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The Ethic and Social Justice Approaches in Responses of the Economic Systems of Capitalism and Islam to the Fundamental Questions in Economy
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Abstract: (11459 Views) |
| Abstract The economic systems are assessed and qualified with the following fundamental questions: what to produce? How to produce? And For whom to produce? Pure capitalism system answers to these questions through the market mechanism in the framework of positivism approach. In this method the economics distances from the ethic theme and it enthusiasms towards mathematic and engineering theme tune. The main challenge of this system is the market failure. In fact, the market inefficiency and failure is involved in subjects like resources allocations and inability or intendancy of private sector in producing of public goods and services which has led the pure capitalism system toward the mixed system and appearance of welfare states. Nevertheless, the concept of market failure couldn’t be able to explain the inability of the market in recognizing and applying of ethical values in the solving of different social and economic problem. On the other hand, the answers of Islamic economic system can be inspected in a triangle dimension. In this system the role of market in setting of price on products and production factors as well as allocation of resources is inevitable. However, answers to the above question in this system cannot be issued unless considering and applying of Islamic law (Sharia) and ethical values. This integration of factors and making restrictions in response to the above mentioned questions forms a new paradigm which distinguishes the Islamic economic system from other systems. According to this system the market’s price signal wouldn’t be sufficient condition for demand and production. Also, relative prices, profit maximization and purchasing power could not be the only reasons for resource allocations and decision makings for productions and consumptions. Hence, the current paper aims to compare two above mentioned system. Also, it is aimed to precisely analysis the ethical and legal aspects of Islamic economic system approach in response to the above asked questions as well as the departure of classical economics from the ethical values attitudes. In this context, subjects like economic man in Islamic perspective and forming of human moral behavior are considered as the main groundwork of Islamic economic system in responses to the above asked questions. Furthermore, in this paper, the social justice issue and the role of Islamic social institution like Islamic public bail (social guarantees) as well as Islamic government in determination of social interests and directing and influencing of private sector’s activities based on the asked questions are emphasized. |
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| Keywords: fundamental questions in economy, Islamic economy, capitalism economy, market mechanism, market failure, ethic, social justice |
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Full-Text [PDF 213 kb]
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Article type: Research |
Subject:
General
Received: 2015/11/30 | Accepted: 2015/11/30 | Published: 2015/11/30
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