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Equality of right to justice is recognized though out the civilized world. Good governance depends on the principle that an equal degree of attention is due to the needs of all human beings including their right to safety for their property and life. Equal voting right is essential part of adult franchise under democratic norms. Quran says that who takes risks and strive hard in the way of Allah are granted higher grade than those who don’t. Stripped of ethical norms and proper legal framework, capitalism would pave the way for exploitation of the poor by the rich and socialism or communism as exploitation of the rich by the poor. In a way the joint stock companies are socialism
of the shareholders. It is easier at the corporate level to
develop understanding between the management and the shareholders
but at national level it is almost impracticable, because of the
politicking that goes on between the political classes.
Politicians have often demonstrated that they are adept at
creating problems and shifting the blame on others. The
politicians of all kinds whether in capitalist countries or a
socialist regime generally take decisions in their self-interest
and often harm the interests the nation and mankind because of
lust for power or wealth or both. Remember the famous Rousseau.
Quote: “Those who would treat politics and morality apart will
never understand the one or the other.”
And another one by - Mr. Louis Mc Henry Howe (Franklin
Roosevelt's expert adviser): “You can't adopt politics as a
profession and remain honest”. A state of insecurity and dissatisfaction that
continues to exist under every kind of economic system is because most of
us as individuals surrender to the call of our elementary instincts,
avoiding pain and seeking satisfaction, comfort and security only for our
own selves. But the fact remains that much of the progress in commerce and
industry has been the product of the individual entrepreneur who had an
idea; pursued it; fashioned it; tenaciously clung to it against all odds;
and then produced it, sold it, and profited from it under capitalism.
Usually the people do not work with the same zeal and enthusiasm for some
one else or the government as they for their own business. Individuals or small autonomous units can take timely
decisions and assume such risks that would be considered unwise by group
thinking at different levels of hierarchy of authority and power. It is
easier to convince the people at board level but not so at the level of
government or parliament and losses incur due to bad procedures, delays or
procrastination or idiosyncrasies of the bureaucrats. In many big
nationalized units corruption seeps in not only at different levels of the
management hierarchy but also among workers who adopt unfair practices to
force overtime, bonuses and perquisites
and often trade union leaders join in the loot and plunder.
Political affiliations of trade unions often cause problems for the
management. The Socialist doctrine advocates nationalization of
natural resources, basic industries, banking and financial institutions,
and public utilities. It has made some inroads in many countries including
Britain. The experience of nationalization of banks, shipping, schools
etc. in countries like Pakistan has showed that the efficiency of the
institutions suffers and there were huge losses in public sector ventures
like power generation and transport largely because of corruption and
mismanagement. And these countries became more dependent on the aid of
International Aid Agencies like the World Bank, who advised them to sell
the private sector corporations like commercial banks, steel mills,
telephone and power generation companies and other industries to private
sector. The process of selling out the nationalized commercial
institutions to private sector by competitive bidding is has started
in countries like Pakistan and trading of their shares has started
at stock exchange. Some orthodox clerics of Islam misconstrue the verses
of Quran relating to sovereignty of Allah and the emphasis on charity,
justice and taking care of poor and needy. Thus the phrase of Islamic
socialism was coined in the last century. Quran admonishes the rich that
it is not enough merely to set apart a sum of money for charity- they are
also responsible for seeking out those who are really needy and thus
genuinely entitled to charity, and for distributing it among them. The
government can serve these objectives by collection of Zakat (usually one
fourth of Christian tithe) and other taxes and establishing social
security institutions. Moral weakness is inherent in human nature. Social
scientists have proven that by various experiments and observations. But
over 1400 years ago, Holy Quran told us that moral weakness is inherent in
human nature and because of moral weakness of mankind, his inclination
toward greed, avarice, tardiness and other weaknesses, God sent prophets
to teach both individuals and nations correct moral and spiritual
standards and values. The people who make modest living enough to take care
of the family are forbidden to accept charity even without begging.
A tradition of the Holy Prophet condemns begging as a humiliation,
but it is so rampant in Islamic countries. The poor and the needy have
been persuaded to shun charity, to earn their livelihood through their
labor as far as possible, and to look upon hard labor as noble. That guru of economics Llewellyn H. Rockwell,
Jr. says: “ You can learn so much about human nature, the workings of
society, and the functioning of markets by looking at the aftermath of a
natural disaster. It is a fascinating laboratory for observing how society."
Alexis de Tocqueville (1805–59), French social philosopher pointed out the selfishness inherent in human
nature. ”Consider any individual at any period of his life, and you will always find him preoccupied with fresh plans to increase his comfort. Do not talk to him about the interests and rights of the human race; that little private business of his for the moment absorbs all his thoughts, and he hopes that public disturbances can be put off to some other time.” Related Article
Capitalism and Islam Other
Articles by Shah N. Khan
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