Marxist economist: Richard D. Wolff

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Hafez

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As a strict adherent to the Quran and Sunnah I disagree with Marxism almost in it's entirety.

Marx and Lenin clearly indicate that atheism is inseparable from Marxism. Marxism is a theory intended to eliminate the differences between 'classes' which according to Karl Marx is the root of conflict.

As opposed to a free market, in a socialist system organisations that are responsible for the production and distribution of goods are to be government owned and those that are privately owned should be heavily regulated. Thus individuals would not be able to significantly surpass their fellow citizens in terms of amassing wealth. This could result in lack of motivation which will inevitably result in insufficient production relative to the population.

"Do they distribute the mercy of your Lord? It is We who have apportioned among them their livelihood in the life of this world and have raised some of them above others in degrees [of rank] that they may make use of one another for service. But the mercy of your Lord is better than whatever they accumulate." (43:32).

I personally think that the Ayah above is sufficient to dismiss the idea of Marxism. The Ayah indicates that a completely free-market is fundamental for a utopic economical order. It also states that the mercy of Allah (SWT) is far superior to accumulating wealth and one of the obvious means of attaining the mercy of Allah (SWT) is to give alms to the poor (Zakat & Sadaqah), therefore redistributing wealth and encouraging economic activity. It also orders mankind to be moderate in their pursuit and love for wealth as this leads to greed. Thus the Islamic system is not totally capitalistic nor is it Marxist.

Marxism is clearly incompatibile with the natural disposition (fitrah) of mankind as we are by nature competitive and ambitious.

In an Islamic system, the market is a completely free market. There's no such thing as 'fiscal policy' in an Islamic system nor any other forms of government intervention. Even wages are bargained. Citizens can freely trade so long as they do not transgress the Islamic regulations and ethics of commerce (e.g. Borrowing on interest).
 
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