Bread and butter are the basic requirements of every person. No one can keep body and soul together without eating, drinking and breathing because man is a serf to his physical needs. Without fulfilling financial requirements no one can even dare to think about sacrificing ones resources for satisfying the needs of others in this era of indifference and materialism. But to struggle for accomplishing ones necessities in the presence ofadequate sources is not the dilemma of our society. The tight spot of the contemporaneous humanity is that the loaded countries and the flushed cuckoos wallowing in pelf and plenty are plundering the already stripped ones. This exploitation has separated the world into potent developed and weedy developing countries and the populace of the globe into rich and poor categories. This unwarranted economic system based on unfair profiteering has given birth to frustration and a sense of deprivation among the cash-strapped victims of maltreatment.
Capitalism is a dominant economic system that is working in the mainstream of the countries of the world. The acquisitive configuration of entrepreneurship is based on spend more and earn more. The ultimate result of this laisser-faire is the concentration of the world resources within a little throng of greed-ridden souls and the skinflint dominant countries. The logical end of this skinning and misappropriation would be the people scrapping the bottom of the barrel would pounce upon the well-heeled crocodiles whom they blame nakedly for their miserable condition. The fleecing spoliation and its retaliation are bound to create law and order situation because the underprivileged utilize weapons to snatch their food.
This can result in chaos and commotion all over the world with the passage of time. This exploitative economic system is the basic reason for extremism and terrorism in the present-day world and its perpetuation would further flare them. Therefore, there is crying need to structure the international economic system based on just universal principles that is mandatory for survival and peaceful co-existence of human race.
According to Encarta Dictionary, "Capitalism is an economic system based on the private ownership of the means of production and distribution of goods, characterized by a free competitive market and motivation by profit." This financial system not only results in leg pulling and cutthroat competition but also generates callous attitude and hatred in the society because everyone would use his energies and resources to outnumber and rout his competitors. It absolutely deprives the stripped of their bare resources and results in pumping of substantive means in the hands of the diamond-studded. Thus the space between the plenteous and the out of pocket broadens with each passing day. The affluent rose to the crest by pushing the starved to the trough. This gripping monetary structure with predatory core results in deep-seated social stratification.
In capitalistic industrial countries the governments levy heavy taxes on the audience people. That revenue generated is spent on public welfare. The significant returns collected are also distributed among the unemployed and the other describing ones. Due to strict legislations and strong institutions the number of tax evaders is just the tip of the iceberg. Thus these states accomplish their responsibilities by bridging the yawning gap between the cats cats and the poor as shithouse rats. In preponderance of the developing countries capitalistic economy is ruling the roost but the fiscal picture is tremendously bleak. The status of enterprises is unexpectedly miserable and the personalities having surplus capital invest more to churn out utmost profit. While the despotic and burglar rulers who are not accountable to anyone do not bother to fulfill the requirements of their public. They do not slide out of their self-created casing of selfishness. Thus in these countries with each passing day the un-paperable chasm between the well-off and the down and out broadens because of the negligent attitude on the part of the government. This has resulted in the accumulation of resources within a teeny-weeny bunch of men on a good wicket in the developing countries.
What plagues Pakistan? Although it is practicing capitalistic economy but the number of tax evaders is as increasing as atmospheric pollution and the number of tax payers is as low as integrity in a scam-spattered country. The feudal lords in the assemblies, army generals and top bureaucrats use their strong connections to establish business empires. They are also hunky-dory with the permissions that helped them in tax evasion, obtaining undue contracts and acquiring import permits, etc. Economic disparity was the fundamental reason for the dismemberment of Pakistan on December 16, 1971. The renowned economist Dr Mehboob-ul-Haq revealed in his speech in Karachi that 20 families belonging to West Pakistan were the major owners of the shares in Pakistan. This was mainly sparked by capitalistic economy and the negligible role of the state to monitor undue benefits to the bigwigs.
Interest is another curse to pill the already circumscribed resources of the cleaned out. In Pakistan the interest imposed on the flat broke is much more than on the well-off. The farmers obtain loan from the banks on soaring interest rates while the industrialists get finance for the establishment of industries at much lower charges. It seems that this system has been introduced by the Jewish holding the reins of the economy of the world. They are the optimum beneficiary of the interest based fiscal system. It is irony that the Muslim countries have stepped in the shoes of the West by adopting this sullied pecuniary system. Ironically well-endowed citizens of these countries who curse interest as against tenets of Islam deposit their capital in the western banks that carry out interest based economy. By using the capital of the Muslims the interest earned through this commerce is used by the West to nourish their Braincchild Israel and to extend their hegemonic designs in the world.
There are scores of basic flaws in the capitalist economy. It imposes the circulation of money because of its one way drainage, ie, from the pockets of the unfortunate to the coffers of the up in the dough. In addition to this despite the state play a key role by narrowing the cleft between those living off the tit and not having a pot to pee in by deducting taxes from the earnings of the currency camels and ladling out to the describing ones. But as the taxes are imposed on the citizens without generating a sense of humanity, therefore, it failed to cultivate empathy in the cashed-up for the cash-strapped because greater part of the tax payers consider tax a burden instead of responsibility.
Communism is a classless social system. According to Encarta Dictionary, "the political theory or system in which all property and wealth is owned in a classless society by all the members of a community." In communism everything belongs to the state. Every person contributions according to his energies and gets according to his requirements. This system brags about equality but practically it crumbled to dust after the collapse of USSR. In theory it looks very attractive and appeals to human senses because it talks about egalitarianism but practically this system proved unsuccessful and to rejuvenate it is flogging the dead horse. This can only be practiced in a zoo where locked-up tigers and monkeys are equal because they are at the mercy of zoo authorities for their nourishment. The disproportions in the human society are natural because it is based on sharing feelings and emotions that are the byproducts of social differences. Paradoxical to the bragging of communism there are marked socio-economic disparities between the blubbery cats and the pitiable rats in the communist countries that are even greater than the capitalistic economies. There is no concept of private ownership. Therefore, the ambition and passion to work whole-hoggishly loses and the persons start thinking in terms of freeloaders.
At international level the developed countries are planning the developing countries as the feudal lords and the autocratic rulers frisk the public in the backward countries. In budding countries the role of state to fulfill the needs of the public is extremely negligible. Similarly, at the international level the function of the global economic organization WTO is apparently inattentive towards the developing countries. UNO and its offshots have become mouthpieces of the western powers. The global caimans frame policies that helped the urbanized countries to rob the wealth of the emerging countries. This peeling of the weak nations by the power-boozed alligators is the basic reason for extremism and hatred towards the developed countries.
The Islamic economic system is based on fraternity engrossed in virtuousness. Therefore, it develops sympathy among the affluent for those skating on their uppers. In this system there is a concept of free market economy but this system stringently curses interest because it not only develops greed in the individuals but also perpetually drain the resources of the poor by dumping them to the pockets of the rich. Islamic fiscal system is the superlative because it not only guarantees the economic rights of those feeling the pinch but also act as cementing force in the society by developing compassion in the prosperous for the pitiable and affection in the insolvent for the moneyed. It enhances the circulation of money by putting into practice an arrangement of Zakat and Sadqat that also bridge the gap between the well-to-do and the underprivileged.
Islamic monetary system was implemented in letter and spirit for several decades in Islamic countries. During the period of Khalifa Umar Bin Abdul Aziz the national treasure was so over-flooded with wealth and people were so prosperous that no one was on hand to receive Zakat. When the Muslims plucked Islamic tenets from their lives they become submissive to putrid and flamboyant western civilization. A nation that was described best on the earth became subservient to a glittering and illusory rotten culture. The rancid western society and its callous custodians spare no effort to grind down Islamic principals from the limbo of the conscience of the Muslims to mold them as mental slaves of the West. The Muslims should rejuvenate their best economic system if they want to regain their true status in the world. They should follow a system devised by the Creator of this Universe and practiced by his dearest Prophet (PBUH) instead of treading in the heads of the West that is a deteriorated civilization.