It is noted that the optimal systems of radical free enterprise andradical socialism are extremes of intellectualising science. Eachexcludes the thought of the other. Since both theories are logicallyconsistent, each has a compelling intellectual support base. However,both theories are flawed insofar as they make the economic reality anindependent functioning entity isolated from the concepts ofinterdependence and broader individual and social entities. Eachsimplifies reality one defines all reality in the individualwhile the other defines all reality in the society. The simplicity ofthe intellectual framework of both is the flaw which arises from usingOccams Razor too freely in simplifying complexity. It is argued that asystem that explicitly incorporates and recognises individual freedomand societal values is preferable to all other systems that are assumedto be value free. This could be one explanation for theemergence of the Islamic system in different corners of the world.
International Journal of Social Economics – Emerald Publishing
Published: Nov 1, 1990
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