Western Economy in the Islamic World

  The Islamic world has mostly used the following two forms of the modern Western economic system: First, the Free Business System based on capitalism. Second, Guided Economy based on socialism. These are the two basic forms of the modern Western economic system. The important question that is being discussed in the Islamic world is which of these two forms is more suitable and more beneficial for the Muslims as a whole in overcoming their backwardness.


Western Economy in the Islamic World

  At first, for domestic economic development, the Islamic world was more inclined towards the first form, namely the Free Business System based on capitalism. The reason is clear, capitalist countries are the first to infiltrate the Islamic world and build their bases there. But, in the context of the struggle for independence against colonialism, the Islamic world learns that the only system that can fight the economy of capitalism is the socialist system. From there a new tendency developed among the Muslims who for the sake of economic development tended to other systems, namely a guided economy based on socialism.

  The new trend which is the result of the desire to bring their beliefs together against the Western leadership and its political antagonism against capitalist countries. On the one hand they believe in the need to follow a socialist system which is also another form of the progressive system of the Western economy.

 The reasons that have been submitted to like these two systems are as follows:

  Supporters of the Free Business System mention the very rapid progress and development that has been made by the capitalist world which by following this policy is able to advance its industry and enhance production on a very broad scale. They put forward the argument that if underdeveloped countries want to make rapid progress and get the desired results in a short time, then they must follow the example of Western countries.

  Socialist or Guided Economy supporters agree that certain Western countries that follow the policies of the Free Business System have achieved great progress in engineering and industry, but they argue that underdeveloped countries now cannot expect to achieve the same results by following the system this. They argue that under the Free Business System, underdeveloped countries are forced to compete with countries that have advanced far.It is clear that it is absolutely impossible for all underdeveloped countries to race against the enormous and ever-growing potential of the Western economy.

  When Western European countries begin their economic progress, there are no economic rivals. At that time the situation would certainly require the use of a Free Economic System. Therefore, to be able to progress rapidly it needed an organized order, and this was fundamental and important for underdeveloped countries to be able to mobilize all of their resources and of course by following policies Guided Economy.

  Supporters of the two systems blame the invaders for their failure, but they never thought of any other system to replace the two conventional systems of modern Europe. However, the facts show that there is also a third system. Even though it is still asleep today, this third system is always the highest in Muslim thought, this system is the Islamic Economic System.

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