By Ali Salman
For friends and foes alike, capitalism has been largely regarded as an efficient resource allocation mechanism which has played an important role in material advancement of human society over the last two hundred years. Even Karl Marx considered this system as the key to technological and material progress. However, capitalism has been often challenged on moral grounds. In this essay, I will develop a case of defending the moral foundations of capitalism within the context of a Muslim mindset.
Ali Salman is a development consultant, policy entrepreneur and economic analyst based in Islamabad. He is Director of the recently established Policy Research Institute of Market Economy (PRIME) and he has worked as a consultant and trainer for major international development organizations, public sector organizations and non-profits. Ali is author of several studies and monographs including the path-breaking “Liberate to Learn: Review of Education Vouchers Scheme in Lahore”, a critique of price controls Price Controls: Implications for Liberty and Welfare, and “Discord between Economic Freedom and Social Justice in Islam.” He has held a Gulbright scholarship, Royal Netherlands Fellowship and Charles Wallace Fellowship and has master degrees in Economics, Public Policy and Business Administration.