Mallick Speaks

  Iqbal was a staunch critic of capitalism, which he believed to be based on the principle of self-interest and exploitation. He argued that capitalism leads to the concentration of wealth in the hands of a few, while the majority of people remain impoverished. He also criticized capitalism for its emphasis on materialism and its disregard for spiritual values. Iqbal believed that Islam, with its emphasis on social justice and human equality, offered a more just and equitable alternative to capitalism. He advocated for a form of Islamic socialism that would combine the economic efficiency of capitalism with the social justice of Islam. One of Iqbal's most famous statements on capitalism is: "The whole capitalist system is based on the exploitation of man by man. It is a system which breeds materialism and ignores the spiritual values of life." Iqbal's critique of capitalism was influential on many Muslim thinkers and activists, and it continues to be relevant today as

  The Bretton Woods Agreement was a monetary order negotiated in July 1944 by delegates from 44 countries at the United Nations Monetary and Financial Conference in Bretton Woods, New Hampshire. The agreement established a system of fixed exchange rates where the U.S. dollar was pegged to gold, and other currencies were pegged to the U.S. dollar's value 1 3 .  This system created a stable and predictable international currency exchange regime that lasted from the mid-1940s to the early 1970s. The Bretton Woods System contributed to the U.S. dollar's reserve currency status in several ways: Gold Conversion : Under the Bretton Woods System, the U.S. dollar was convertible into gold, which provided a sense of security and stability to other countries holding dollars as reserves 1 3 . Fixed Exchange Rates : The system required countries to maintain their currency values within a fixed range relative to the dollar, which led to the accumulation of dollars by other countries as the m