Ethical Crisis in Capitalism: Filling the Ethical Void with Islamic Economic Teachings in Economic Practices

Salman Ahmed Shaikh ()

MPRA Paper from University Library of Munich, Germany

Abstract: This paper discusses the ethical void in Capitalism which does not look prominent in welfare societies and states. But, its effects become more eminent in tough economic conditions and more so in developed regions where economic relationships by themselves will not result in win-win situation for all parties concerned in a Capitalist economy. Unbridled pursuit of self interest, moral relativism, inventive-led economic choices and apathy to communal responsibilities would lead to a society where economic interests become the sole basis of maintaining and sustaining relationships. This inner void of identity and purpose at individual level and social void in the form of a stratified society bound together only for economic interests can be better filled with incorporating religion. Humans are much more than utility driven species, they are capable of using both instrumental and critical reasons to differentiate right from wrong and need reinforcement to adopt virtues influenced by an inner urge other than material interests as in Capitalism. This inner urge can be rekindled by looking beyond utility maximization to re-acknowledge the fundamental identity that humans are moral being than just an instrument for material advancement.

Keywords: Interest free economy; Interest free finance; Capitalism; Business Ethics; Islamic Ethics; Morality; Idealism; Moral Relativism. (search for similar items in EconPapers)
JEL-codes: A13 A14 Z12 (search for similar items in EconPapers)
Date: 2010-01
New Economics Papers: this item is included in nep-ara, nep-cwa and nep-hpe
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