Only one set of notes for what is listed as two lectures. I don't know if I used this for both, or if I looked at it from a different perspective in the other talk (perhaps alternative ways of functioning economically within the currently dominant system). Anyway, you've got plenty to argue about with what's here.
 

ISLAMIC OUTREACH - Lesson Twenty-One 

The Islamic social system


For every man/woman to fulfill his/her purpose in life

To balance rights of individual & rights of society

Ruler - elected by & responsible to people

People - responsible for electing, monitoring and guiding ruler
     Therefore people need knowledge
          duty to search for 'ilm, especially of Qur'an and Hadith

Social system based on basic principles from Qur'an and Hadith


The Political System

Ruler is Caliph not owner - no absolute authority

All muslims are Khulafah (Caliphs)
     so duties are not different except in degree

Ruler's authority is to interpret & administer God's Laws

Government by consultation essential

Ruler has no right to appoint advisors 
     without consultation with & approval of community

Requirements for public leadership & representation
     Piety, honesty, integrity, ability, knowledge, 
          wisdom, willingness to serve

If rulers are to uphold Islam they must be righteous people

Caliph has no right to force his ideas on council
     (The Prophet constantly took his companions advice)

People's representatives must have access to ruler
     to give opinions or voice grievances

Subjects mus give obedience & allegiance within Islam


The Economic System

Basic principles of wealth considered with Zakat

God is Absolute Owner - man has on trust

Wealth of earth is common right of all men
     none allowed to deprive others of their share

Wealth is 'rizk' to help man fulfill his purpose
     to be put to good or active use
     a test for man
     must be earned through effort (not games of chance)

Forbidden to take advantage of poverty
     in need to increase wealth

Islamic system to keep wealth working
     to best advantage of individual and society

Neither capitalism nor communism

Recognises variety
     some individuals more able and diligent
          get greater reward
               (unlike communism)

Recognises unity
     individuals are restricted in means of acquiring wealth
               (unlike capitalism)

Charity encouraged and Zakat required

Islam positively encourages economic activity
     Poverty seen as undesirable

Purpose of economic activity - service of God and Caliphate
     Man called to account for actions

Individual (M & F) has right to own, inherit & sell property
     but things belong to God

System prevents wealth concentration in few people's hands
     Ensures economics run according to Islamic moral values
          fairness, justice, equality & honesty
          cheating & dishonesty forbidden (poss. unfairness also)

Business transactions to be put in writing & witnessed

Employers and employees duties

System flexible and voluntary
     based on laws - based on knowledge

Islamic Money system & differences to existent