Capitalism in Crisis: Causes & Consequence

This is the MAIN PAGE for this topic: (with ShortLink) http://bit.do/azcapcrisis

Topic of Talk given in Indonesia at several places. Video Lecture on YouTube: Capitalism in Crisis.

Transcript of Talk, and Slides are attached below. Slides with audio ppt available from LINK.

see also, related topic: Decline of Morality in the West.

Article of interest: Capitalism is Eating Its Children.

See also: Lec 8: Legitimization of the Pursuit of Wealth

Writeup to be based on NOTES on each slide.

Title of Talk: Capitalism in Crisis: Causes and Consequences

Author: Dr. Asad Zaman

Abstract: As the “Occupy Wall St.” protests have made clear, capitalism is undergoing a major crisis. However, what is the nature of this crisis, and how it can be resolved is not clear to most. The goal of this talk is to show that the crisis is an outcome of a century long experiment to make greed legitimate. This experiment has failed completely and has resulted in disastrous outcomes in nearly all fields of human endeavor. Efforts to fix the problems currently under way in the West cannot succeed because they do not go to the root of the problem.

Islamic Economics offers us a way out. We propose to replace the “greed and competition” which form the basis of capitalism, by “generosity and cooperation” which form the basis of Islam. Implementing these principles will require substantial efforts, and fighting the dominant trends. The payoffs are also very high. World leadership awaits those who can find a solution to the current huge problems facing mankind.