Main ideas of Islamic economic system (3)

-      It was to remedy this situation that some thinkers of the West promoted the ideas of communism.

-      The economic doctrine of communism is based on the idea of centralized public ownership of the means of production and distribution.

-      The communists went to the other extreme and completely denied the concept of private ownership.

-      Communism was a reaction to the vices of capitalism.

-      A reaction which tried to completely suppress a concept ingrained in us by nature, that is, private ownership.

-      Naturally, as soon as the masses were given political freedom, they rebelled against communism.

-      The collapse of this system in Soviet Union and Eastern Europe is a living testimony to this fact.

-      Although communism has failed, it had quite an impact on the economic policies of many countries.

-      Quite a few Western capitalist countries, to prevent the spread of communism, modified their economic system and created what is now known as welfare states.

From the article by Sayyid Muhammad Rizvi, www.imamreza.net