Everand Logo

Welcome to Everand!

  • Discover millions of ebooks, audiobooks, and so much more with a free trial

    Only $11.99/month after trial. Cancel anytime.

    Economic Systems: Human Thoughts vs. Sharia Law
    Economic Systems: Human Thoughts vs. Sharia Law
    Economic Systems: Human Thoughts vs. Sharia Law
    Ebook92 pages1 hour

    Economic Systems: Human Thoughts vs. Sharia Law

    By Maher Kababji

    3/5

    ()

    Read preview

    About this ebook

    in order that an organized body of knowledge might be classified as science, its hypothetical law must be based on facts. unlike any other social science, fallacies are the root of the technique of thinking in economics. by the lapse of time theses fallacies have been blindly accepted as if they represent a part of the natural life which people have to live with. the outcome is that present economic systems failed to realize prosperity.
    viewing inflation as an unavoidable phenomenon is a major pitfall in economic thinking. inflation is the root of all evils. it is behind economic instability, financial crises, growing poverty, and concentration of wealth in few hands.
    viewing present money as a valuable commodity helps expansion of the role of money beyond its scope of function and makes money loose its characteristics as a medium of exchange. Money is employed to restrict output growth through applying international and national controls over issuance of money. Output growth becomes dependent upon availability of money. money is used to play an inflationary role via excessive expansion of money supply to pay interests, taxes, speculative gains and illegal earnings. it looses its reliability as a measure of value and its honesty as a store of value. an alternative closed monetary system based on viewing money as just a valueless medium of exchange introduces a different approach to the theory of money.
    present financial systems have ghastly impacts on societies. An alternative profit sharing financing system is presented to replace present banking system and financial markets.
    a financial security system is introduced to sustain all members of society at or above a specified material standard of living and to ensure sufficiency of public revenue to finance public services with no need to borrow money or seek foreign investments. it is presented to replace present public finance system, welfare policies, and redistribution systems.
    failure of man-made systems to realize prosperity makes it necessary to review the foundations on which present economic systems are based, and to look for an alternative system based on principles set by the Creator of people.
    The analysis in this book proceeds in five chapters. each chapter introduces a different economic topic; productive activities, financial activities, redistribution system, financing system, and monetary system. while the first two chapters are concerned with the many activities undertaken in relation to wealth, the last three chapters are concerned with the economic system that organizes the ways by which available resources are utilized. each chapter explains how present economic principles are implemented with regard to the subject topic, highlights the pitfalls in economic thinking, and illustrates the related ideological viewpoints of Islam supported by the verses of the holly qur’an and the sayings of the Prophet (pbuh). each of the last three chapters introduces an alternative system based on sharia law.
    the views expressed here are undoubtedly drastically different from the views of other researchers. However, financial distress is increasing and people will, sooner or later, realize the truth and make concert efforts to gradually embrace an alternative system that would reflect fair economy, and advance the needs of humanity as a whole.

    LanguageEnglish
    PublisherMaher Kababji
    Release dateAug 26, 2012
    ISBN9781476363059
    Economic Systems: Human Thoughts vs. Sharia Law

    Read more from Maher Kababji

    Related to Economic Systems

    Related ebooks

    Economics For You

    View More
    View More

    Related podcast episodes

    Related articles

    • Article

      What Does The Bible Say About CAPITALI$M?

      Sep 16, 2019

      The dictionary defines capitalism as “an economic system characterised by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are deter

      3 min read

    • Article

      Ideologies, Institutions, and Interests: Why Economic Ideas Don’t Compete on a Level Playing Field

      Jul 1, 2020

      Economists are not outside of the economy; they are part and parcel of it.... The economist is a rational, maximizing individual, subject to the predictions of economic science. In this sense there is no way that the economist cannot be influenced by

      24 min read

    • Article

      The Keynesian Revolution and Our Empty Economy: We’re All Dead

      Jan 1, 2020

      By Victor V. Claar and Greg Forster New York: Palgrave Macmillan, 2019. Pp. xvii, 345. $89 hardcover. Is our economic system struggling on many dimensions? Is the practice of economics responsible for the problems in the economy? Can we identify the

      5 min read

    • Article

      The Mirage of Democratic Excesses: Hayek’s Law, Legislation, and Liberty

      Jan 1, 2020

      In the 1950s, Friedrich Hayek (1899-1992) was already a well-respected intellectual, with important contributions to monetary theory, the theory of business cycles, the methodology of economics, and capital theory. Furthermore, he had already begun h

      14 min read

    • Article

      For What It’s Worth

      Nov 23, 2023

      For What It’s Worth
      7 min read

    • Article

      A Cause For Celebration

      Sep 30, 2020

      A Cause For Celebration
      15 min read

    • Article

      The Market Process as Nonviolent Action

      Jul 25, 2023

      Market process theory explores the sequence through which the knowledge and expectations of economic actors lead toward coordination and cooperation (Mises [1920] 1935, [1949] 1996; Hayek 1948; Kirzner 1973, 1992, 1997; Boettke and Prychitko 1998). N

      27 min read

    • Article

      Michael Fakhri

      Feb 15, 2021

      Michael Fakhri
      5 min read

    • Article

      Growth for Whose Sake?

      Nov 26, 2018

      Growth for Whose Sake?
      3 min read

    • Article

      Are Market-Based Economies More Equitable?

      Sep 1, 2017

      ARE STRONG MARKET-BASED ECONOMIES more socially equitable? My current research looks at whether the strength of market economies — based on factors such as the robustness of capital and labour markets — relates to income equality and life expectancy

      9 min read

    • Article

      Who Broke the Economy?

      Dec 11, 2017

      Who Broke the Economy?
      4 min read

    • Article

      Honorable Business: A Framework for Business in a Just and Humane Society

      Jul 1, 2020

      By James R. Otteson New York: Oxford University Press, 2019. Pp. xii, 234. $35 paperback. Honorable Business: A Framework for Business in a Just and Humane Society is an ambitious and worthwhile undertaking. In it, James Otteson, director of the Euda

      5 min read

    • Article

      Reflections on Alexander Rawls’s Desert-Inclusive Justice

      Jan 4, 2022

      In this symposium, Alexander Rawls interestingly discusses how and why one may incorporate claims of desert into John Rawls’s conception of justice. After briefly reviewing the divergence of Rawls from Rawls, I argue that John Rawls was concerned wit

      14 min read

    • Article

      Basic Economic Liberties: John Rawls and Adam Smith Reconciled

      Sep 4, 2021

      Are liberties to own productive property and engage in voluntary exchange basic in Rawlsian terms? This is a key controversy between classical liberals, such as Gerald Gaus (2010) and John Tomasi (2012a), who affirm economic liberty to be an essentia

      39 min read

    Related categories

    Reviews for Economic Systems

    3/5

    1 rating0 reviews

    What did you think?

    Tap to rate

    Review must be at least 10 words

      Book preview

      Economic Systems - Maher Kababji

      ECONOMIC SYSTEMS

      Human Thoughts vs. Sharia Law

      Published by Maher D. Kababji at Smachwords

      Copyright 2012 Maher D. Kababji

      * * * * * * * * * *

      Smashwords Edition, License Notes

      Thank you for downloading this free ebook. Although this is a free book, it remains the copy righted property of the author, and may not be reproduced, copied and distributed for commercial or non-commercial purposes. If you enjoyed this book, please encourage your friends to download their own copy at Smashwords.com, where they can also discover other works by this author. Thank you for your support.

      * * * * * * * * * *

      Table of Contents

      Chapter 1: Productive Activities

      Chapter 2: Financial Activities

      Chapter 3: Redistribution System

      Chapter 4: Financing System

      Chapter 5: Monetary System

      Conclusion

      * * * * * * * * * *

      Author’s Preface

      Economics studies the many activities undertaken in relation to wealth. Economic activity has its origin in the wants of a community. Its main purpose is the satisfaction of those wants by producing, exchanging, and consuming goods and services. Economic activities take place in the framework of an economic system. Economic system organizes the ways by which a society utilizes available resources so as to produce and accumulate wealth and the ways by which wealth is exchanged and distributed. Material prosperity is the main objective of any sound economic system. In order to realize prosperity, a society has to reach an optimal level of output growth and to sustain all members of society at or above a specified material standard of living.

      Socialism denotes an economic system of state or worker ownership of the means of production and distribution. Abolishment of the rights of private ownership and economic freedom leads to management of means of production by bureaucracy. Bureaucracy results into inefficiency and low production since the money incentive is lost and the bureaucrats lack initiative and follow rigid rules. Bourgeois class is liquidated and strong dictatorship of the proletariat class is established. Mainly, the lack of motivation of profit is responsible for the failure of the socialist planned economies.

      In theory, capitalism is an economic system which is characterized by private ownership of the means of production, and unrestricted economic freedom. In practice, capitalism leads to concentration of wealth in few hands, earning of wealth through foul means, and destruction of minor enterprises and firms. The institution of interest has become the major part of capitalism. By the lapse of time, capitalism has been transformed into the recent monopoly-finance capitalism leading to regional and global financial crises.

      Mixed economies refer to an economic system in which governments hold state ownership of major and economically vital industries while permitting capitalism to continue in the rest.

      Some Islamic countries apply what is so called Islamic economic system. On the one hand, interest rates and credits are replaced by profit rates and Islamic certificates. On the other hand, these countries imitate present economic policies. They employ traditional fiscal policies to control prices, wages and taxes, and apply traditional monetary policies to control quantity of money through changing profit rates and volume of Islamic certificates, and implement welfare systems for redistribution of wealth.

      In spite of the fact that each of present economic systems has its own features, they share same common characters. They are inflationary systems. Financial activities represent an integral part of economic activities. Availability of funds is subject to international and national monetary controls. Growing public services reflects the rapid growth of public expenditures and public debts. Growing inequality of income and wealth causes a relatively small number of individuals and corporations control huge pools of capital. The bursting of several financial bubbles in last four decades points to the fact that present economic systems have failed to achieve the economic goals.

      In order that an organized body of knowledge might be classified as science, its hypothetical law must be based on facts. Unlike any other social science, fallacies are the root of the technique of thinking in economics. By the lapse of time theses fallacies have been blindly accepted as if they represent a part of the natural life which people have to live with. The outcome is that present economic systems failed to realize prosperity. Economic Instability, growing inflation, and concentration of wealth are the main features of present economies.

      Failure of man-made systems to realize prosperity makes it necessary to review the foundations on which present economic systems are based, and to look for an alternative system based on principles set by the Creator of people.

      In general, all religions handled economic issues, but Islam has set constant comprehensive concepts and rules for establishment of a fair economic system which suits all people in different times and places.

      In the first chapter of the Holy Qur’an named Al-Fatihah, Muslims ask for guidance; Guide us to the straight way. In reply to their request, the second chapter named Al-Baqarah starts; This is the book, where is no doubt, a guidance to those who are the pious believers.

      The Holy Qur’an is in conformity with Judaism;We did send down the Taurat (Torah), therein was guidance and light … And whosoever does not judge by what Allah (God) has revealed, such are the disbelievers.(Al-Ma’adah 5:44).

      The verses of the Holy Qur’an confirm Christianity "and We gave him the Injill (Gospel), in which was guidance and light and confirmation of the Taurat …. Let the people of the Injill judge by what Allah has revealed therein. And

      Enjoying the preview?
      Page 1 of 1