This universe and everything in it is a creation of Allah and a glimpse of how great He is. Indeed He is the one who sustains it and indeed everything glorifies Him. Allah alone reserves the right to be obeyed in absoluteness as He is Al-Hakeem, the perfectly Wise one. In contrast to this, humans all combined together can never muster the intellect that can defeat or even come in comparison with the intellect of Allah the Most High. Allah has sent a message to the progeny of Adam through his Prophets o repeatedly since the inception of human kind on the face of this earth. The trustworthy angel Jibraeel u kept bringing the message in different times and in different regions to men whom Allah had chosen as Prophets o until it came to the blessed Messenger of Allah, Muhammad bin Abdullah e who was chosen to be the last of the Prophets and Messengers for the entire humankind till the end of times. The truth has been conveyed and Allah the most High has guaranteed to protect it till the Day when the scales shall be set up.
Despite the fact that humans are so weak and imperfect, arrogance has led many to challenge what Allah the most High has instructed and hence they govern their affairs in ways crafted by their own intellect. This approach has led to nothing but destruction for all those who set on this path. In the world we live in today, the Capitalist economic system has been imposed by the chiefs of the global polity. It is difficult to truly capture the destructive effects of this system in a short piece as words lack the brevity to do so. However just to highlight the issue, a few of the major ramifications of this system are outlined in what follows.
The capitalist model preaches the maximization of utility and profits, through the continuous enhancement of consumption and production by individuals and firms respectively. This basic underlying thought of the capitalist model is flawed as it does not take into account the fact that this life is transitory and there is a life beyond the life of this world which is more long lasting and significant than this life. Allah the Most High says in the Qur’aan (meaning of the verses):
“Qaaf. By the glorious Quran.But rather they wondered that there has come to them a Warner from among themselves. And the infidels said,’this is a strange thing.’Will when we be dead and become dust, we be raised again to life? This return is remote.” (Surah Qaaf: 1-3)
Hence the bearers of this model can never reach the correct understanding as their basic assumption that there is no life after this life is far removed from reality.
Furthermore this model favors a select few and exploits the rest. Despite huge advances in technology and claims for advancement, the world is divided into disparate pieces. On one hand there are individuals leading cushioned lives drenched in mass consumption. On the other hand, there is the large majority of the people on this planet who live in great suffering with problems such as unemployment, poverty, inequality, pollution, long work hours, and growing levels of stress. The gap between these two groups is increasing as the rich continue to become richer whereas the poor continue to fall down this ladder of problems.
Additionally interest is one of the most important pillars of the Capitalist Economic System. Interest based economies are bound to be destroyed as Allah the Most High says in the Qur’aan (meaning of the verses):
“Allah will destroy Riba and will give increase for Sadaqat (deeds of charity, alms). And Allah likes not the disbelievers, sinners” (Al-Baqarah 2:276)
Growing instances of financial crises are an essential outcome of this interest based system. Additionally, high interest returns on funds is also a reason for lack of spending and investment which results in huge recessions and depressions such as the Great Depression during the 1930s.
On the other hand, governments intervene in the markets in a number of ways such as using government expenditure to control the economic-activity, altering the supply of paper currency (which has no intrinsic value), fixing of price ceilings and floorings, and imposing taxes or subsidies. These artificial measures distort the markets. They are just like strong shots of anti-biotic which bring relief in the short-term but leave devastating side-effects for the long-run. Problems such as inflation, shortages, inefficiencies, and outright stripping the consumers of their wealth are some of the results of such measures. Hence there has been a great increase in the number of problems for the followers of this system.
The capitalist system is a man-made conjecture which is bound to be flawed and exploitative. Unfortunately the world has closed its eyes towards the devastation that it has caused and the chiefs of today’s world are not ready to listen to sincere advice. Allah the Most High based on His perfect Wisdom has guided us to a system in which there is life for the humankind. May Allah guide us to the true success.