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The market capitalism and the economic system of Islam share some similarities and differences
Finance & Accounting
Pages 15 (3765 words)
Name Professor Subject Date Introduction The market capitalism and the economic system of Islam share some similarities and differences. A system is defined as the functional components that collectively make certain sectors of the ethic- economic order work (Choudury and Malik 15).
The price mechanism is used as a signalling system distributing resources between the different market participants and users. Under the market capitalism, the workers are free to enter and are free to exist and they are at their will to earn and expand their earnings as they wish to. Market capitalism largely also relies on the political authority to develop, provide and regulate the market rules and regulations so that they encompass all related societal costs and benefits. Both systems share that an individual is entitled to keep private property, the provision of social security and economic freedom. However, it is a strikingly interesting that the economic system of Islam only allows the use or control of private property and at the same time strongly discourages applying the concept of ownership. Under the economic system of Islam and Islamic finance which have gained roots in the global finance recently (Asutay 3), the right of ownership is the exclusive prerogative of Almighty Allah and humans are only allowed to establish and exercise the control o f the private property. The economic system of Islam also suggests the state or government is responsible to provide social security to the masses and develop such employment policies so that the masses can easily access to the basic human needs. ...
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