interest free world 💰💰💰.

A world without interest free would be very different in many ways. Some possible effects are discussed here:

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Economic impact

1. Investment pattern: People would not be encouraged to save or bank their money if there was no interest. This may have resulted in changes in investment patterns, such as joint ventures or increased investment in the stock market.
2. Lending: Lending institutions used to adopt new methods. For example, loans were provided on profit sharing or fixed fee basis.
3. Change in banking system: The banking sector had to be restructured. They tried to earn profit by providing other services instead of interest.

Social impact

1. Financial Inequality: In an interest-free society, the disparity between the rich and the poor would be reduced, because the rich do not get richer through interest.
2. Economic Stress: The debt burden on the poor and lower-middle class would be reduced, as they would not have to pay high interest.

State and global influence

1. Inflation and Economy Control: The government had to adopt new strategies to control various aspects of the economy. Inflation would have been difficult to control in the absence of interest rates.
2. International Trade: Patterns of international trade and investment also varied, as the economic policies of different countries developed depending on interest.

A world without interest could have developed based on different economic, social, and state structures. These changes would have had an impact on human life and the world, which would have been quite different from the current system.