Economics and economy. Free market trade

14. France & Sweden

18. Republic of Cuba
People’s Republic of China
Socialist Republic of Vietnam
Democratic People’s Republic of Korea

29. Items Capitalism Socialism Islamic Economic System
Origination an 18th-century 610 CE – 632 CE
Distinguishing
characteristics
Economic
freedom
Economic
equality
Economic &social justice
ownership Unlimited private
ownership
Public
ownership
Limited private ownership
+ Public ownership
Consumption of
wealth
Any thing can be
consumed
Society central
plan authority
made decision
what & how
much to produce
& this goods
only allowed to
consume
* Halal goods are allowed to
produced & consumed
* Haram goods aren’t allowed
to be produced & consumed
EX. Alcohol drinks, Drugs
Production of
wealth
Profitable goods
only are
produced
Distribution of
wealth
Concentration of
wealth in few
hand
Equal
distribution
Zakah(Sadaqah)automatically
transfer wealth from rich to
poor
Riba Play role in
capital formation
Not play any role Forbidden