First-generation Islamic Economists in mid 20th Century sought to create an alternative to Western Economic systems of Capitalism, Communism, and Socialism. 2nd Generation Islamic Economics abandoned these dreams of revolution, and sought to make patches and modifications in Capitalist Economic system to arrive at an Islamic Economic system. This has proven impossible, and Islamic Economics has been unable to make any progress, or offer any significant contributions to the discipline. Meanwhile, the Global Financial Crisis has created huge doubts, and a search for alternatives, to an economic theory that was unable to forecast the greatest economic disturbance in this millennium. This workshop course will introduce 3rd Generation Islamic Economics which seeks to go back to the revolutionary ideals of the first generation, and create an alternative socio-economic system based on generosity, cooperation, and social responsibility.
