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Madinat al-Muslimeen Islamic Message Board
Interest & Society |
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buL-buL |
03/02/05 at 12:58:17 |
asalaam alaykum wa rahmatullahi wa barakatahu Can someone explain to me what kind of affect an interest bearing economy has on society? |
Re: Interest & Society |
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jannah |
03/02/05 at 13:48:24 |
wlm, that's like a thesis statement or a book!! :) |
Re: Interest & Society |
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buL-buL |
03/02/05 at 14:39:50 |
asalaam alaykum wa rahmatullahi wa barakatahu Lol, I guess I should narrow down my question....hmmm but I don't know how to! ::) I'm reading Marx's "Communist Manfesto" and basically he refutes the whole idea of capitalism and I was wondering what role interest has in all this. Maybe it would be easier if someone can refer me to a book. |
03/02/05 at 14:40:27 |
buL-buL |
Re: Interest & Society |
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Angelic |
03/03/05 at 23:54:55 |
It is like having to write a book...don`t think I need to say that an interest bearing society makes the poor even more poorer and the rich even more richer...oh I just said that. You should try reading about Adam Smith`s theory. In the financial world the purpose of interest is compensation, meaning in simplist terms, when an investor invests a sum of money in any kind of investment or project, his money is tied up for a certain period of time therfore he is compensated for foregoing the use of his money. You should read up on monetary policy and the government`s policy on why the cash rate fluctuates daily, then you will understand the affects of why interest rates constantly change and the affects on inflation hence the big picture of reducing consumer spending and/or enducing it. Money is now treated like a commodity today and no one person in today`s world can be totally removed from interest. We are exposed to it whether directly or indirectly. (from the farmer who uses bank overdrafts to the shop seller who finances his business etc. etc.) Sorry you really need to be more specific with what you have in mind, we could end up writing a book on this thread alone. It`s such an enormous topic but I would suggest you read about the how a society works and Adam Smith is a good start, he is one of the greatest economists of all time born in the 18th century, funny thing though is that most western governments base their policies on Adam Smith`s philosophies and we are now in the 21st century and still no government has come up with any workable new ideas. salam Angelic |
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