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COMPARATIVE ECONOMIC PHILOSOPHIES AND SYSTEMS: ISLAM, CAPITALISM AND SOCIALISM BY M. UMER CHAPRA

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COMPARATIVE ECONOMIC PHILOSOPHIES AND SYSTEMS: ISLAM, CAPITALISM AND SOCIALISM BY M. UMER CHAPRA RESEARCH ADVISOR ISLAMIC RESEARCH AND TRAINING INSTITUTE ISLAMIC DEVELOPMENT BANK JEDDAH, SAUDI ARABIA. INTRODUCTION TWO KEY EXPRESSIONS ECONOMIC PHILOSOPHIES ECONOMIC SYSTEMS

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COMPARATIVE ECONOMIC PHILOSOPHIES AND SYSTEMS:

ISLAM, CAPITALISM AND SOCIALISM

BY

M. UMER CHAPRA

RESEARCH ADVISOR

ISLAMIC RESEARCH AND TRAINING INSTITUTE

ISLAMIC DEVELOPMENT BANK

JEDDAH, SAUDI ARABIA

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INTRODUCTION
  • TWO KEY EXPRESSIONS
    • ECONOMIC PHILOSOPHIES
    • ECONOMIC SYSTEMS
  • PHILOSOPHY (LOVE OF WISDOM)
    • SEARCH FOR THE ULTIMATE REALITY AND PURPOSE OF HUMAN LIFE AND ACTIVITY
    • ADDITION OF THE TERM ‘ECONOMIC’ TO IT CONFINES THE SEARCH TO ECONOMIC ACTIVITY. HOWEVER, ALL HUMAN ACTIVITY IS INTERRELATED AND IT IS NOT POSSIBLE TO TALK OF ONE IN ISOLATION OF THE OTHERS
  • ECONOMIC SYSTEM
    • INFLUENCED BY THE SOCIETY’S PHILOSOPHY OF LIFE
    • ORGANIZATION OF ECONOMIC ACTIVITY IN SUCH A WAY THAT THE WELL-KNOWN QUESTIONS OF WHAT TO PRODUCE, HOW TO PRODUCE, AND WHO SHOULD GET HOW MUCH OF WHAT IS PRODUCED GET ANSWERED IN ACCORDANCE WITH THE SOCIETY’S PHILOSOPHY OF LIFE
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ULTIMATE REALITY AND PURPOSE OF HUMAN LIFE AND ACTIVITY
    • ULTIMATE REALITY: WORLDVIEW
    • PURPOSE (GOAL):
      • TO REALIZE THE WELL-BEING OF ALL WITHOUT GENERATING MACROECONOMIC IMBALANCES OR DAMAGING THE ENVIRONMENT
      • THERE IS HARDLY ANY DIFFERENCE OF OPINION ON THIS
      • DIFFERENCE ARISES WHEN WE DISCUSS WHAT CONSTITUTES WELL-BEING AND THE STRATEGY TO REALIZE THIS GOAL
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2.WELL-BEING?
  • TO SATISFY THE MATERIAL NEEDS OF ALL
    • PHYSICAL NEEDS
    • FULL –EMPLOYMENT
    • EQUITABLE DISTRIBUTION
    • ECONOMIC AND FINANCIAL STABILITY
    • ECOLOGICAL BALANCE
  • TO SATISFY THE SPIRITUAL (NON-MATERIAL) NEEDS OF ALL
    • MENTAL PLACE AND HAPPINESS
    • FAMILY AND SOCIAL HARMONY
    • ABSENCE OF CRIME AND ANOMIE
    • INDIVIDUAL FREEDOM

ALL OF THESE ARE MUTUALLY INTERDEPENDENT AND NECESSARY FOR HUMAN WELL-BEING – EXCESSIVE EMPHASIS ON ANY ONE AT THE EXPENSE OF THE OTHER WILL JEOPARDIZE THE REALIZATION OF WELL-BEING

  • EFFICIENCY AND EQUITY MAY BE DEFINED IN KEEPING WITH THIS CONCEPT OF WELL-BEING
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3. THE STRATEGY
  • ELIMINATE OR MINIMIZE ALL USES OF SCARCE RESOURCES THAT DO NOT CONTRIBUTE TO WELL-BEING
  • MECHANISMS OF THE STRATEGY
    • FILTERING
    • MOTIVATING SYSTEM
    • SOCIO-ECONOMIC AND POLITICAL RESTRUCTURING
  • THE WORLDVIEW OF A SOCIETY DETERMINES THESE MECHANISMS
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4. (A) FILTERING
  • PRICE MECHANISM?
  • CENTRAL PLANNING
  • PRICE MECHANISM AS WELL AS MORAL VALUES AND INDIVIDUAL REFORM?
    • WHO CAN GIVE VALUES?
    • HOW TO ENSURE THAT VALUES GET ENFORCED? MOTIVATING SYSTEM?
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4 (B) MOTIVATING SYSTEM
  • FORCE?
  • INCENTIVES AND DETERRENTS?
    • SELF INTEREST?
    • SOCIAL INTEREST?
      • COMPETITION?
      • REGULATION? COSTS OF ENFORCING?
      • SELF-ENFORCEMENT?
      • COOPERATION AND SACRIFICE?
      • MOTIVATION?
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4 (C) SOCIO-ECONOMIC AND POLITICAL RESTRUCTURING
  • PRIVATE PROPERTY (A TRUST), MARKET MECHANISM AND COMPETITION
  • IMPROVEMENT IN THE QUALITY OF HUMAN-BEINGS
    • MORAL REFORM
    • FAMILY AND SOCIAL SOLIDARITY
  • SOCIAL SELF-HELP PROGRAMME
    • ZAKAT, SADAQAT, AWQAF AND INHERITANCE SYSTEM
  • REFORM OF THE FINANCIAL SYSTEM
  • ROLE OF THE STATE
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5. ISLAM?
  • TAWHID (UNITY OF GOD)
  • KHILAFAH (VICEGERENCY)
    • ACCOUNTABILITY BEFORE GOD
    • HUMAN BROTHERHOOD
    • RESOURCES ARE A TRUST
    • TERMS OF THE TRUST?
  • ADALAH (JUSTICE)

6.THE MUSLIM MALAISE

7. AGENDA AND STRATEGY FOR REFORM IN THE MUSLIM WORLD

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