There are scores of basic flaws in the capitalist economy. It impedes the circulation of money because of its one way drainage, i.e., from the pockets of the unfortunate to the coffers of the up in the dough. In addition to this although the state play a key role by narrowing the cleft between those living off the tit and not having a pot to pee in by deducting taxes from the earnings of the currency camels and ladling out to the deserving ones. But as the taxes are imposed on the citizens without generating a sense of humanity, therefore, it failed to cultivate empathy in the cashed-up for the cash-strapped because greater part of the tax payers consider tax a burden instead of responsibility.
Communism is a classless social system. According to Encarta Dictionary “the political theory or system in which all property and wealth is owned in a classless society by all the members of a community.” In communism everything belongs to the state. Every person contributes according to his energies and gets according to his requirements. This system brags about equality but practically it crumbled to dust after the collapse of USSR . In theory it looks very attractive and appeals to human senses because it talks about egalitarianism but practically this system proved unsuccessful and to rejuvenate it is flogging the dead horse. This can only be practiced in a zoo where locked-up tigers and monkeys are equal because they are at the mercy of zoo authorities for their nourishment. The disproportions in the human society are natural because it is based on sharing of feelings and emotions that are the byproducts of social differences. Paradoxical to the bragging of communism there are marked socio-economic disparities between the blubbery cats and the pitiable rats in the communist countries that are even greater than the capitalistic economies. There is no concept of private ownership. Therefore, the ambition and passion to work whole-hoggishly loses and the persons start thinking in terms of freeloaders.
At international level the developed countries are skinning the developing countries as the feudal lords and the autocratic rulers frisk the public in the backward countries. In budding countries the role of state to fulfill the needs of the public is extremely negligible. Similarly, at the international level the function of the global economic organization WTO is exceedingly inattentive towards the developing countries. UNO and its offshoots have become mouthpieces of the western powers. The global caimans frame policies that helped the urbanized countries to rob the wealth of the emerging countries. This peeling of the weak nations by the power-boozed alligators is the basic reason for extremism and hatred towards the developed countries.
The Islamic economic system is based on fraternity engrossed in virtuousness. Therefore, it develops sympathy among the affluent for those skating on their uppers. In this system there is concept of free market economy but this system stringently curses interest because it not only develops greed in the individuals but also perpetually drain the resources of the poor by pumping them to the pockets of the rich. Islamic fiscal system is the superlative because it not only guarantees the economic rights of those feeling the pinch but also act as cementing force in the society by developing compassion in the prosperous for the pitiable and affection in the insolvent for the moneyed. It enhances the circulation of money by putting into practice an arrangement of Zakat and Sadqat that also bridge the gap between the well-to-do and the underprivileged.
Islamic monetary system was implemented in letter and spirit for several decades in Islamic countries. During the period of Khalifa Umar Bin Abdul Aziz the national treasure was so over-flooded with wealth and people were so prosperous that no one was on hand to receive Zakat. When the Muslims plucked Islamic tenets from their lives they become submissive to putrid and flamboyant western civilization. A nation that was described best on the earth became subservient to a glittering and illusory rotten culture. The rancid western society and its callous custodians spare no effort to grind down Islamic principles from the limbo of the conscience of the Muslims to mold them as mental slaves of the West. The Muslims should rejuvenate their best economic system if they want to regain their true status in the world. They should follow a system devised by the Creator of this Universe and practiced by his dearest Prophet (PBUH) instead of treading in the heels of the West that is a deteriorated civilization.
