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Showing posts from June 30, 2014

Adam Smith "founder of modern #Economics" on islamic #caliphate system. #economy #finance

Adam Smith "founder of modern #Economics" on islamic #caliphate system. #economy #financeAdam Smith, the 18th Century founder of modern economics whose picture is printed on the current UK £20 note, was exceedingly inspired by the Islamic method of governing. He proclaimed that:"...the empire of the Caliphs seems to have been the first state under which the world enjoyed that degree of tranquility which the cultivation of the sciences requires. It was under the protection of those generous and magnificent princes, that the ancient philosophy and astronomy of the Greeks were restored and established in the East; that tranquility, which their mild, just and religious government diffused over their vast empire, revived the curiosity of mankind, to inquire into the connecting principles of nature." ** Adam Smith, 'History of Astronomy', The Essays of Adam Smith (London, 1869), p. 353

#Capitalism: of the rich, by the rich and only for the rich! #economy

Capitalism

The release of Oxfam's report on global inequality: 'working for the few,' reveals a number of damming indictments upon capitalism and the developed world. Some of its findings are startling:• The richest 85 people across the globe share a combined wealth of £1trillion, as much as the poorest 3.5 billion of the world's population.• In the US, years of financial deregulation directly correlates with the increase in the income share of the top one per cent, which is now at its highest level since the eve of the Great Depression;• In Europe, austerity has been imposed on the poor and middle classes under huge pressure from financial markets whose wealthy investors have benefited from state bailouts of financial institutions.Despite the global economy reaching $72 trillion, the largest in world history and global trade worth $36 trillion, (again, the largest in world history) never have so few been so rich and never have so many been so poor. The Oxfam report i…