Islamic conference: ‘Capitalism has failed to address major issues’
And the writer’s solution to ‘secular capitalism’ is… well, he does not have one, or at least, as he says, ‘not one that would be understood by most Christians’. It is encouraging indeed to hear that there are prophets in Phoenix Arizona to whom the Lord is imparting economic models which only a chosen few may comprehend. Though the author does concede: ‘The “biblical” model of Christian economy is not found in one particular frame of history, but likely, a combination of historical frames, coupled with a combination of historical theologies’.
Now isn’t that just so very helpful? Why do these people purport to write about things they so manifestly know nothing about? Has he read Weber? Has he considered the Protestant origins of ‘Western capitalism’? Has he ever studied such developments as corporatism, social doctrine, or interventionist statism? Has the Lord imparted to him the precise formula of co-operation between employers and workers, with the state overseeing wages, working conditions, production, prices and exchange?
AnglicanThought might as well link to its sister site Muslim News, for they have come to the same conclusion about capitalism. A three-day international conference on Islamic economics hosted by King Abdulaziz University has called for the ‘rebuilding of Islamic economics on the basis of moral values rooted in spirituality’, which is ‘essential for making sacrifices for noble goals, disregarding vested interests’.
The assertion is that capitalism has failed to address major international economic issues including poverty, inflation and unemployment, so it is now time to ‘present Islamic economics to the world as the best solution to its problems in a convincing manner’. It also called on Islamic banks and financial institutions to fund such research projects, especially on topics relating to boosting economic development and fighting poverty and unemployment. Dr Abdul Raheem Saati said: “We believe that Islamic teachings, if applied properly, can fight poverty and thus we can contribute to fighting world poverty.”
Abdul Wadood Khan from Pakistan called for ‘a concrete plan to replace interest-based banks with Islamic banks’.
This sounds wonderful, and will be of great comfort to AnglicanThought. Eliminate competition, fix prices, limit ownership, intervene in industry before breakfast, lunch and dinner, control the market, and create a new social order of justice and fairness with God’s Bank at the centre of it all.
Or has this already been attempted?