Wall Street Movement and the Concentration of Wealth

Wall Street Movement and the Concentration of Wealth

Wall Street Movement is a protesting movement against the existing economic condition of the US. It has been struggling against the concentration of wealth in the capitalist system. Concentrated power is a phenomenon that causes injustice; no matter it is political or economic, as both create social resentment.

Therefore, a fair structure can only guarantee resistance of the will of the majority vis-à-vis the imposition of the will of minority, so that, in the shadow of it the corruption of concentrated economic power can be controlled.

Any concentration either political or economic, if it is not checked by legal and moral mechanisms, will become corrupt and lead to the doom of the society. The holy Qur’an clearly calls the unchecked concentration of wealth as source of corruption in the society. Islam, besides respecting property right discourages unbridled concentration of wealth.

In this regard, it has devised a well planned mechanism: first, Islam does not allow acquiring wealth at any cost; rather wealth should be acquired in a legal way.

Second, Islamic obliges the wealthy people to pay their Zakat (Islamic fixed tax) to the needy people.

Third, Holy Qur’an frequently mentions about Infaq and Sadaqah. It means that it is advisable for the wealthy men to –voluntarily- pay a portion of their wealth to poor people in addition to Zakat which is obligatory.

Forth, the word qist (just) that is talked about in the Ayah 25 Sourah of Hadid, refers to balance. No matter this balance or justice is in political or economic area, as both are connected; and the accomplishment of this balance about the wealth, and national resources are the responsibility of the political system.
By applying this principle the concentration of wealth in the hand of a small minority of capitalists would be prevented.

In sum, challenges and existing liabilities in both systems of socialists and capitalism go to their structures. In the capitalist system there is unbridled property right and in the socialist system; there is concentration of wealth in the hand of the ruling party.

Therefore, in order to safeguard the rights of the –marginalized- majority, some fundamental reforms in the economic system are required. To reform the economic system as argued by August Comte, the men of wealth should consider their position as social responsibility to be in service of the people of the society not as a tool to usurp the wealth of the entire nation.
The structure of Islam is based on reforming principles to inculcate the senses of responsibility, help and assistance among the wealthy class.  

Muhammad Ahmadian – Saqqez, Iran


Leave a Reply

Your email address will not be published. Required fields are marked *

Related Posts