Question

Give a summary of Economics in Ancient time and how Islamic Economics are different.
word limit 600 words.
please do it as soon as possible.
Note: please dont copy paste from internet.

Answer 1

The development of any country depends on its prevailing economic condition. Therefore we can say that economics is not a modern concept but it is prevailing from ancient times. This branch of knowledge which is mainly concerned with the production, consumption and transfer of wealth goes far back to the ancient Greeks and is also an important topic in the ancient Middle East.

Ancient economics refers to the history of economic thought which includes the ideas from people before middle ages.If we take the ancient economic history of India Chanakya (350 BC - 275 BC) played an important role in framing the economic structure of India.He wrote Arthashastra .The Arthashastra discusses many topics which are still prevalent in today's modern economics.In Arthashastra Chanakya discussed various economic laws and suggested having court system to resolve eco omic disputes.

In ancient Chinese invented many important aspects of money which are used evren in today's economics. They are the first who invented coins and printed paper currency in history.They invented the concept of Taxation. They had such a trade network which made the country very rich by connecting buyers and sellers.

If we focus on the ancient western economics in the middle ages feudalism has been prevailing in the western economic system.later in the early modern age as there was development in the thinking process of the people which gave rise to capitalism.

Islamic economics is an ideology of economics mainly based on the teachings of Islam that makes ground between Marxism and capitalism.

Between the 9 th and 14 th century the Islami c world developedmany advanced concepts and techniques in production, taxation and finance.The concept of welfare and pension were present in the ancient islamic laws in the form of zakat as one of the Five pillars of Islam.The taxes collected in the treasury of islamic government were used th provide income to the needy, elderly people,orphans and widows.As part of their economic laws the islamic government used to stockpile food supply to face any uncertainty like famine or disaster.

Difference between conventional and islamic economics:

1. Conventional economics stresses on positive methodology where as islamic economics uses positive and normative methodology.

2.In conventional economics interest is charged on all banking transactions whereas in islamic economics interest is prohibited.

In today's world the word economics has been understood as a broader term and the economic development of any country depends on the mutual friendly relations between countries.