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Assalam o alaikum,
We are well aware about the concept of capitalism which can be defined as an economic system characterized by private property ownership in which individuals and companies have the liberty to compete for their own profit.
Capitalism has originated in the west and therefore it is a purely western concept.
With a rapid growth in trade and commerce in the 13th century, the European cities witnessed the rise in capitalism because the merchants were basically capitalists who put their money at risk while buying goods from one place and selling them at some other place.
Now let us discuss the multiple drawbacks of this western concept since it is diametrically opposite of Islamic teachings and principles.
The roots of capitalism are firmly embedded in the western liberal thoughts. With its individualized perspective of the world, capitalism considers an individual as the proprietor of his own capacities, owing nothing to the society. In capitalism, any kind of collective obligation is considered to be detrimental to individual autonomy. Thus, we find that unlike the high Islamic ideals of equality, brotherhood, charity etc the capitalist system is totally based on selfish interests which can lead to the tearing apart the social fabric of the society.
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