Muhammad Quotes
Do not inflate prices one to another.
This Hadith together with the Prophet’s probation on interest appears to preclude a capitalistic economic structure. However, Muslim institutions have been very creative in interpreting these admonitions. Some Muslims give this a modern interpretation which prohibits price gouging but not fair profit. Regardless, it has always been interpreted to apply only to business transactions between Muslims. Profit can be made on trading and commerce with non-Muslims, and Muslim traders have always spanned the globe.
Muhammad, 571-632, Prophet and Founder of Islam, An-Nawawi's Forty Hadiths
Sourced by: Eigen's Political and Historical Quotations
These appear to be the first economic regulations of New England. Note that although there was a Governor of the Colony, such economic issues were considered to be fundamentally religious in nature. Therefore Cotton—the leading cleric of the colony—was called upon to in effect legislate on the subject. Ironically, this is not terribly different from the theocracy in Iran or some other Muslim countries of today where like some of the early American Colonies, there was no separation of church and state.
The Black Plague, which raged in Europe from 1347 to 1349, had left relatively few able bodied people alive. Given this shortage of labor there was a rapid inflation, especially to the distress of the landed class who had to pay much more for their food. The king therefore established what amounted to price controls, wage controls and forces labor. See {611125} and {611126}
Herbert Hoover was then the Food Administrator and in part with his assistance, Congress passed The Food Control Law August, 1917 which contained a provision, guaranteeing a wheat price to the farmer of two dollars a bushel. This was the beginning of Agricultural Subsidies and Corporate welfare for the large farm companies. It was passed under the Democratic Wilson Administration but Republican Herbert Hoover was one of the major supporters.
This volume roughly is to Islam what the Gospels are to Christianity. To most Muslims The Sunnah is a collection of holy material on the life of Mohammed. It is not of the force or importance as the Koran, but it is revered.
It is not capitalism that is the problem but
Muhammad was an Arab religious, social, and political leader and the founder of Islam. According to Islamic doctrine, he was a prophet, sent to preach and confirm the monotheistic teachings of Adam, Abraham, Moses, Jesus, and other prophets. He is believed to be the final prophet of God in all the main branches of Islam, though some modern denominations diverge from this belief. Muhammad united Arabia into a single Muslim polity, with the Quran as well as his teachings and practices forming the basis of Islamic religious belief.
