Launching a Revolution, based on Islamic Foundations

Abstract

Conventional economics is deeply and fundamentally flawed, beyond the possibility of reform and repair. Its failings in the real world became obvious to all following the global financial crisis. The root of the problem is the theory of human behavior represented by “homo economicus”. The idea that short-sighted greed is “rational” is sheer folly. The theory is maintained in face of overwhelming empirical evidence to the contrary only because it serves the ideological interests of the rich and powerful capitalist classes. The philosophy of wealth maximization has led to the destruction of families, societies, economies, environment, fauna, and flora, as all are ruthlessly exploited for the creation and maximization of profits. Islamic teachings created a revolution in world history by promoting a society based on cooperation, generosity, and social responsibility. These ideas, completely missing from modern economics, have the same revolutionary potential today. The challenge for the Muslims today is to demonstrate this potential by translating these ideas into reality.