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7th Century Madina Economics : The First Economic System of the Mankind

Author :  Muhammad Munir Ahmed

Product Details

Country
Pakistan
Publisher
Aiwan-E-Ilmo-O-Fann, Lahore, Pakistan
ISBN 9789692339476
Format HardBound
Language English
Year of Publication 2020
Bib. Info 280p.
Product Weight 620 gms.
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Product Description

Certain developments like the right to own property, working of markets, lending money under interest etc. are the main building blocks which could be called a stray economics because these were neither described nor followed like an economic system. The 7th century Madina provided human beings the first economic system of the mankind. This was not simply a theology but also practiced in Madina which later on “spread to other parts of the world and remained dominant from 7th to 11 century (Maurice Lombard 1975) Once prices rose in Madina and people requested Muhammad (SAW) to fix prices. Arbitrary fixation of prices by the rulers in such situations was common practice at the time. However Muhammad (SAW) refused to do so by saying that fixation of prices is not in his hands. Based on this statement, Benedict Koehler (2014) calls Muhamad (SAW) as the first free-market economist of the mankind. In Capitalism, there is no mechanism for ensuring shared prosperity due to its working under the concept of “Survival of the Fittest”. Communism, during 70 years of working, also could not provide any system of shared prosperity on long term basis. Under the magic of fair and honest trade, people of Madina with surplus wealth used to voluntarily spend income in excess of their needs on those left behind in the economic struggle. This is perhaps the most important takeaway of Madina Economics for curing the current woes of Capitalism.

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