Islam, doesn't approve Capitalism as a whole, although running a private business is completely permissible, still privatizing everything is not promoted in Islam. Certain resources, like oil, water, forests are considered public property and cannot be privatized. I assume Consumerism is morally wrong therefore haram. Modern technology and mass production is questionable as to their compatibility with islam. There're a lot of question marks. Islamic economy is more similar to feudal economy rather than to capitalist economy. my understanding is Islamic economical system is somewhere between ideal capitalism and ideal communism. it is the mid way between the two
i just listened to this...very very interesting...Good judgement Professor..!
very insightful, thank you
Islam, doesn't approve Capitalism as a whole, although running a private business is completely permissible, still privatizing everything is not promoted in Islam. Certain resources, like oil, water, forests are considered public property and cannot be privatized. I assume Consumerism is morally wrong therefore haram. Modern technology and mass production is questionable as to their compatibility with islam. There're a lot of question marks. Islamic economy is more similar to feudal economy rather than to capitalist economy.
my understanding is Islamic economical system is somewhere between ideal capitalism and ideal communism. it is the mid way between the two
Take the good side from both...and with ethics...