Salaam,

Damsel, I appreciate your fervour about the discussion. Let me continue the race...

Well Madam, you must agree to the fact that it failed in Russia and is responsible for its disintegration. People of Russia suffered pathetically sick economic conditions during that system. (You can refer the Encarta Encyclopedia for it)

I don't really know how do you define "beneficial to mankind". Capitalism gives more to man, comparative to communism. Man, by his instincts... doesn't want equality. You don't want the poor to be equal to you. And if something like this happens, who will work at the place of the poor? There has to be a class differences for healthy growth of societies. Some have to rule and some have to be ruled.

And yes... as Shams suggested, man is greedy, he wants more... capitalism gives him more! (good point shams)

Communism is concentrated on the needs of people rather than their efficiency. Hence... it gives rise to mediocrity and inefficiency. People don't work and take away their salaries. (This is what I call communism)

There is no use fighting over the disintegration... it was one of the consequences of that economic system. (:P)

According to your assertion.. China developed its economy on the basis of communism and turned semi-capitalist, recently? I want to ask you if China is such a stupid to switch over to Capitalism from your ideal system?

Communism is not similar to Islamic System. Islamic System allows you to hold your possessions however communism doesn't do that. You can't own anything, what the heck. It means you have no chances to rise in life. There is no competition.. there is no life!

Regards,
Adil Memon

I guess, it would be enough for you now. Its really hard to make women understand things :P.

[QUOTE=Saba]My good reason for communism

I don’t agree that communism is a total failure…….infact it’s not a failure at all…. It never collapsed…..n it’s the only system which is beneficial for the whole mankind. On the contrary, Capitalism is the root cause of detriment among the masses.

Now to justify my claim….I need to glance at some chronological facts……

According to some analysts, existence and implementation of communism was the core origin for the downfall of Russia. I don’t fall in with their statement….. [to some extent it’s true]…but it was not the communism which drove her to such repercussions….It was their political system that must be held responsible…and there is a significant difference between a political system and an economic system….Russia had single party rule [dictatorship]….n we all know the shortcomings of monocracy … we r its victim…..When a ruler of a country tries to impose single party rule then that’s actually a deterioration epoch for the people of that state….and this is what happened in Russia… Infliction of any system with totalitarianism can never flourish...and secondly Russia engaged herself in the race of weapons, ignoring her main track of development......Russia was revolutionized in 1919 and after civil war in 1924, she became the world’s most powerful state….It was all the mercy of communism…..Rapid development took place in country and that’s how future of Russian took a U-turn towards development. While USA who got her freedom sometime in 1870, took centuries to become the giant of this world….this is all because of communism …that Russia was on the peak with such short span of time…..We have got another example of Chain……though now China is a semi capitalist state but she owes all of her initial development to this communism….

Communism is similar to Islam……The concept of surplus value is what Islam preaches us…We can’t deny this fact…….Communism was never a failure… some external factors actually made it a failure….but keeping those factors constant [because those factors are never recommended] it’s the best economic system we can have……[/QUOTE]

Communism
A class less society , where depriviation wont be encouraged as a "PIE IN THE SKY !". We live in this world and we need to have an equitable distribution of all material goods.
regards

Salaam,

Pyromaniac: I appreciate your concerns in this regard.

I am personally of the opinion that we can't live in a world of class-less societies. I have tried to explain my understanding in the previous posts. However I look forward to see if you could convince me with your ideas.

Regards,
Adil Memon

@ Adil Memon
 

AOA.

I appreciate your arguments regarding capitalism.
Actually we have not been able to achieve a perfect economic system yet.(economic recession proves the point)
both capitalism and socialism have flaws..for sure capitalism is better than socialism and communism.

Islamic principles can help us to remove these flaws.

[LIST][*]capitalism is based on interest..which is the major cause of increasing gap between rich and poor.[/LIST][LIST][*]due to paper currency, market remains unstable[*] china is acquiring gold from all sources in exchange of dollar(paper currency) and have plans to switch its foreign exchange in real money(gold).[/LIST][LIST][*]sir the meeting of states men of major Asian country decided to switch over to gold for foreign exchange reserve and trade.[/LIST][LIST][*]capitalism has changed our values; every person in this epoch of history values money.[/LIST].[LIST][*] for every minor to major necessity people have to depend on money..70% of our education is provided by private sector ..same is the case with HEALTH, even SECURITY is provided by private security companies...growing trend of privatization proves my point...off course privatization of telecommunication sector was a success. but education,health and security are prime responsibilities of a state.[/LIST][LIST]By equality we does not mean that every one should have same car or salary it means that every one should have equal opportunities to make their life better..opportunities should not be dependent on money.[/LIST][LIST]Children of one should not die due to lack of money(there are examples if we are seeing one)[/LIST][LIST]Tax collected in our system is bound to spend on ares like model town or defense, areas of tax-evaders[/LIST][LIST]ZAKAT-Tax address poor people of a community and maintains necessary equilibrium..evade poverty , jealousy and crime.[/LIST][LIST]increasing difference gives way to terrorism and freedom movements[/LIST][LIST]Much can be said but i have made my point[/LIST]

Regards
TE-ENG.FAISAL RAZA

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.

Hello :)

I reckon that both Communism and capitalism could not deliver and failed.Communism was imposed at the point of gun so it proved to be bloodiest social experiment.Capitalism after the destruction of Communism followed a deregulated model and wreaked social and economic havoc across the world that in turn led to the economic crunch of 2009.

A recent survey conducted by BBC across 27 countries showed that only 11 per cent said that free market capitalism is working well.almost one quarter believe that it is fatally flawed.Most want more public ownership and intervention in the economy.

I think we need a new and better model that really works and delivers .


Regards

faisal raza,

i wrote all that nearly 4 years ago when i was building up the basic concepts about things. i am amazed at how aggressive i was in making my point. :)

i may not hold the same view today. so there is no point in defending it. thanks for reading.

regards,

[QUOTE=Adil Memon;154727]faisal raza,

i wrote all that nearly 4 years ago when i was building up the basic concepts about things. i am amazed at how aggressive i was in making my point. :)

i may not hold the same view today. so there is no point in defending it. thanks for reading.

regards,[/QUOTE]
@ adil
nice shift brother......i checked the dates and was about to ask u for posting the ur updateted view. Good u came at the right time.