Since the defeat of the Marxist concept of socialism, the world is being entirely dominated by the capitalist thought initiated by Adam Smith (Drezner 2007). Why this system is on the verge of deteriorating? Why the system of the west is has failed largely to solve the economic issues faced by the entire globe? Is this the right time to think for an alternative system as a reciprocal of this rapidly obsolescing capitalist thought? Was Karl Marx right in pointing out the forced labour issues? Can we call him the Nostradamus of the 19th century? At present if the economic situation is seen under a broad spectrum one has to agree with the thoughts of Karl Marx (Sowell 2002). The proletariats are being utilized to fullest by the bourgeois for satisfaction of their own greed, lust and the contentment of their overly selfish desires. As a result of this behaviour the gap between two hemispheres of the world has become increasingly widened and bridging it, at present, unfortunately seems impossible. This never ending greed and hunger of the modern day capitalists has taken the world to such a point where all of us are facing the financial crisis, both at the individual and collective level; as a result of this mentioned situation, the gap between the economies of classes has grown due to the concentration of wealth in the hands of a small minor section of the society (Allen and Gale 2009). Even in today’s technologically advanced era of mankind, people are still dying of thirst and hunger whilst a few are enjoying the inexplicable luxuries of life; a person living in Darfur cannot even fetch water for his family whilst in Las Vegas, people gamble billions of dollars every month. Dissertation Proposal

The worst gift that capitalism gave to the humanity was in the form of establishment of an interest based monetary system. This system vowed to resolve the issues of the general public (lower and middle classes) by giving them the opportunity to take loans on supposedly “low interest rates” for the sake of their welfare. The simple people around the world, misguided by the promises made, fell in this hatch and got trapped in the hands of this fierce monster; and if by some chance they acquire the knowledge of the realm of this sand trap, it became too late for them to escape and the more they tried to get rid of it the more they got tangled in its web. The trap was not only setup for the individuals; even governments around the world became the victim of this interest bearing system. The administrations of the third world countries were amongst the widely affected victims. The international financial institutions supposedly lend them money on “easy terms” and “low interest rates” for the well being of their citizens and for the development and the rehabilitation of their people (Sowell 2002). Dissertation Proposal