Quran's proposed economic system...
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peace all,
I haven't really studied this but from what I have read so far, I believe the following economic system is advocated
A capitalist system (freedom to pursue personal wealth) in which it is a legal duty to provide for the basic needs (e.g. food/water, shelter, education) for all members of society as well.
2215, 597 amongst other signs.
Any thoughts?
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1317 He sends down water from the height causing the riverbeds to
flow according to their measure and the flood bears on its surface
swelling foam. And, when they use fire to refine metals for their jewelry
or equipment, foam is produced like it. In this way, God is citing for you
the example of the truth and Falsehood. For, as far as the foam is
concerned, it passes away as scum upon the riverbanks - While what is
of benefit to mankind, abides on earth. This is how God uses analogies
for you to understand.This is the basis on which Mankind must focus according to the Quran.
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Uptil now my reading also points towards a balanced system (capitalist/socialist and getting the best out of them both). I'd be interested in more discussion of details and how it can work practically.
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Peace
How does islam advocate capitalist system when Quran prohibits to have beyond needs. -
Peace Wakas,
When people run a company or do whatever, at the moment, the whole society is focussed on profit for themselves. So the purpose of products is based on making profits, the purpose of companies is focussed on making profits.
Imagine if companies created products to BENEFIT Makind, imagine companies that are focussed on benefitting Mankind as the goal of their company.
Imagine people who's deeds are focussed on benefitting Mankind.
This was the revolution the Quran brougth to humanity, it shifted their focus towards benefitting mankind.
Imagine governments that are focussed on benefitting Mankind. Do not forget one of the Hajj-Conference's uses is also to trade, the Hajj-conference itself is meant to cure the problems of mankind (HJJ also was used for probing headwounds to cure them).
Everything we do, EVERYTHING in our lives, should be based on benefitting Mankind. This is the true way to Jannah, Paradise, on Earth. This will create a society on Earth that will be unimaginable.
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peace all,
Arnold, are you saying the system I discussed as long as the company/trade/business/etc is to do with benefitting mankind? I understand the point and agree to an extent because nothing obviously harmful would be Quranic anyway.
Humble, 2219 is to do with giving what one can spare / the excess, and this is for the individual to determine. If it was purely needs based and nothing else, then wills would be moot, and the post I referenced would be contradictory. Savings are allowed as long as one does not excessively hoard.
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peace all,
Humble, 2219 is to do with giving what one can spare / the excess, and this is for the individual to determine. If it was purely needs based and nothing else, then wills would be moot, and the post I referenced would be contradictory. Savings are allowed as long as one does not excessively hoard.
There must be some standard to determine what an individual's need is and what not.If it is left on each individual then there will be no limit for it.
If a person says 10 factories and 5 palaces are my need ,is this acceptable? Who is going to determine ? -
I think you've misunderstood me.
In my original post I said there would be a legal duty in place to ensure the basics were provided, which would be legislative.
You then dicussed what we should spend i.e. give the excess / what we can spare. That to me refers to an individual giving charity, not to state affairs or legislation.
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peace all,
I haven't really studied this but from what I have read so far, I believe the following economic system is advocated
A capitalist system (freedom to pursue personal wealth) in which it is a legal duty to provide for the basic needs (e.g. food/water, shelter, education) for all members of society as well.
2215, 597 amongst other signs.
Any thoughts?
If you follow the Quran version that "spend whatever is beyond your needs' cannot allow 'freedom to persue personal wealth".
Both of these statements are contradictory.
To implement this quranic decree you will have to legislate.Then there is "No freedom to persue peronal wealth"Dear Wakas
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Dear Humble,
If you follow the Quran version that "spend whatever is beyond your needs'...
First, I think the statement in 2219 needs to be clarified. The statement is, they ask what they should give/spend, the answer al AAafwa.
From PRL http//www.studyquran.co.uk/PRLonline.htm
"afwun - forgiveness, indulgence, surplus, superfluity."
Exact form occurs in 2219 and 7199.I did a brief study of "yunfiqoona" (they spend/give). I found the usage interesting in 3134 (discusses giving/spending in times of prosperity as well as hardship), 954 (seems to imply a requirement to give/spend in the cause) and 9121 (implies what one can give/spend could be small or large). Also see 2215 in which it says "what they spend/give min/from khayrin/goodness" implying not everything one can spend on is on such things.
But I would agree that the usage in 2219 seems to be accurately rendered as "the excess/superfluous", but it doesn't explicitly say "whatever is beynd your needs" although that is one way of interpreting it. The way I see it is give/spend whatever is the excess/superfluous once you've met your needs and that can include saving some of it etc (see the link given to Faith). We are reminded not to give/spend excessively too.
Thus, there is no contradiction in my view thus far.
Interestingly, 'al quran' seems to imply it was a requirement to spend in the cause BUT it did not set the amount. In practice, this would be not what we're used to, so sounds awkward at first, and perhaps it was this reason that the Traditional Muslims set a fixed rate, e.g. 2.5%
It would be interesting to see if there has been any Quran based articles written on this.
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Dear Humble,
Thus, there is no contradiction in my view thus far.
Dear
There is a clear contradiction not in your statements rather between your statement and Quranic statement.
You saidpeace all,
I haven't really studied this but from what I have read so far, I believe the following economic system is advocated
A capitalist system (freedom to pursue personal wealth) in which it is a legal duty to provide for the basic needs (e.g. food/water, shelter, education) for all members of society as well.2215, 597 amongst other signs.
Any thoughts?
Encyclpedia defines this captalism as
Capitalism generally refers to an economic system in which the means of production are all or mostly privately owned and operated for profit, and in which investments, distribution, income, production and pricing of goods and services are determined through the operation of a market economy. It is usually considered to involve the right of individuals and groups of individuals acting as "legal persons" or corporations to trade capital goods, labor, land and money (see finance and credit).
Ref http//en.wikipedia.org/wiki/Capitalism
Whole economy of the Capitalism is based on the private investment which needs money.
Quran orders
2219
219 O Rasool! your companions ask you about the use of those things which benumb the human intellect e.g. wine etc. and about easily acquired money. These things are beneficial to some degree but the damage they do is far in excess of the benefit.They also ask you as to how much they should spare for the help of others. Say all that is surplus to your needs (7/199).
In this way Allah makes His Laws clear to you so that you may reflect upon matters relating to this world as well as the Hereafter.
Ref Exposition by GA Prewaiz.
A person who spends "All" beyond his needs is capable to do investment in private sector and erect factory after factory ??
If you do not call it as contradiction ,then giveup -
Firstly, let's stick to what the verse actually says. I already discussed it.
Secondly, please address the questions/points I raised.
The way you word your responses is a little awkward for me to understand precisely...
I think you are saying since one must spend all surplus beyond their needs then they would have no money left to invest, thus a capitalist system as defined by the reference you gave could not take place?
