A Comparative Analysis of Economic Development in Islamic Economics and Marxism: Principles and Practices

Abstract

This article compares the concept of economic development within the framework of Islamic principles and Marxism. and analyzes the concepts of economic development based on both ideologies using a review approach. This article is divided into two parts in terms of content: the first part analyzes and dissects Marxist economic concepts, while the second part examines Islamic economic policies, strategies, principles, and values. The main objectives of this article are to compare the perspectives of Islamic economics and Marxism on economic development and to highlight their similarities and differences. This article concludes that although Marxism and Islam have fundamental differences, however it is not fair to compare Islam with such a broad conceptual scope to one-dimensional ideology (Marxism). Despite that, just in economic development, their outlooks are approximately similar. Marxism focuses on criticizing the capitalist economy, while Islam emphasizes economic progress and social justice through religious and moral principles. It is noteworthy that many of the concepts emphasized by Marxism, such as opposition to exploitation and unequal distribution of wealth, were already present in Islamic teachings before the emergence of Marxism, and much emphasis was placed on this by Islamic rulers. The economic principles of Islam are based on the values of equality, justice, charity (such as khums and zakat), and fairness. Islam emphasizes societal and economic development more than Marxist ideology. Therefore, this study employs comparative and analytical methods and suggests that its findings could help create sustainable economic models and a more just distribution of resources.