The Finance Minister of Bangladesh, Abul Mal Abdul Muhit recently said in a seminar that the Bangladeshi market of daily commodities is controlled by syndicates who are involve in monopoly business and rising price as they wish. Finance minister accepted that the government does not have any control over market. It is a fact that because of their monopoly people are suffering as they don’t have capacity to buy things because of poverty. Finance minister demanded advice and opinion from people to stop monopoly of the syndicates. So let us understand nature of monopoly and way to stop it.
What is monopoly system?
Monopoly economic market is a market in which there are many buyers but only one seller or a group of sellers making syndicate who have exclusive control or possession over market. The monopolist is the one who hoards the commodities until the price rises so as to sell them expensively such that it becomes difficult for the citizens to buy them. Monopolist creates artificial crisis and then sell the goods expensively. As for the condition of monopoly that it should reach a limit at which it becomes difficult for the citizens to buy the monopolised commodity. This is because the reality of the monopoly is not conceived to happen except in such a situation. If it did not become difficult for the people to buy the commodity then it would not have been gathered or held back to be sold expensively. Therefore, the condition of the monopoly is not only to purchase the commodity; rather it is gathering it and waiting for its price to rise so as to sell it expensively. This applies whether the monopolist compiled it through purchase or from the harvest of his large land because he is the only person to plant such type of harvest, or he compiled it from his factories, as the sole manufacturer. Capitalist monopolise manufacturing a certain thing by eliminating other factories, create shortage in this type of industry and thereby monopolise the market.
Reason behind Monopoly
Capitalism (the system which is adopted in Bangladesh) emphasis on production and capitalist do not think of distribution of wealth. They consider price as the incentive for production and only regulator for distributing wealth amongst the members of society. According to capitalists, the price is the only constraint that forces the consumer in his possession and consumption to accept a limit comparable to his income, and it is the price which restricts the consumption of every individual in acceptance to what his revenues permit. Accordingly, through the rise in price of some goods and drop in the price of others, and in the availability of money to some people and its non-availability to others, the price regulates the distribution of wealth amongst consumers. Thus, every individual’s share of the wealth of a country is not equal to his basic needs, but is equal to the value of the services in which he has contributed in producing commodities and services i.e. equal to what he owns of land or capital. From this principle, which makes the price the regulator of distribution, Capitalism has effectively decided that man does not deserve life unless he is capable of contributing to the production of commodities and services. The person who is incapable of contributing, whether he was born with a physical or mental disability, does not deserve life, and does not deserve to take from the wealth that which satisfies his needs. Also the person who was born strong in body or in mind, and who is more capable of creating and possessing wealth however he wishes, deserves to consume luxuriously and deserves to practice control over others with his wealth. Also the one whose motivation to seek material gains is stronger will exceed others in possessing wealth whereas, the one whose adherence to spiritual and moral values (which control him during the earning of wealth) is stronger, will have less than others in possessions or wealth. This approach excludes the spiritual and moral elements from life and produces a life built upon a materialistic struggle to gain the means of satisfying materialistic needs. Thus money (price) becomes most important matter on Capitalism because it is the regulator of distribution of wealth. Because of their weak understanding of distribution, people spend their effort to earn money anyhow without thinking of morality. This system also allows few stronger people to be rich and majority struggling to survive. Thus in capitalism, rich become richer and poor become poorer. This eventually occurs in all countries which adopt and apply Capitalism.
In a country adopting Capitalism, monopolies has developed because a small group of people i.e. the owners of large oil, automotive, and heavy industry corporations, have come to dominate consumers, reigning over them by imposing certain prices for the commodities they produce. The concept of freedom of ownership which is the core concept behind capitalist economy along with the concept of making the price the only mechanism for distributing wealth, has resulted poor distribution of commodities and services. It has caused Capitalist monopolies in the West to look abroad to other countries for new markets, from which to gain raw materials and to sell their products. As a result, world especially third world suffers from colonisation, economic invasion and regional influence. Thus, the resources of the world are accumulated on this basis into the hands of Capitalist monopolies. All this is due to the false rules and principles established by Capitalism.
Solution to Monopoly
After understanding nature of monopoly, anyone can easily comprehend that Capitalism is the reason for monopoly and syndicate. Capitalism allows a group of powerful people to come together during business and fix prices as they wish because they only have commodities in their hand. Therefore, to stop monopoly, it is important to adopt a good distribution system of wealth. Wealth should not be accumulated in few hands because if few people hold wealth they can create syndicate easily. Good distribution system of wealth will create balance of wealthy people. In such situation creating syndicate is impossible and monopoly does not occur. Even than if anybody tries to monopolies, government must stop him by the force. So, by implementing Capitalism which is devoid of spirituality and morality, it is impossible to keep monopoly free market since capitalism protect interest of capitalists who monopolies the market. Only existing way to stop monopoly is to implement Islamic economic system. Islamic economic system will ensure distribution of wealth as Islam forbid holding of wealth by few and oblige circulation of wealth.
Monopoly is prohibited (Haram) absolutely in Islam without a difference between commodities whether it be people’s necessities or luxuries. It is forbidden in Sharia due to the decisive prohibition of it that came explicitly in various Ahadith. S’aid ibn Al-Musayyab narrated from Mu’ammar ibn Abdullah Al-‘Adawi in Bukhari that the Prophet said: “No one monopolises except the wrongdoer.” Al-Athram narrated from Abu Umamah, he said: “The Messenger of Allah (saw) forbade that a foodstuff be monopolised”. And Muslim narrated through his chain of narrators from S’aid ibn Al-Musayyab that Mu’ammar said: “The Messenger of Allah (saw) said: “Whoever monopolised is a wrongdoer.” The monopolist describes as a wrongdoer i.e. disobedient. The dispraising in the Hadith by the prophet (saw) indicates that this prohibition is decisive. Thereupon, the Ahadith indicated that monopoly is Haram.
The reality of the monopolist is that he monopolises the market; and imposes upon people whatever price he likes by holding the commodity as a monopoly, so people will be forced to buy it from him at a high price, for it is not available other than to him. Thus the monopolist in fact wants to increase the price for the Muslims, a matter which is Haram, due to what was narrated from Ma’akal ibn Yasar, that he said that the Messenger of Allah (saw) said: “Whosoever was involved in any of the prices of the Muslims, so as to increase it for them it would be due on Allah to place him in a great fire at the Day of Judgement.”
Hence, Islamic system will prevent monopoly and will punish those who monopolies. But, a comprehensive and radical Islamic system must be implemented to solve our problems. If Islamic economic system implemented without its basic creed will never work.
Will Finance Minister Listen?
The advice and opinion from an aware citizen to finance minister of Bangladesh is that for solving all our problems, implement Islamic way of life by implementing Khilafah. Islam is the only true system from our creator can be rationally proved that can solve our practical problems. But our rulers have allergy on Islam and hatred for Islam can be seen in their activities. Abul Mal is a minister of government lead by Awami League and Awami League, being a secular political party always found to be anti Islam. Their recent torturing on mass people and Islamic parties made them one of the harshest regimes in history. Awami League by born fond of fascism and they don’t want to tolerate any opinion other than theirs. Mr. Abul Mal while you were talking of monopoly and syndicate, trade minister Faruq Khan was beside you and it is well known that his people are involved in such activities. Do not try to make people fool by speaking nice, stop your own people from doing such activity first. Will finance minister Abul Mal listen to the advice and opinion given by us? Provably he will order his force to find me and torture me for exposing reason of monopoly and giving proper solution.
What is monopoly system?
Monopoly economic market is a market in which there are many buyers but only one seller or a group of sellers making syndicate who have exclusive control or possession over market. The monopolist is the one who hoards the commodities until the price rises so as to sell them expensively such that it becomes difficult for the citizens to buy them. Monopolist creates artificial crisis and then sell the goods expensively. As for the condition of monopoly that it should reach a limit at which it becomes difficult for the citizens to buy the monopolised commodity. This is because the reality of the monopoly is not conceived to happen except in such a situation. If it did not become difficult for the people to buy the commodity then it would not have been gathered or held back to be sold expensively. Therefore, the condition of the monopoly is not only to purchase the commodity; rather it is gathering it and waiting for its price to rise so as to sell it expensively. This applies whether the monopolist compiled it through purchase or from the harvest of his large land because he is the only person to plant such type of harvest, or he compiled it from his factories, as the sole manufacturer. Capitalist monopolise manufacturing a certain thing by eliminating other factories, create shortage in this type of industry and thereby monopolise the market.
Reason behind Monopoly
Capitalism (the system which is adopted in Bangladesh) emphasis on production and capitalist do not think of distribution of wealth. They consider price as the incentive for production and only regulator for distributing wealth amongst the members of society. According to capitalists, the price is the only constraint that forces the consumer in his possession and consumption to accept a limit comparable to his income, and it is the price which restricts the consumption of every individual in acceptance to what his revenues permit. Accordingly, through the rise in price of some goods and drop in the price of others, and in the availability of money to some people and its non-availability to others, the price regulates the distribution of wealth amongst consumers. Thus, every individual’s share of the wealth of a country is not equal to his basic needs, but is equal to the value of the services in which he has contributed in producing commodities and services i.e. equal to what he owns of land or capital. From this principle, which makes the price the regulator of distribution, Capitalism has effectively decided that man does not deserve life unless he is capable of contributing to the production of commodities and services. The person who is incapable of contributing, whether he was born with a physical or mental disability, does not deserve life, and does not deserve to take from the wealth that which satisfies his needs. Also the person who was born strong in body or in mind, and who is more capable of creating and possessing wealth however he wishes, deserves to consume luxuriously and deserves to practice control over others with his wealth. Also the one whose motivation to seek material gains is stronger will exceed others in possessing wealth whereas, the one whose adherence to spiritual and moral values (which control him during the earning of wealth) is stronger, will have less than others in possessions or wealth. This approach excludes the spiritual and moral elements from life and produces a life built upon a materialistic struggle to gain the means of satisfying materialistic needs. Thus money (price) becomes most important matter on Capitalism because it is the regulator of distribution of wealth. Because of their weak understanding of distribution, people spend their effort to earn money anyhow without thinking of morality. This system also allows few stronger people to be rich and majority struggling to survive. Thus in capitalism, rich become richer and poor become poorer. This eventually occurs in all countries which adopt and apply Capitalism.
In a country adopting Capitalism, monopolies has developed because a small group of people i.e. the owners of large oil, automotive, and heavy industry corporations, have come to dominate consumers, reigning over them by imposing certain prices for the commodities they produce. The concept of freedom of ownership which is the core concept behind capitalist economy along with the concept of making the price the only mechanism for distributing wealth, has resulted poor distribution of commodities and services. It has caused Capitalist monopolies in the West to look abroad to other countries for new markets, from which to gain raw materials and to sell their products. As a result, world especially third world suffers from colonisation, economic invasion and regional influence. Thus, the resources of the world are accumulated on this basis into the hands of Capitalist monopolies. All this is due to the false rules and principles established by Capitalism.
Solution to Monopoly
After understanding nature of monopoly, anyone can easily comprehend that Capitalism is the reason for monopoly and syndicate. Capitalism allows a group of powerful people to come together during business and fix prices as they wish because they only have commodities in their hand. Therefore, to stop monopoly, it is important to adopt a good distribution system of wealth. Wealth should not be accumulated in few hands because if few people hold wealth they can create syndicate easily. Good distribution system of wealth will create balance of wealthy people. In such situation creating syndicate is impossible and monopoly does not occur. Even than if anybody tries to monopolies, government must stop him by the force. So, by implementing Capitalism which is devoid of spirituality and morality, it is impossible to keep monopoly free market since capitalism protect interest of capitalists who monopolies the market. Only existing way to stop monopoly is to implement Islamic economic system. Islamic economic system will ensure distribution of wealth as Islam forbid holding of wealth by few and oblige circulation of wealth.
Monopoly is prohibited (Haram) absolutely in Islam without a difference between commodities whether it be people’s necessities or luxuries. It is forbidden in Sharia due to the decisive prohibition of it that came explicitly in various Ahadith. S’aid ibn Al-Musayyab narrated from Mu’ammar ibn Abdullah Al-‘Adawi in Bukhari that the Prophet said: “No one monopolises except the wrongdoer.” Al-Athram narrated from Abu Umamah, he said: “The Messenger of Allah (saw) forbade that a foodstuff be monopolised”. And Muslim narrated through his chain of narrators from S’aid ibn Al-Musayyab that Mu’ammar said: “The Messenger of Allah (saw) said: “Whoever monopolised is a wrongdoer.” The monopolist describes as a wrongdoer i.e. disobedient. The dispraising in the Hadith by the prophet (saw) indicates that this prohibition is decisive. Thereupon, the Ahadith indicated that monopoly is Haram.
The reality of the monopolist is that he monopolises the market; and imposes upon people whatever price he likes by holding the commodity as a monopoly, so people will be forced to buy it from him at a high price, for it is not available other than to him. Thus the monopolist in fact wants to increase the price for the Muslims, a matter which is Haram, due to what was narrated from Ma’akal ibn Yasar, that he said that the Messenger of Allah (saw) said: “Whosoever was involved in any of the prices of the Muslims, so as to increase it for them it would be due on Allah to place him in a great fire at the Day of Judgement.”
Hence, Islamic system will prevent monopoly and will punish those who monopolies. But, a comprehensive and radical Islamic system must be implemented to solve our problems. If Islamic economic system implemented without its basic creed will never work.
Will Finance Minister Listen?
The advice and opinion from an aware citizen to finance minister of Bangladesh is that for solving all our problems, implement Islamic way of life by implementing Khilafah. Islam is the only true system from our creator can be rationally proved that can solve our practical problems. But our rulers have allergy on Islam and hatred for Islam can be seen in their activities. Abul Mal is a minister of government lead by Awami League and Awami League, being a secular political party always found to be anti Islam. Their recent torturing on mass people and Islamic parties made them one of the harshest regimes in history. Awami League by born fond of fascism and they don’t want to tolerate any opinion other than theirs. Mr. Abul Mal while you were talking of monopoly and syndicate, trade minister Faruq Khan was beside you and it is well known that his people are involved in such activities. Do not try to make people fool by speaking nice, stop your own people from doing such activity first. Will finance minister Abul Mal listen to the advice and opinion given by us? Provably he will order his force to find me and torture me for exposing reason of monopoly and giving proper solution.
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