Comparison of different Economic systems

1. Capitalism :
 Private ownership .
 Objective profit earning.
 Prices determine on demand & supply of goods.
 Inequitable distribution of wealth
 Huge gape b/w rich &poor.
 Materialistic.
 Providing goods according to consumer's taste.
 Innovation using new methods & technologies .
 Production of illegal/haram products can be.
 Free market easily in & out.
 Highly competition.
 Capitalism also known as free market economy.

2. Communism :
 State ownership.
 Objective provision of basic necessities & working on social projects.
 Govt determines prices & income distribution.
 Everyone awarded the same whether hard worker or less hard worker.
 Less gape b/w rich & poor.
 Socialistic .
 Less competition.
 No innovations.
 No desire to progress.
 Eliminations of consumer’s choice& desire because govt under take all the matters.
 Communism also known as planned, command economy.

3. Islamic economic system :

 Real owner is the ALLAH.

 Economic operations run by the orders of ALLAH.
 Objective fulfill the needs of people with justice.
 Rules and regulations are set on the basis of Quran and sunnah.
 Market forces can run but under the guidance of ALLAH.
 No overburden of work.
 Equitable distribution of wealth.
 No black marketing.
 Concept of zakat,khairaat, sadqaat, modaraba,mosharaka etc involved.
 Best provision of basic necessities.
 Interest( riba) free market.
 Very less gape b/w rich & poor.
 Provision of halal foods n goods.
 No wastage of material.
 No bribery ,gambling.