Alpha Beta | Economic crises and the arrogance of development

The world is witnessing the Fourth Industrial Revolution, a technological revolution that has achieved tremendous achievements and the previous revolutions, which are not hidden from the readers. But it increased the conviction of the arrogance of mankind, including the material development achieved. Arrogance is on the rise, causing problems and economic crises.

The fourth revolution opened the door to breakthroughs and problems that differed from what people had experienced in previous industrial achievements. Many have written about this. Including what was published by the newspaper “Al-Eqtisadiah” in last Friday’s issue by economic author Martin Wolf. In his article entitled: “12 Issues on the State of the World Today … and Tomorrow”, he referred to major problems the world is going through. The world is threatened by sword and famine, and foolish policies lead the world. The Corona disaster brought great weaknesses in people and their inventions.

In the Holy Quran, there are many references to human arrogance that follow the blessings and development that God bestows on people. Signs that help us understand economic crises, such as the Almighty’s saying, “If anyone is affected by harm, he calls us, and if we give him a blessing, he says, ‘I just gave him notice,’ rather it is a trial, but most of them do not know ”(Al-Zumar: 49).

The interpreter, Imam Ibn Katheer, said: “The Almighty says informs about man that in times of adversity he pleads with God – the Mighty and Exalted – and pleads with Him and pleads with Him. And if it were not for me with “God does not. Almighty, I would not have authorized it.”

Of course, economic crises are not something new. The world has gone through it from time to time in many ways. Before long, speakers focused on blaming the ruling system. Most people throw away what was formerly called capitalism. In the sense that they believe that without capitalism these crises would not have developed and appeared. This is a distorted simplification of the problem. Deliberately or out of ignorance, he ignored the nature and arrogance of human economic behavior.

The dominance of individuals and the private sector over the ownership of the means or factors of production such as capital, labor and land, for the purpose of profit, is called the market economy. This is the core of what is called capitalism. It is not a condition that the market functions absolutely freely. In fact, it is the opposite of what we see. We see a mixed economy between freedom and state interference, where there are laws that greatly restrict the freedom of the market and the disposal of businesses, and pay attention to the protection of the interests of consumers and restrictions on ownership and methods of making money in to collect. But all this does not cancel out the existence of manipulation, selfishness and human vanity, which persists and may increase with the prohibition or severe narrowing of the market economy, as has happened before in the Soviet Union.

The economic system that has prevailed in Islamic societies over the centuries is in principle based on the market economy and the rule of private property. This is what the jurists are fatwa in terms of principle and origin. This is why many Western economic historians believe that the West’s contact with Muslims in recent centuries has had a significant impact on the introduction of the West to the principles and characteristics of the market economy and individual property. Consequently, the principles of capitalism represented in the market economy are not a modern Western idea, but the Industrial Revolution in the West has spread them.

The next question: What is the meaning of the “short economic interpretation” of what we see from time to time from global economic crises?

There is economic nature present in people, old and modern. From nature love for money and excessive selfishness. And speaking of most people, at the same time, there are standards or principles that govern the economy, and perhaps most importantly, resources have a limit, while desires are unlimited, and therefore it is not possible to obtain everything that souls desire. One of the criteria is selection, where the same resources can be used to obtain various alternatives of goods and services, and they can also be distributed over more than one period, and therefore it is necessary to choose, and each choice holds benefits. and disadvantages. One of the criteria is to love more of the pleasures of the world, and one of the criteria is that everything “almost” has a price and there is “almost” something free.

The conflict between human behavior and economic standards arises a lot, for example, people’s demand in different countries for imported goods increases as long as it is relatively cheaper, and the reason for the cheapness of most of them is often that they come from countries where the cost of production and / or sales is relatively low, for many reasons that are long to explain. But at the same time, they want factories and facilities in their countries and countries to provide jobs for everyone. Another example. They seek means when it is in their interest, but at the same time they annoy its existence when it is on them, and so on. Another example of food waste and its consequences.

Within the framework of human behavior and economic standards, the heavenly laws came to discipline behavior as man tried to set laws for the same purpose. Al-Bukhari said on authority of the Messenger of God – may God’s prayers and peace be upon him -: “And this money is a sweet green, so whoever takes it with his right and puts it in his right, the best help is, and whoever takes it without his right, he is like the one who eats and is not satisfied. ”

In short, economic crises first and foremost reflect human behavior. In addition to this behavior, to which the Holy Qur’an referred in the aforementioned verse. Second, it reflects the expansion and globalization of the financial system, which has helped modern technology to emerge in a world dominated by the love of money. People are selfish and like money, not naturally. This means and requires, among other things, a good understanding of the situation, and gratitude for the blessings in word and attitude, not just in words. God made us among those who give thanks to His blessings in word and deed.

Quoted from Al-Eqtisadiah

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