Freedom Of Private Enterprice and Its Limits
Capitalism permits individuals to manipulate their wealth in all ways and means, regardless of their possible consequences on the society.
It is believed that the society's interests are served by the individual's motives and enterprise. Hence, there is no conflict economically between private and society interests as it is viewed by Capitalism.
For example, a bus company is providing social service, but it is private enterprise. Other public services, like education, railways, roads, etc., used to be considered as private enterprises, which furnish social services.
Socialism denies individuals economic freedom. The State or Government steps in, plan and administer the bulk of the country's economy with no regard to people's incentives.
Islam recognises people's freedom and right of possession, but defines its boundaries and limits. The boundaries are located by the following items:
Adapted from: "Economic Sysytem in Islam Compared with Capitalism and Socialism" by: "Abdul Husain Muhammad"
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