Prophetic Economic Model and Global Economic Systems: A Critical Assessment

Abstract

In recent times, debilitating economic crises had sought to cripple some of the developed nations of the world, especially across Europe and the United States. This has been in spite of the advancement in the frontiers of knowledge of economics from which evolved such basic systems as capitalism and socialism, with their various derivatives and manifestations, toward making not only individual life but corporate entities and governance as meaningful as they could possibly be. Against this background, the paper critically examines the principles and practice of the two broad contemporary economic systems vis-à-vis the economics enunciated by Prophet Muhammad. The paper concludes with the recommendation of the Prophetic model as the panacea for not only contemporary challenges but those which man has yet to envision.

Keywords: capitalism. socialism. economic systems. prophetic panacea