The Islamic system however is based wholly on provision of the ethical elements. It occupies a unique place when compared with the other economic systems such as Capitalism, the Socialist and Communist systems. It combines the good attributes and merits of each of these systems, without, adopting of their bad attributes or evils. I will now deal with the subject matter under discussion in the following manner:.
1. The Capitalist economic system.
2. The Communist economic system.
3. The Socialist economic system.
4. Islamic Economic system.
CAPITALIST ECONOMIC SYSTEM.
The Capitalist Economic system is founded on the principle of the freedom of the individual to do whatever he pleases in the way of trade, industry and other transactions. Complete freedom is accorded to the individual to produce whatever article he desires and in the quantity he desires, and in dealing with others.
By freedom it means the freedom of;.
a) Property.
b) Use of property.
c) Choice of profession.
In other words, the Capitalist economic system rests on the policy of Lissez Faire (Let the individual do as he pleases) or free enterprise in both the domestic and foreign field. It is for this reason that the Capitalist economic system has been termed the "free" economic system and also the "individual economy" because it deals entirely with the interests of the individual putting the economy as a whole in the back seat. .
The capitalist economists have found that for prosperous economic life of an individual, three elements must be present:.
1. Personal gain, as a target.
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2. Competition, as a mean .
3. Freedom, as a condition.
Personal gain has been regarded as a target because in their view man will not work unless he has a personal interest in working. The interest is to gain enough to cover his own and his family's expenses of living, to provide for saving on which he can fall in the days when he ill not be able to work and also savings with the aid of which he can renew the tools or means which help him to earn his living, when these are worn out or damaged.
