PHILOSOPHICAL FOUNDATIONS OF ECONOMICS – A COMPARATIVE STUDY OF ISLAMIC ECONOMICS, CAPITALISM AND MARXISM

Authors

  • Asad Ullah Institute of Cost and Management Accountants of Pakistan (ICMAP)

DOI:

https://doi.org/10.53840/ijiefer99

Keywords:

Islamic Economics, Capitalism, Socialism, Poverty, Economic Stagnation, Unjust Distribution, Sustainable Development

Abstract

The philosophy of economics is concerned with the nature of reality, sources of knowledge, and the way knowledge is created. Based on their respective philosophical frameworks; capitalism seeks solution to economic problems through its laissez-faire model, Marxism attempts to resolve the problem through a planned economy model, and Islam on the other hand keeps the balance between the two approaches. The study is based on a comparative qualitative analysis of the philosophical frameworks, making reference to practical world problems. The paper maintains both Capitalism and Marxism have contributed to poverty, economic inequality, unemployment, and financial crises of the world at large. The study provides a model of the righteous economic system based on Islamic teachings for the sound functioning of the economy which can be adopted by the countries intending to switch from the conventional systems to the Islamic economic model.

 

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Published

2023-12-18

How to Cite

Ullah, A. (2023). PHILOSOPHICAL FOUNDATIONS OF ECONOMICS – A COMPARATIVE STUDY OF ISLAMIC ECONOMICS, CAPITALISM AND MARXISM. International Journal of Islamic Economics and Finance Research, 6(2 December), 1-18. https://doi.org/10.53840/ijiefer99