I believe that modern day Capitalism is beyond hope, Please see
IS THERE A SOCIALLY ACCEPTABLE FORM OF CAPITALISM?
However, the form of pre-capitalism introduced by the Holy Prophet Muhammad and his followers seemed to work well for a while, presumably because it was put under moral restraint and because it incorporated elements of 'pre-socialism'. The terms 'capitalism' and 'socialism' were not of course introduced until recent centuries. It is interesting to read the following WIKI accounts, where the authors seem to be describing 'pre-Capitalism' as 'Capitalism' without taking into account social context e.g. exploitation of the modern-day working class.
A market economy was established in the Islamic world on the basis of an economic system resembling merchant capitalism. Capital formation was promoted by labour in medieval Islamic society, and financial capital was developed by a considerable number of owners of monetary funds and precious metals.
Though medieval Islamic economics appears to have somewhat resembled a form of capitalism, some Orientalists also believe that there exist a number of parallels between Islamic economics and communism, including the Islamic ideas of zakat and riba.[Others see Islamic economics as neither completely capitalistic nor completely socialistic, but rather a balance between the two, emphasizing both "individual economic freedom and the need to serve the common good."[14] Others point out that Islam has an inherently capitalist nature and argue this most through respect for private property as the foundation of capitalism in Islam, as well as the historical fact that the Prophet Muhammad was an entrepreneur, a merchant
EARLY ISLAM AND THE BIRTH OF CAPITALISM
Early Islam and the Birth of Capitalism proposes a strikingly original thesis; that capitalism first emerged in Arabia, not in late medieval Italian city states as is commonly assumed.
Early Islam made a seminal but largely unrecognized contribution to the history of economic thought: it is the only religion founded by an entrepreneur. Descending from an elite dynasty of religious, civil and commercial leaders, Muhammad was a successful businessman before founding Islam. As such, the new religion had much to say on trade, consumer protection, business ethics and property. As Islam rapidly spread across the region so did the economic teachings of early Islam, which eventually made their way to Europe.
Early Islam and the Birth of Capitalism demonstrates how Islamic institutions and business practices were adopted and adapted in Venice and Genoa. These financial innovations include the invention of the corporation, business management techniques, commercial arithmetic, and monetary reform. There were other Islamic institutions assimilated in Europe: charities, the waqf, inspired trusts, and institutions of higher learning, the madrasas, were models for the oldest colleges of Oxford and Cambridge. As such it can be rightfully said that these essential aspects of capitalist thought all have Islamic antecedents
EARLY ISLAM AND THE BIRTH OF CAPITALISM
Benedikt Koehler, a neo-liberal economist, is a member of
the Acton Institute . Neo-liberalist economists focus on capitalist profit,
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