The existence of corporations and LLC companies would have never existed in a true free market society, especially one like Islam that emphasizes that accountability and legal consequences are directed at individuals rather than collective entities like companies/corporations. Collective entities do not exist as humans, they are not moral agents.
The only reason corporations exist is because the government legislated their existence, and so their existence is reliant on government intervention. Without the government, their emergence would not have appeared.
Corporations are especially bad when it comes to market distortions as any violation of free market principles or morality is seen through limited liability shenanigans. This limited liability places the blame on a corporation, a non-personal entity, and deflects legal accountability from the actual persons involved in the aggressions and exploitations in the market. This includes debt traps, fraud, damaging the environment and more.
I was compiling notes for a future project, still don’t know if I want this to be a book or an article.
I’ve put it on the side for now for some other projects I’m working on. I’ll definitely contact you on this topic
Something I’m working on.
Monetary economics, the Austrian school of economics and Islamic tradition
Al Salamu alaykum,
Just got on Nostr today and I am very fascinated with all the technology. I aim to pursue such decentralized platforms such as Nostr, bitcoin and more.
A little introduction for myself, I am a Palestinian doing my bachelors in International Relations. I am very much invested in Austrian economics, Islamic theology and tradition alongside other topics.
I truly do see such platforms as significant for Muslims in the world.