Capitalism, Socialism And Islamic E

Capitalism, Socialism And Islamic Economic Systems Literatureon Capitalism and Socialism is too large and beyond the scope of this paper to synthesize. Similarly, the comparison of these two systems with Islamic Economic System has also expanded exponentially during past five/six decades. In his famous article, presented at International Conference in Febury,1968 (and then published several times), Maulana Mufti Muhammad Shafi (1968) provided an excellent comparison of these three systems, besides describing the key features of Islamic Economic System. Now there are a numerous books and articles on the subject written both by Islamic religious scholars and professional economists.
The key features of these three systems are could be summarised as following:
(i)The concept of Capitalism has significantly changed
over past three centuries In 18th century Adam Smith emphasized on self interest, ‘invisible hand’ and specialization as key elements for capital accumulation. The present day definition emphasises the private ownership of means of production and decision regarding demand, supply, prices (of products and factors of production), distribution and investment to be governed privately under liberal market forces with bare minimal government intervention. However, in practice in all over the world there is some government intervention though the degree of emphasis significantly varies among different counties. For example Sweden has very large share of public sector and government expenditure as compared to United States. Thus in present days the capitalist system is truly a “Mixed Economic System”. The degree of control by the private sector (as compared to public sector) has significant impact on distribution of income/wealth. Sweden society is much more egalitarian then US (with Gini Co-efficient 0.45 and 0.23 in US (2007) and Sweden (2005) respectively) ivas in Sweden a much larger economic activity is controlled directly or indirectly by the state. In summary, while capitalist system is a widely acceptable and practiced economic system, it is its inherent characteristics to create enormous inequality in distribution of income and wealth. These inequalities would persist and continue to increase unless rectified by strong government intervention. Three ‘Ps’ .i.e. Price (determined by the market forces of Demand and Supply both for goods and factors of production),
Profit (earning and maximisation as the sole objective of private investment) and Private Ownership (of productive and other assets) are the key ingredient on which the Capitalist System has
been built.

Results (Indonesian) 1:

Kapitalisme, sosialisme dan Islam ekonomi sistem Literatureon kapitalisme dan sosialisme adalah terlalu besar dan luar cakupan makalah ini untuk mensintesis. Demikian pula, perbandingan kedua-dua sistem dengan sistem ekonomi Islam telah juga berkembang pesat selama lima enam dekade. Dalam artikelnya yang terkenal, disampaikan pada konferensi internasional di Febury, 1968 (dan kemudian diterbitkan beberapa kali), Maulana Mufti Muhammad Syafi'i (1968) disediakan sebuah perbandingan yang sangat baik sistem ini tiga, selain menggambarkan fitur kunci dari sistem ekonomi Islam. Sekarang ada banyak buku dan artikel tentang subjek ini ditulis baik oleh ulama Islam dan ekonom-ekonom profesional. Kunci fitur dari ketiga sistem yang dapat diringkas sebagai berikut:(i) Konsep kapitalisme telah berubah secara signifikanover past three centuries In 18th century Adam Smith emphasized on self interest, ‘invisible hand’ and specialization as key elements for capital accumulation. The present day definition emphasises the private ownership of means of production and decision regarding demand, supply, prices (of products and factors of production), distribution and investment to be governed privately under liberal market forces with bare minimal government intervention. However, in practice in all over the world there is some government intervention though the degree of emphasis significantly varies among different counties. For example Sweden has very large share of public sector and government expenditure as compared to United States. Thus in present days the capitalist system is truly a “Mixed Economic System”. The degree of control by the private sector (as compared to public sector) has significant impact on distribution of income/wealth. Sweden society is much more egalitarian then US (with Gini Co-efficient 0.45 and 0.23 in US (2007) and Sweden (2005) respectively) ivas in Sweden a much larger economic activity is controlled directly or indirectly by the state. In summary, while capitalist system is a widely acceptable and practiced economic system, it is its inherent characteristics to create enormous inequality in distribution of income and wealth. These inequalities would persist and continue to increase unless rectified by strong government intervention. Three ‘Ps’ .i.e. Price (determined by the market forces of Demand and Supply both for goods and factors of production), Profit (earning and maximisation as the sole objective of private investment) and Private Ownership (of productive and other assets) are the key ingredient on which the Capitalist System has been built.

Results (Indonesian) 2:

Kapitalisme, Sosialisme Dan Sistem Ekonomi Islam Literatureon Kapitalisme dan Sosialisme terlalu besar dan di luar lingkup makalah ini untuk mensintesis. Demikian pula, perbandingan dua sistem ini dengan Sistem Ekonomi Islam juga telah memperluas secara eksponensial selama masa lima / enam dekade. Dalam artikel yang terkenal, dipresentasikan pada Konferensi Internasional di Febury 1968 (dan kemudian diterbitkan beberapa kali), Maulana Mufti Muhammad Shafi (1968) memberikan perbandingan yang sangat baik dari ketiga sistem ini, selain menjelaskan fitur kunci dari Sistem Ekonomi Islam. Sekarang ada banyak buku dan artikel tentang topik yang ditulis baik oleh ulama Islam dan ekonom profesional.
Fitur utama dari ketiga sistem tersebut dapat diringkas sebagai berikut:
(i) Konsep Kapitalisme telah berubah secara signifikan
selama masa tiga abad Pada abad ke-18 Adam Smith menekankan pada kepentingan diri sendiri, 'invisible hand' dan spesialisasi sebagai elemen kunci untuk akumulasi modal . Sekarang hari definisi menekankan kepemilikan pribadi atas alat-alat produksi dan keputusan tentang permintaan, penawaran, harga (produk dan faktor produksi), distribusi dan investasi yang akan diatur secara pribadi di bawah kekuatan pasar liberal dengan intervensi pemerintah yang minimal telanjang. Namun, dalam praktek di seluruh dunia ada beberapa intervensi pemerintah meskipun tingkat penekanan signifikan bervariasi antara negara yang berbeda. Misalnya Swedia memiliki pangsa yang sangat besar dari sektor dan pemerintah pengeluaran publik dibandingkan dengan Amerika Serikat. Jadi di hari ini sistem kapitalis adalah benar-benar "Sistem Ekonomi Campuran". Tingkat kontrol oleh sektor swasta (dibandingkan dengan sektor publik) memiliki dampak yang signifikan terhadap distribusi pendapatan / kekayaan. Swedia masyarakat jauh lebih egaliter kemudian US (dengan Gini Co-efisien 0,45 dan 0,23 di US (2007) dan Swedia (2005) masing-masing) IVAs di Swedia kegiatan ekonomi yang jauh lebih besar dikendalikan langsung atau tidak langsung oleh negara. Singkatnya, sementara sistem kapitalis adalah sistem ekonomi secara luas diterima dan dipraktekkan, itu adalah karakteristik yang melekat untuk menciptakan ketimpangan yang sangat besar dalam distribusi pendapatan dan kekayaan. Ketidaksetaraan ini akan bertahan dan terus meningkat kecuali diperbaiki dengan intervensi pemerintah yang kuat. Tiga 'Ps' Yaitu Harga (ditentukan oleh kekuatan pasar dari Permintaan dan Pasokan baik untuk barang dan faktor produksi),
Profit (produktif dan maksimalisasi sebagai satu-satunya tujuan investasi swasta) dan Kepemilikan Swasta (aktiva produktif dan lainnya) yang bahan utama yang Sistem kapitalis telah
dibangun.