DiscussWorldIssues - Socio-Economic Religion and Political Uncensored Debate - View Single Post - How many useless arguments on SF are caused by semantic differences of terms?

**Hixinfineedom** · 07-08-2012, 03:45 PM

[QUOTE=mubakr;789454]

Sourced from wikipidea:
Capitalism is an economic system that is based on private ownership of the means of production and the creation of goods or services for profit. Competitive markets, wage labor, capital accumulation, voluntary exchange, and personal finance are also considered capitalistic. So Central Banks, Banking, Fractional Reserve Banking and charging interest are not Capitalist?

I was just telling AbuZakir dont say things like Capitalism is bad. An analogous simplistic statement would be Salafis are bad when clearly that is not the case. The more things are simplified the more rudimentary our judgement becomes and the more inaccurate it can be to society. But unless AbuZakir himself is a professional economist who has done ample study of capitalism and can distill things I would argue that simplifying and chanting things repeatedly when most people are not even clear on definitions and aspects of what we are talking about is unhelpful. As far as I know Caliph Uthman was an astute entrepreneur. He however was kept in check by Islamic moral values. He gave zakat, was not concerned solely about profit in this world and lived his life dedicated to Allah. However his capitalistic and business life have been recognized. I dont think any of the sahaba's worked and did business without any intention for profit. The profit motive is natural, the Quran says trade is halal, riba (Central Banks and money lending and charging Interest) are haram, Capitalism without these would not be Capitalism. This is if we ignore the un-Islamic contracts and others laws that exist in Capitalism. To say that Uthman (RA) was a Capitalist is a slur because he operated as a businessman in a riba free economy and as such he was not a Capitalist.

The term Capitalism is a contested word. It was coined by anti-Capitalists as a pejorative term, some people think the western democracies are capitalist, others think that they are more socialist because the governments manage the economy. I subscribe to the view that Capitalism however it is defined as it exists in western democracies is evil, as is socialism. Only Islam is the solution and anyone who disagrees with this, and tries to say that Capitalism is Islamic or Socialism is Islamic is either very uninformed or out right lying.

07-08-2012, 03:45 PM	#17
Hixinfineedom Join Date Oct 2005 Posts 490 Senior Member	[QUOTE=mubakr;789454] Sourced from wikipidea: Capitalism is an economic system that is based on private ownership of the means of production and the creation of goods or services for profit. Competitive markets, wage labor, capital accumulation, voluntary exchange, and personal finance are also considered capitalistic. So Central Banks, Banking, Fractional Reserve Banking and charging interest are not Capitalist? I was just telling AbuZakir dont say things like Capitalism is bad. An analogous simplistic statement would be Salafis are bad when clearly that is not the case. The more things are simplified the more rudimentary our judgement becomes and the more inaccurate it can be to society. But unless AbuZakir himself is a professional economist who has done ample study of capitalism and can distill things I would argue that simplifying and chanting things repeatedly when most people are not even clear on definitions and aspects of what we are talking about is unhelpful. As far as I know Caliph Uthman was an astute entrepreneur. He however was kept in check by Islamic moral values. He gave zakat, was not concerned solely about profit in this world and lived his life dedicated to Allah. However his capitalistic and business life have been recognized. I dont think any of the sahaba's worked and did business without any intention for profit. The profit motive is natural, the Quran says trade is halal, riba (Central Banks and money lending and charging Interest) are haram, Capitalism without these would not be Capitalism. This is if we ignore the un-Islamic contracts and others laws that exist in Capitalism. To say that Uthman (RA) was a Capitalist is a slur because he operated as a businessman in a riba free economy and as such he was not a Capitalist. The term Capitalism is a contested word. It was coined by anti-Capitalists as a pejorative term, some people think the western democracies are capitalist, others think that they are more socialist because the governments manage the economy. I subscribe to the view that Capitalism however it is defined as it exists in western democracies is evil, as is socialism. Only Islam is the solution and anyone who disagrees with this, and tries to say that Capitalism is Islamic or Socialism is Islamic is either very uninformed or out right lying.
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