What is it about?
This paper discussed the ethical void in Capitalism manifested in unbridled pursuit of self interest, moral relativism, inventive-led economic choices and apathy to communal responsibilities.
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Why is it important?
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.
Perspectives
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.
Dr Salman Ahmed Shaikh
Islamic Economics Project
Read the Original
This page is a summary of: Ethical Crisis in Capitalism: Filling the Ethical Void with Islamic Economic Teachings in Economic Practices, SSRN Electronic Journal, January 2010, Elsevier,
DOI: 10.2139/ssrn.1530384.
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