The Economic Systems in the World: A Comparison of Capitalism, Communism & Islamic Socialism
The author, Mr M. Umar Irfan Ch., compares the currently established economic systems with the Islamic economic system. He has highlighted the shortcomings of capitalism and communism, coming to the conclusion that capitalism works on the fundamental principle of “freedom”, while communism works on “equality”. The Islamic economic system, however, works on the principle of justice so that neither freedom is undermined at the cost of equality nor is equality thwarted at the cost of freedom.