Someone mentioned the huge success that capitalism has been for some of the major economies.

I heard Noam Chomsky speaking on Capitalism in some interview. He said that we cannot justify capitalism on the grounds that it has improved living standards. Slavery improved living standards in 19th century from the century before that. It was a huge success for the economy of Southern states in US. Does that justify slavery? Ofcourse not! He holds that communism was economically successful and that is what feared the West. They were not worried about political ambitions of Communist states but rather the resurgence of lower classes. I agree with his views and I think it provides a convincing evidence of how bad capitalism has been. Disparities in incomes in a society leads to many problems as highlighted by faisalraza.

Can anyone come up with the fundamentals of Islamic economic system?

I think Islamic system will prove to be a better solution for our battered economy.

Capitalism has its inherent flaws as seen in the recent economic crisis as a result of excessive greed. Islamic banks in Europe were reported to be the only one to escape this crisis and continued to grow. We should be thinking from a societal point of view when discussing an economic system and capitalism definitely serves the purpose of an individual.

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Whatever you do will be insignificant, but it is very important that you do it.
-Gandhi