Initial and dynamics of conventional and Islamic economic thoughts

Abstract

Islamic economic thought is often negatively viewed due to unfairly reserved in the historical account. People tend to treat conventional economics as the best application for the betterment of humanbeings. This article tries to provide both economic thoughts aiming at positioning both in the views of their adherents. This research applies library one using descriptive analytical methods and normative-economic approaches by delving into the concept of conventional economy in both capitalist and socialist system. It can be said that Islamic economics is a representation of a middle way between both systems which applies the good principles of the two economic systems, and removes the aspects incompatible with Islamic system.