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Finance & Accounting
Pages 6 (1506 words)
Question 1: Modern world is based upon the principles of Capitalism while communism was once considered counterpart to capitalism but sooner it failed to maintain its egalitarianism. Besides capitalism and communism, Nowadays Islamic principles and Islamic economic system has gained popularity among nations…
In capitalism individuals have more choices where individuals are free to make decisions about their life, family, political involvement and business. In socialism individuals are not in control of their own decisions. In contrast to capitalism and communism; Islamic system also allows free decision making to individual until Islamic teachings and principles are not violated. In Islamic economic system individuals are required to take care of Islamic norms and values that do their actions and decision justify Islamic teachings or not? If individual’s actions are acceptable according to Islamic values only then individuals can decide freely. Information provision in capitalism is not free but has certain cost. In capitalism government does not provide information, it is assumed that information is out there in the market while individuals are required to explore market and extract information. Though information is available in the market but it encourages exploitation of individuals who are not well aware of the prices. In contrast to capitalism; in communism and Islamic system information is freely provided to customers by the government. Under these systems government believes in protection of consumer rights and consider it the responsibility of state to keep people aware of market prices. Since capitalism delegates liberalization hence individuals have every right to own property. ...
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