Communism, Socialism and Capitalism: An Islamic Perspective

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#IslamicEconomy #Islam

This video examines Communism, Socialism, and Capitalism through an Islamic lens.
Let me know what you think in the comments!

Disclaimer: Anything you hear in this video is an opinion. It is not to be considered personalized financial advice. Make sure you do your own due diligence before making any investment decisions.

[mr.benchwormer]

The Anti-Communism argument about not having any incentives negates the fact that that Cuba, the country that pays its doctors and Cab drivers the same amount, has a ton of doctors even though there is no "incentive" to ever become one. Its almost like it is impossible to imagine that people are willing to do something good or ethical for the betterment of society.

[Ppraxis]

I'm so confused...Are you critiquing/drawing a comparative analysis of practiced communism (soviet communism) and Islam, or communist theory (00:43 Communism technically hasn't been practiced...ever)? Also...04:15 you don't need to be business-oriented to recognize the inequalities and low-standard of livings that the system of Capitalism produces (through maximization of profit, outsourcing production, exploitation of workers, increasing interest rates, and putting destructive channels in power, such as militaries, prisons, and ineffective bureaucracies). From what I'm hearing, 03:49 you seem to speak of Communism through the lens of one already predisposed to disagree with it without having a proper foundational understanding of Marxist theory. You make no distinction between private and personal property, no recognition of a stateless (01:36, moneyless, classless society. I'm genuinely confused as to how you're using an Islamic lens to illustrate these economic systems without addressing the actuality of each system. I mean this respectfully.

[Mrcontrolfreak]

It’s zakat inherently socialist. We are not allowed to hoard our wealth from what I’ve heard. Also would hospital and pharmaceutics go to the public of private sector

[fahimrahman]

Do you have any recommendations for a book that explains islamic economics or economic thought in Islam? Great video btw!

[LordS]

This was really good although look into other perspectives! I love studying every side and I believe you seem like the kind of guy to enjoy something like that ☺️

[jimhaygood]

This guy doesn't know what communism is

[lobna]

Assalamu Alaykum. I understand that this is only a brief overview of the three systems, but I'm surprised you did not mention worker exploitation, hoarding of wealth, modern slavery advanced by multinational corporations in the Third World, etc, when discussing the negative aspects of capitalism that Islam diverges from. All of these are inherent and necessary components of a capitalist system and directly contradict Islamic values, which indicates that the the Islamic economic/political system and the capitalist system aren't nearly as similar as you've described them to be. It seems to me that the emphasis of socialism on protecting workers' rights, preventing multinational corporations from abusing and exploiting women and children in Asia and Africa, minimizing the hoarding of wealth, is far more Islamic than blood-sucking capitalism, even if socialism and Islam differ in other aspects. In fact, I think that saying that out of the three systems, capitalism is closest to Islam, does Islam a great disservice.

On another note, I think it's ironic that your criticism about how we produce far more than we need to and we aren't able to spend nearly enough time pursuing spiritual growth or spending time with our families due to interest-bearing debt is one of the central criticisms of capitalism put forth by Marx, whom you so harshly overlooked at the beginning of your talk.

I also think your comment about interest being worse than slavery is very insensitive. There are other ways to make your point than to draw upon such a horrific moment in human history.

[_strife]

This is weird. He literally accidentally describes socialism at the end after bad faith describing it throughout the entire video.

[fuadahmed]

‘Any authoritarian government has no authority to make decisions about public property’

How do you explain the fact that 90% of the Ummayad, Abbasid and Ottoman Caliphs were hereditary unelected leaders who had uncontested control of public property for hundreds of years?

[omarfarique]

Salam Awlikum brother you explained the different economy systems very well. Brother I was having this discussion with this Non Muslim brother and he made the argument that if the bank is to give a loan to a person then technically the bank is also taking a risk that they may not get the money back. So for example if the bank gives a business loan to a company and the company goes bankrupt then the bank loses everything they gave out. So he said that because the bank is taking on that risk it is only fair for them to get compensated as well.


And he also mentioned that why is interest debt bad? For example if a person wants to buy a house and he can't afford it then he can get the bank to finance it and he gets the house. He wouldn't have been able to get the house otherwise. So the bank helped him by financing him and in exchange the bank received some profit from doing so. What is a good reply to this points

[UltraSolution]

Thanks for differentiating between socialism and communism. Many people seem to use them interchangeably.

But with regards to socialism. In some systems, the workers themselves own the factories or farms. How should factories be owned in Islam? Should the workers (such as communes) own it? Or should businesses own it. Or alternatively should the government own it.

I am no expert but I think at the end you are describing a breed of socialism known as Democratic Socialism. Which is basically the fundamentals of socialism which attempts to provide an equitable society. While also providing a democracy. This has been seen in places like the UK after the world war (which was removed in the 1980s). What is an Islamic view on this?

[qqqalo]

3:42 You are basing your entire opinions of an economic system on a pamphlet that was meant to be read by workers who didn't have a lot of time on their hands, if you want to actually understand Marxian economics then you should read Capital, it goes much more in depths and it debunks most of your outlandish claims made in this video.

[arashahad]

I would like to ask a question on the hadith you mentioned about Prophet Mohammed SAW, not interefering in Price setting.
If a vendor owns a good, which is much needed by the society and he has a monopoly or a price agreement with other vendors of the same good, then he can ask an extorted price which indirectly is a form of legal stealing. How would an islamic system handle that situation?

[imperator]

Communism is not equality of outcomes, nor does it posit that everyone should get the exact same thing 100% equally. Marx proves this through his simplified definition of his ideology, "From each according to his ability, to each according to his need". This implies that not everyone has the same abilities or the same needs.

[justisewatt]

he lost me in the first minute he definitely needs to reread on communism

[khalidshatrat]

Absolutely phenomenal. This information is exactly what our ummah needs. People have been lied to and deceived. Jazakallah for all the content you put out.

[HexagonSyndicate]

This is awesome, your efforts are appreciated,

[qqqalo]

0:58 No it isn't. Karl Marx said "But one man is superior to another physically, or mentally, and supplies more labor in the same time, or can labor for a longer time; and labor, to serve as a measure, must be defined by its duration or intensity, otherwise it ceases to be a standard of measurement. This equal right is an unequal right for unequal labor." The founder of what we now call communism would disagree with what you said. Do your research before you act like an authoritative figure on a subject that you don't even understand.

[ZaheerAbbas-kfvn]

Thanku so much sir. That was really good for us. ♥ ♥ Jazakkalhu khaira..

[haziq]

Communism is when the means of production is owned by the people and the abolishment of private property. It's not whatever you said.

You basically think that communism itself is one huge ideology instead of an economic system ironically. You can have a communist ideology that is dictatorial(stalinism) and you can also have a communist ideology that is anarchistic (anarcho communism) or even a communist ideology that is a bit of both (democratic socialism? Idk I still don't have a specific ideology).

You're basically saying that communism has both an economic aspect and a social aspect. Communism doesn't force society to be equal, at least socially. What it does is that it, like I said before, Abolishing of private property and the means of production owned by the people.

Also you saying that everything is owned by the State in communism is also incorrect. I just know that you're taking the USSR as an example but the USSR was actually a state capitalist. The government was runned by socialist but private property was still a huge thing in the USSR. The same goes for China it's a state capitalist not socialist. And north Korea is either state capitalist or straight up dictatorship since I think everything is owned by the supreme leader.