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(Source: The Nation)

Restructuring of Economy

 By Dr Tanvir Hussain Bhatti

Bread and butter are the basic requirements of every person. No one can keep body and

soul together without eating, drinking and breathing because man is a serf to his physical

needs. Without fulfilling fundamental requirements no one can even dare to think about

sacrificing ones resources for satisfying the needs of others in this era of indifference

and materialism. But to struggle for accomplishing ones necessities in the presence of inadequate sources is not the dilemma of our society. The tight spot of the

contemporaneous humanity is that the loaded countries and the flushed cuckoos

wallowing in pelf and plenty are plundering the already deprived ones. This exploitation

has separated the world into potent developed and weedy developing countries and the

populace of the globe into rich and poor categories. This unwarranted economic system

based on unfair profiteering has given birth to frustration and a sense of deprivation

among the cash-strapped victims of maltreatment.

Capitalism is a dominant economic system that is working in mainstream of the

countries of the world. The acquisitive configuration of entrepreneurship is based on

spend more and earn more. The ultimate result of this laisser-faire is the concentration of 

the world resources within a little throng of greed-ridden souls and the skinflint

dominant countries. The logical end of this skinning and misappropriation would be the

folks scrapping the bottom of the barrel would pounce upon the well-heeled crocodiles

whom they blame nakedly for their miserable condition. The fleecing spoliation and its

retaliation are bound to create law and order situation because the underprivileged utilize

weapons to snatch their food. This can result in chaos and commotion all over the world

with the passage of time. This exploitative economic system is the basic reason for

extremism and terrorism in the present-day world and its perpetuation would further

flare them. Therefore, there is crying need to restructure the international economic

system based on just universal principles that is mandatory for survival and peaceful co-

existence of human race.

According to Encarta Dictionary, “Capitalism is an economic system based on theprivate ownership of the means of production and distribution of goods, characterized by

a free competitive market and motivation by profit.” This financial system not only

results in leg pulling and cutthroat competition but also generates callous attitude and

hatred in the society because everyone would use his energies and resources to

outnumber and rout his competitors. It ultimately deprives the stripped of their bare

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resources and results in pumping of substantial means in the hands of the diamond-

studded. Thus the space between the plenteous and the out of pocket broadens with each

passing day. The affluent rose to the crest by pushing the starved to the trough. This

gripping monetary structure with predatory core results in deep-seated socialstratification.

In capitalistic industrial countries the governments levy heavy taxes on the earning

people. Thus revenue generated is spent on public welfare. The considerable returns

collected are also distributed among the unemployed and the other deserving ones. Due

to strict legislations and strong institutions the number of tax evaders is just the tip of theiceberg. Thus these states accomplish their responsibilities by bridging the yawning gap

between the fat cats and the poor as shithouse rats. In preponderance of the developing

countries capitalistic economy is ruling the roost but the fiscal picture is tremendously

bleak. The status of institutions is enormously miserable and the personalities having

surplus capital invest more to churn out utmost profit. While the despotic and burglar

rulers who are not accountable to anyone do not bother to fulfil the requirements of their

  public. They don’t slide out of their self -created casing of selfishness. Thus in these

countries with each passing day the unpaperable chasm between the well-off and the

down and out broadens because of the negligent attitude on the part of the government.

This has resulted in the accumulation of resources within a teeny-weeny bunch of menon a good wicket in the developing countries.

What plagues Pakistan? Although it is practicing capitalistic economy but the number of 

tax evaders is as increasing as atmospheric pollution and the number of taxpayers is as

low as integrity in a scam-spattered country. The feudal lords in the assemblies, army

generals and top bureaucrats use their strong connections to establish business empires.

They are also hunky-dory with the authorities that helped them in tax evasion, getting

undue contracts and acquiring import permits, etc. Economic disparity was the

fundamental reason for the dismemberment of Pakistan on December 16, 1971.The

renowned economist Dr Mehboob-ul-Haq revealed in his speech in Karachi that 20

families belonging to West Pakistan were the major owners of the shares in Pakistan.

This was mainly sparked by capitalistic economy and the negligible role of the state to

monitor undue favours to the bigwigs.Interest is another curse to pillage the already circumscribed resources of the cleaned

out. In Pakistan the interest imposed on the flat broke is much more than on the well off.

The farmers obtain loan from the banks on soaring interest rates while the industrialists

get finance for the establishment of industries at much lower charges. It seems that this

system has been introduced by the Jewish holding the reins of the economy of the world.

They are the ultimate beneficiaries of the interest based fiscal system. It is irony that the

Muslim countries have stepped in the shoes of the West by adopting this sullied

pecuniary system. Ironically well-endowed citizens of these countries who curse interest

as against tenets of Islam deposit their capital in the western banks that carry out interest

based economy. By using the capital of the Muslims the interest earned through this

commerce is used by the West to nourish their Brainchild Israel and to extend their

hegemonic designs in the world.There are scores of basic flaws in the capitalist economy. It impedes the circulation of 

money because of its one-way drainage, i.e., from the pockets of the unfortunate to the

coffers of the up in the dough. In addition to this although the state play a key role by

narrowing the cleft between those living off the tit and not having a pot to pee in by

deducting taxes from the earnings of the currency camels and ladling out to thedeserving ones. But as the taxes are imposed on the citizens without generating a sense

of humanity, therefore, it failed to cultivate empathy in the cashed-up for the cash-

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strapped because greater part of the tax payers consider tax a burden instead of 

responsibility.

Communism is a classless social system. According to Encarta Dictionary “the political

theory or system in which all property and wealth is owned in a classless society by all

the members of a community.” In communism everything belongs to the state. Everyperson contributes according to his energies and gets according to his requirements. This

system brags about equality but practically it crumbled to dust after the collapse of 

USSR. In theory it looks very attractive and appeals to human senses because it talks

about egalitarianism but practically this system proved unsuccessful and to rejuvenate itis flogging the dead horse. This can only be practiced in a zoo where locked-up tigers

and monkeys are equal because they are at the mercy of zoo authorities for their

nourishment. The disproportions in the human society are natural because it is based on

sharing of feelings and emotions that are the byproducts of social differences.

Paradoxical to the bragging of communism there are marked socio-economic disparities

between the blubbery cats and the pitiable rats in the communist countries that are even

greater than the capitalistic economies. There is no concept of private ownership.

Therefore, the ambition and passion to work whole-hoggishly loses and the persons start

thinking in terms of freeloaders.

At international level the developed countries are skinning the developing countries asthe feudal lords and the autocratic rulers frisk the public in the backward countries. In

budding countries the role of state to fulfil the needs of the public is extremely

negligible. Similarly, at the international level the function of the global economic

organization WTO is exceedingly inattentive towards the developing countries. UNO

and its offshoots have become mouthpieces of the western powers. The global caimans

frame policies that helped the urbanized countries to rob the wealth of the emerging

countries. This peeling of the weak nations by the power-boozed alligators is the basic

reason for extremism and hatred towards the developed countries.

The Islamic economic system is based on fraternity engrossed in virtuousness.

Therefore, it develops sympathy among the affluent for those skating on their uppers. In

this system there is concept of free market economy but this system stringently curses

interest because it not only develops greed in the individuals but also perpetually drainthe resources of the poor by pumping them to the pockets of the rich. Islamic fiscal

system is the superlative because it not only guarantees the economic rights of those

feeling the pinch but also act as cementing force in the society by developing

compassion in the prosperous for the pitiable and affection in the insolvent for the

moneyed. It enhances the circulation of money by putting into practice an arrangement

of Zakat and Sadqat that also bridge the gap between the well-to-do and the

underprivileged.

Islamic monetary system was implemented in letter and spirit for several decades in

Islamic countries. During the period of Khalifa Umar Bin Abdul Aziz the national

treasure was so over-flooded with wealth and people were so prosperous that no one was

on hand to receive Zakat. When the Muslims plucked Islamic tenets from their lives they

become submissive to putrid and flamboyant western civilization. A nation that wasdescribed best on the earth became subservient to a glittering and illusory rotten culture.

The rancid western society and its callous custodians spare no effort to grind down

Islamic principles from the limbo of the conscience of the Muslims to mold them as

mental slaves of the West. The Muslims should rejuvenate their best economic system if 

they want to regain their lost glory and true status in the world. They should follow asystem devised by the Creator of this Universe and practiced by his dearest Prophet

(PBUH) instead of treading in the heels of the West that is a deteriorated civilization.

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