Why Capitalism and Socialism Fail: The Case for an Islamic Economic System
A nation’s economic condition can only be considered prosperous when all its people have access to life’s necessities with ease, comfort, and peace of mind. If a country’s production and income increase, all its citizens should benefit from this growth, leaving no legitimate complaints of economic injustice. However, if wealth is concentrated in the hands of a few while the majority of the population suffers from hunger and poverty—if the riches of the wealthy continue to grow while hardworking laborers lose every penny they earn—then no matter how abundant the country’s resources are, whether its lands produce gold or its factories manufacture precious gems, this cannot be called true economic development. Instead, it represents collective bankruptcy, ultimately preventing the nation from thriving.
Unfortunately, due to our own misdeeds, our country’s economic situation has deteriorated to such an extent that, on the surface, we appear to have made significant progress in agriculture, industry, and trade over the past 26 years. When Pakistan was founded, we had almost nothing, but today, by the grace of God, we have much more. However, if we examine the private lives of individuals, we find that the nation’s wealth remains confined to a few families, bringing no real benefit to the common person. The average citizen struggles more than ever to meet basic needs. The dazzling display of wealth has done nothing to illuminate their dark lives, and their daily hardships have only intensified.
Why Has This Happened?
The answer is clear: for a long time, our country has........
© The Spine Times
