II. Capitalism and the Rabubiy’ah Order
Capitalism is the oldest of economic systems. In course of time it was invested with an air of sanctity. People believed that it was the only system which was suited to "human nature. They could not imagine that society could prosper and flourish under any other type of economic organisation. The industrial and commercial revolutions gave it a powerful impetus and it reached its peak in the nineteenth century. When Capitalism was carried to the extreme, its defects became obvious and could no longer be ignored. No doubt, Capitalism has certain merits and, in the earlier stages of social evolution, it helped man to create civilisation and achieve a higher standard of life. It calls forth some of the best qualities in man, such as initiative, ingenuity, imagination and a capacity for hard work. But its weakness, which washes away all its good points, is that it overemphasises one factor of production, namely capital—nay, it gives all credit to it-—and fails to do justice to the other equally—rather more—important factor, namely labour. The result is that the bulk of the wealth produced goes to the man who contributes capital and the labourer has to be content with a mere pittance. Capital tends to accumulate in the bands of the few while poverty is the lot of the labourers who constitute the bulk of the population. This unequal distribution of the national wealth, a necessary consequence of Capitalism, is tolerated for a time, but, sooner or later, it generates class struggle and paves the way to the dissolution of society. Capitalism is based on two assumptions. The first assumption is that man has an inviolable right to the property that he has acquired. The second is that society can prosper only when it does not interfere with the economic activity of the individual. The Capitalist pins his faith on the doctrine of laissez-faire and holds private property to be sacred. He argues that what he has earned through his own ability, skill and effort, must be exclusively his own. Nobody can claim a share in it.
