|Poor Governance as a Root Cause of World Problems|
It seems that lack of good governance and sufficient social capital among individual, community, organizations, institutions and state in the present system creates different type of problems. The governance system performs at low level due to different factors including its one dimensional structure of flow of information. This weakness in the governance system creates a variety of problems at different levels. All these bad outcomes in turn create a system of governance that leads to world problems. Therefore, search of an ideal form of governance that enables solution of problems, efficient and timely service delivery in a peaceful world is desired.
4. Why Poverty Resides. Within the citizens of any country haves and have-nots and inter countries poverty resides due to inequalities in distribution of wealth, employment opportunities, natural resources, environments, educational standard, health facilities, exploitation of labor force, interest based economic order ete.
At global level poverty, debt servicing of the 3rd world countries, poor countries are poor because they are poor, exploitation of labor force at global level. To reduce the inequalities in distribution the resources must be diverted to have- nots for optimum welfare.
4,1 Balance of Resources in Faith Based Economy
In the faith based economic system balance of resources is sought between the citizens of the society. Muslims believe that if left unchecked, unhealthy human instincts may be exploited to make money through immoral and injurious products. Profit seeking can create monopolies that paralyze market forces or at least hinder their natural operation. Islam recognizes private ownership, profit motive and market forces It is recognized that capital and entrepreneur are two separate factors of production.
The person who contributes capital in the form of money in any commercial enterprise assumes the risk of loss; so, is entitled to a proportionate share in the actual profit. In this manner capital has an intrinsic element of entrepreneurship with respect to business risk. Therefore, instead of a fixed return as interest, it derives profit. The more the profit of the business is then the higher the return on capital. In this way the profits generated by the commercial activities are equitably distributed to all persons engaged in the business.
A system of governance may be derived from religious doctrines pertaining to welfare of humanity. A number of research based studies by economists have proved positive relationship between economic growth and religion.
Religious beliefs also affect individual's wellbeing as Chamberlain and Zika (1988) have discussed the relationship of religiosity and psychological wellbeing of individuals. Their results show that religiosity has positive relationship with wellbeing but to smaller extent. McCleary and Barro (2003) conclude that although religiosity tends to decline overall with economic development, the partial relations depend on the specific dimensions of development.
They documented that the measures of religiosity are positively related to education, negatively related to urbanization, and positively related to the presence of children. Increased life expectancy tends to be negatively related with church attendance but positively related to religious beliefs. Hence their productivity will be more as compared to those persons who are not religious or less religious, that will increase welfare in this world as well as the life here after.
Barro and McCleary (2003) find that economic growth responds positively to the extent of religious beliefs, notably those in hell, heaven, and life hereafter but negatively to church attendance. That is, growth depends on the extent of believing relative to belonging. Their results accord with a perspective in which religious beliefs influence individual traits that enhance economic performance. To them the beliefs are, in turn, the principal output of the religion sector, and church attendance measures the inputs to this sector.
Barro and McCleary (2003) pointed out that greater religious pluralism, measured by the diversity of adherence among major religions, is associated with higher church attendance and beliefs. Across the religions, attendance at religious services is higher for Catholic than for the other religions, except for Muslim. The beliefs in heaven and hell tend to be highest for Muslim, then Catholic, then the other faiths. However religiosity is affected due to prevailing political and governance system.
McCleary and Barro (2003) pointed out that the presence of a state religion is positively related to the religiosity measures, probably because of the subsidies that typically flow to the established religions. Therefore religion may promote good governance. An ideal type of governance in the globe is predicted in religious teachings. The Islamic and other religious books give evidences of arrival of Imam Mahdi and Jesus.
Divine Revelation Governance, Exploration, Distribution Philanthropy, Donations, The Holy Qur'an, Hadith and Islamic literature tells about a future which shall be based on justice, equity and would ensure prosperity and human elevation as superb creation.
Qur'an Verse 32 note by S.V Amir Ali;
"this is as well the prophecy of the advent of the Imam Muhammad Al-Mahdi, the Twelfth and the Last Imam or the Apostolic successor to the Holy Prophet who is also named Muhmmad; in whose regime, the whole world will be united into one single unit of a Universal Rule on earth when the darkness of falsehood shall be gone and the world will be wholly lighted with the light of divine justice, peace and security, through the disbelievers may not like it to happen."
This interpretation has been vouched by most of the prominent and the leading commentators eve of the Sunni and Shia schools of Islamic thoughts.
Qur'an :Sura Tauba 33
"He it is who sent His Apostle with guidance and the religion of truth, that may prevail it over all other religions though may detest it the polytheists."
S. V Amir Ali notes that the triumph of Islam over all religions mentioned in this verse is explained under the previous verse 32. It is a note of prophecy accepted on all hands of the various schools in Islam that the complete triumph of Islam over all the other religions of the world will be realized during the regime of the awaited Mahdi, a Hashimite of Holy family of Prophet Muhammad.
Notwithstanding the strength Christianity and the other major religions of the world have gained, the beginning of the prevalence of the Islamic faith over them all, has already set in. The Christian doctrine of the vicarious atonement, the belief in the Trinity and the worshipping of idols of the saints, all such false beliefs and wrong practices are fast dying away a natural death and the monotheism and the inclination towards the correct idea of worshipping only the One True God, is gaining ground.
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4.3 WHAT CAN BE AN IDEAL FORM OF GOVERNMENT?
The ideal form of a government would be that which ensures eradication of world problems like injustice, cruelty, corruption, mal-functioning of institutions, mis-management of all types etc. Abundant literature exist telling point of view of common people, philosophers, politicians and others about the ideal form of government.
The Muslims, however, believe with conviction that the best form of governance shall be ultimate established by Islam on whole globe. In other divine religions it is believed that the Kingdom of God shall be established when Jesus Christ shall come again. This view does not create any difference from Islamic point of view as Jesus is believed to be a Minister with the Holy Imaam Mahdi and He (Jesus) will say prayer in Baitul Muqaddas behind Imaam e Zamaan (Imaam Mahdi A.S.).
In the paper, the problems in current economic systems of the world have been discussed. The main problems of social injustice, unequal income distribution and other problems of governance both are with in and across the countries. All these problems are reflected in the poor governance of the poor countries. The conventional economics fundamentally has no solution to these problems because the forecasting in the conventional economics is done by the empirical method which is based upon the adaptive expectations that may be true or wrong.
But Divine economics not only deals with the issues like growth, employment, inflation etc. but also focuses on well being, happiness and improve all other social indicators of human life. Moreover, the problems such as equitable distribution of wealth, justice, equal opportunities employment and economic activities. More over in divine economics forecasting is made by using aforesaid three methods such as divine revelation, experience / perception of Wiseman and the empirical methods, hence forecasting by the divine economics will be true.
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