfless motives. Yet, I believe the Capitalists have responded to this contention by arguing that even acts of Philanthropy can be seen as consistent with the idea that human actions are motivated by self-interest – people give to charity, for example, because it makes them feel good. Would you disagree with this?
2. Is not a potential drawback of a money supply being on a (bi-)metallic standard that a government may not be able to significantly increase or decrease the money supply, in a situation where that might actually be very helpful or indeed needed?
Can you put the lecture in hard copies i.,e., in writing? It would provide more benefits for the myriad.