Economy, The Khilafah

Capitalism’s Crisis Cannot be Fixed with Mere Economic Tweaking

Capitalism is indeed in crisis. This fact is increasingly being mentioned in mainstream media publications. The common theme is that the 2008 financial crisis has exposed the lack of regulation of the banks, so to save capitalism, a number of amendments need to be made. The left are asserting themselves again, calling for more government control, while the liberal right are putting up little resistance, except in the details.

This is all very reminiscent of the navel-gazing economists after the twentieth century’s Great Depression, and again after the Second World War, as they debated countless tweaks and amendments to economic policy. The current era of neo-liberal economics which caused the most recent economic crisis is merely the latest failed experiment of the capitalist economist tinkerers.

Yet the failure, the fundamentally broken nature of capitalism and the need for a complete alternative, demands that we acknowledge the good and prosperity that capitalism brings with market forces, even though capitalism has no unique claim to basic economic sciences.

But, we are still asked to just accept that crashes and boom and bust cycles of inflation and deflation are facts of life, despite the misery and harm they bring to the world, and despite them being uniquely caused by the capitalist ideology.

The capitalist ideology is inseparably founded upon the secular creed of separation of religion from life, which along with its theories of freedom and democracy, have directly led to corrupt, oppressive, and miserable liberal hegemony that the world suffers today. Capitalism is a twisted ideology that will always give power to the least deserving wealthy elite – whose only interest is their own prosperity.

The capitalist ideology allows the thugs in government to use violence against civilians to perpetuate mass oppression and murder for the sake of economic gain. Whether we are considering the destruction of the planet, widespread poverty, or fanatical tit-for-tat violence against civilians, the capitalists are at the centre, desperately trying to divert attention from their own involvement.

The poor are blamed for being unproductive, whilst the impoverishing policies of the rich politicians are ignored. The planet’s destruction is blamed on the lack of “green” energy or the people not recycling enough, whilst the promotion of over-consumption and consumerism that keeps the capitalists wealthy is ignored. The murderer who kills Muslims in Christchurch is accused of being led astray by the far right, whilst the capitalist’s deceptive war on Islam to protect their colonial domination of the Muslim lands is ignored.

Currently, the abhorrent murder of civilians in Sri Lanka is being blamed by the capitalist media on Islam, whilst the grievance of the attackers is ignored. Time after time, thorough investigations reveal that individuals who involve themselves in such mass murder of civilians, are driven primarily by a sense of grievance and frustration against the oppressive colonialism that they witness.

Islam categorically rejects such attacks wherever they occur. Islam also categorically rejects the colonial oppression led by the capitalists today. Capitalism, on the other hand, leaves the capitalist elite without any restraint to target any people for any economic gain, or to cover up their countless crimes.

It is the absence of Islam as a Khilafah state in the world today, that allows the capitalist ideology to trample over the people, unchecked. Insha Allah, when the Khilafah (Caliphate) returns again on the way of Prophethood, those who can see the flaws in capitalism will have a genuine alternative to turn to. Then, and only then, will we see an end to the suffering that the capitalist elite cause.


Yahya Nisbet

Media Representative of Hizb ut Tahrir in Britain

Saturday, 21st Sha’ban 1440 AH

27/04/2019 CE

Ref. 1440 AH / 15