From End of Economics to Normalization of Economics Ismail Yurdakok ismailyurdakok@gmail.

com Abstract Economics was invaded by mathematics and this situation brought lack of activity and originality in economics. The discipline began to walk in a different way t o the direction of invaders. And after long invasion years, will it be possible for economics to gain her independence? No doubt, a powerful decolonization move ment is necessary for the discipline. History(s role) as the home of social scien ces can be an important supporter for the economics. Ismail Yurdakok, researcher (in Turkey) Introduction. Ahmet Davudoglu (minister of foreign affairs of Turkey and former faculty member of IIUM), delivered a lecture on Sept., 28, 2010 at Harvard Kenne dy School. He began by recalling Francis Fukuyamas famous prediction that the end of the Cold War was the end of history. History will find its own way, said Davudog lu, adding that the Cold War was an aberration (straying away from the right pat h) and that we are now entering a period of the normalization of history and the fi rst time the world is experiencing globalization, while stil contending with str ong regional forces. (1) Four weeks later, after Davudoglus using of end of history and normalization of history; 2001 Nobel Laureate in Economics George Akerlof spok e in Swarthmore College in the late days of October 2010, using the term of the e nd of economics. His speech was on new methods of economic thinking. He stressed the need for the creativity of future Tri-Co economists as we move forward from the current economic crisis. Before the crisis, Akerlof said, the prevalent mentali ty among economists was that we had reached the end of economics. People thought ec onomists had solved many of the major economic problems, and could turn their at tention to more obscure issues. Akerlof explained the importance of looking for n ew economic questions in an area where most people are not looking. He went thro ugh several notable economic results, stressing that we should not simply refine our models so as to refute surprising or unintuitive results. Rather, we should attempt to work from a different starting point: asking why the basic assumption s of economics can lead to these results. The talk concluded with Akerlof discuss ing areas for further research; for example, the role of social norms in economi cs, systemic risk, and the role of politics and campaign finance. Akerlof answer ed several questions from the audience, many of which involved the notion of fai rness and its place in economics. Akerlof explained that instead of just working fairness into our economic models, we first need to consider what forms a perso ns notion of fairness. (2) No doubt, periodization of history was a western fabricated product and its targ et was to convince the peoples of the world of the victory of western civilizati on. (3) After collapse of end of history thesis, and last global economic (and soc ial) crisis; will (and how) Normalization of history be possible, and normalization of economics be realized? And what are the precautions for the normalization of economics? The most serious study (in the West) that a group of scholars formed an independ ence movement as Economics as a Social Theory and Routledge published this series between 1993-2010. Although this series does not give importance to Islamic econ omics, but emphasizes that the heavy and ongoing crisis is not (only) in the dai

ly economies of Western world but in the studies of Western economics. The author s (of this series) show how economics was once rich, diverse, and multidimension al and pluralistic. In thirty-three books of this series, social aspects of econo mics were emphasized. In the description of From Political Economy to Economics : Method, the Social and the Historical in the Evolution of Economic Theory,368 pages), published in October 2008, that a very powerful statement is seen: Economics has become a monolithic science, variously described a s formalistic and autistic with neoclassical orthodoxy reigning supreme. So a rgue Dimitris Milonakis and Ben Fine in this new major work of critical recollection. Th e authors show how economics once rich, diverse, multidimensional and pluralis tic, and unravel the processes that lead to orthodoxys current predicamen t. The book details how political economy became economics through the desocialisation and dehistoricisation of the dismal science, accompained by the separation of economics from the other social sciences, especially economic history and sociology. It is argu ed that recent attempts from within economics to address the social and historical have fail ed to acknowledge long standing debates amongst economists, historians and other socia l scientists. This has resulted in an impoverished historical and social content withi n mainstream economics.. The prime rationale underpinning this account drawn from the pa st is to put the case for political economy back on the agendaDrawing on the rich traditio ns of the past, the reintroduction and full incorporation of the social and the his torical into the main corpus of political economy will be possible in the future. In the first book of the series that published in Jan., 1993, under the title of Economics and Language, the authors (R. E. Backhouse, T. Dudley-Evans, W. Hend erson) were saying: The importance of language in economics has been neglected an d dominated by techniques from other disciplines. The 13th book of the series, Ec onomics and Utopia (Why the Learning Economy is Not the End of History) (by Geof frey M. Hodgson, 368 pages), was published in December 1998, we see this stateme nt: Since the fall of the Berlin Wall, we have been told that no alternative to W estern capitalism is possible or desirable. This book challenges this view with two arguments. Another book in the series The New Economic Criticism: Studies a t the Interface of Literature and Economics) published in March 1999 (edited by Mark Osteen, Martha Woodmansee, 464 pages) is said This collection brings togethe r twenty-seven essays by influential literary and cultural historians, as well a s representatives of the vanguard of postmodernist economics. And another book is , in May 1998, John ONeills The Market Ethics, Knowledge and Politics (240 pages. ) Pulpit and Congregation (Khutba and Jamaat) as Solutions of Harvard for the Econ omic Crisis. Zubair Hasan had said thirteen years ago: ..This disorder continues to afflict bo th mainstream economics and its philosophy, and now seems to juxtapose them in a state of perpetual conflict and confusion because of the absence of a moral or ethical base. Nevertheless, the new approaches are distinct from their forerunne

rs in a way which may be of some interest to the process of Islamizing economics . (Hasan 1998) In October 2010, Harvard economists suggested an array of large a nd small ways in which government and business might help to jump-start the econ omy and boost America s bottom line. One of the six proposals is Explore the down turns moral dimensions to evaluate what really matters in a fulfilling life. And i n the details: Values: In addition, some Harvard experts believe that people shou ld step back from the economys particulars more often and focus on the moral dime nsion. Organizations such as Interfaith Worker Justice, a network of people of f aith who educate and mobilize the religious community around labor rights, can p rompt meaningful discussions on the economy and its effects on workers, accordin g to a scholar at Harvard Divinity School(HDS). In the past, religious tradition s have weighed in on the material conditions of peoples lives, said Bethany Moret on, a research associate and visiting faculty member at HDS. It was always at the center of what prophetic religion felt it had a right to speak to. It took enor mous amounts of cultural and intellectual work to declare something the economy an d remove it from the realm of religion and morality and social action. Today, the notion of the economy is instead in this pseudoscientific realm, she said. We can only describe it. We cannot control it, or opine about it, or address it in mora l terms. Moreton believes that discussion of such matters ought to return to the pulpit and to congregations across the country. The crisis itself has made these topics feel again like something that we have the right to address in moral term s.(4) At the end of November 2010, another important statement came from the Yash Gupta dean of the Carey Business School, Johns Hopkins University: under the ti tle of For Business Schools, Economic Crisis Points Way to Change, Gupta emphasi zes importance of ethical values: But perhaps even more essential for the busines s leaders of the 21st century are the "soft" skills and qualities representing w hat I would describe as the "art" of business. Chief among them I would place: Intellectual flexibility, the scholarly ability to juggle a variety of ideas and place them in a broad context. Cultural literacy, a solid knowledge of the customs and history of societies all over the world, in the places and among the populations that are becoming part of the global marketplace. A strong grounding in ethics, and an understanding of the ways that the subtlest ethical conflicts, if not guarded against, can lead to an organization s undoin g. In this way, business schools can join their counterparts in medicine and law , where increased emphasis has been placed on ethics training in recent years. The ability to communicate ideas well. Optimism, creativity, a collaborative outlook, the willingness to lead. (5) We see, in an another gathering in Columbia University on February 2010, these s entences: Lastly, issues of moral hazard and financial contagion were discussed in detail in the afternoon, before a panel discussion led by Michael Woodford, Jos Scheinkman (Princeton), and Franklin Allen (Wharton), led to a highly spirited d ebate about the true causes of the current financial crisis, the historical para llels and anecdotal evidence of certain dynamics of the crisis, and the real eco nomy through macroeconomic modelling. (6) Enron and Economic History Studies in the West. Joseph Schumpeter (1883-1950) ha d employed both mathematical and historical aids in economic analysis. He stress ed the role of the entrepreneur, who spurs a free enterprise system through inno vations. (Grolier 1966) Schumpeter notes the importance of history in economics: T here are three ways for approaching to economics: history, theory and statistics ; but if I were re-start from the beginning I would be historian. (Braudel 1984) Economic and business history (and labor history) topics are much studied in Wes tern world. (Islamic economists and historians that study on Islamic economics h istory do not produce like a these studies.) An example about recent detailed st udies of Western scholars is: Academic Association of Historians in Australian a nd New Zealand Business Schools focuses on The role of historical research in dev eloping theoretical perspectives in business and management, how historical rese arch aids our understanding of comtemporary issues in business and management an d teaching history in business and management schools. And a recent topic: One-day conference on the history of tobacco and tobacco advertising will be held at th

e School of History at the University of Nottingham on May 18, 2011 Some of the recent studies incline to the ethical problems of economics: Workshop Economic Cri me and the State in the Twentieth Century, a German-American Comparison (will be held, April 14-16, 2011 at German Historical Institute in Washington DC,) points immoral behaviors in business life since 19th century: In view of the widely repo rted cases of corruption and fraud in companies such as Volkswagen, Siemens, and Enron, as well as the public outrage that followed in the wake of these scandal s, it is surprising to note that relatively little historical research on econom ic crime in the twentieth century has been conducted to date. Although neighbori ng disciplines such as law, economics, political science, and sociology offer at tractive approaches to the phenomenon of economic crime, they reflect little on the continuous changes in how illegal and immoral behavior has been defined and understood in the business world since the late nineteenth century (7) But still a lot of economic historians neglect the ethical roots of crisis. As a n example that reflects general viewpoint of them: Crises and Turning Points: Ann ual Meeting of the Economic History Association, Boston, Massachusetts, Septembe r 9-11, 2011: If the global economic and financial crisis has a silver lining, i t is that recent events have heightened awareness among policy makers and the ge neral public of the importance of economic history. Crises -economic, financia l, social, demographic, environmental, and political, to name only a few - are a hardly perennial. An understanding of their history is essential to begin to u nderstand what if anything is distinctive about the recent experience. The histo ry of crises continues to be studied from a number of perspectives: in terms of their causes and their consequences, in terms of their changing incidence, in te rms of their short-term impact and their longer-term implications for the develo pment of economies and societies. This conference seeks to bring together schol ars engaged in research on these various dimensions of crises and their implicat ions. Another example also shows that academicians are not aware of the real reas ons of crisis: As Americans are acutely aware of these days, economic crises have been the midwife to dramatic political change throughout our nation s history. For its fall conference, "Crisis and Consequence," on November 4 (2010) and 5 t he Center for the History of Business, Technology, and Society brings together a dozen speakers who will explore the long-term consequences of panics, depressio n, financial contractions, and other economic crisis on American politics and so ciety. The conference opens Thursday evening, November 4 with keynote address by Richard Sylla, the Henry Kaufman Professor of the History of Financial Institut ions and Markets and Professor of Economics at New York University. The conferen ce continues all day on Friday, November 5 with four panels that investigate a w ide range of crises in American history. Often overlooked panics of early Americ a will be the morning session s focus, with papers on real estate and financial crises from the colonial era to 1837. The following session on the Great Depress ion will look at its consequences on the opportunities for Americans from all wa lks of life, including migrants, innovative businesspeople, and the white-collar middle class. Following lunch, a panel will focus on the aftermath of two banki ng crises, one in the late 1830s and the other in the 1970s. The closing session will ask large questions about the impact of crises on the character of life in surance, the movement of population and business to new regions of the United St ates, and the nature of the American stock market. It can be seen clearly that th is type of gatherings are only to draw a picture about the crisis but not to fin d (real) solutions; they only study on the historical (not ethical) aspect of bu siness/economic relations. What will we find in the (Islamic) Economics History Studies. History is the hom e of social sciences. If a social science escapes from this home, it will not fi nd a shelter like history; and sadness years will begin for that science. Every home has got its traditions and values. When economics left the home, it lost it s ethical values and became a powerful mafia member in the streets of the world. But at the end, mafia members are shot also in the streets. Economics today is

in heavy injured position and needs help. It should be taken to its home (histor y) and cured with ethical/religious values. Islam is a visible candidate for reh abilitation of economics. As a historical reality; from the early days of Islam in 7th century to the beginning years of 20th century, Islam and economics were in an un-divorced situation in the theory of Islamic sciences and daily lives of Muslims. Islamic lands were the places of peace and comfort for Muslims and non -Muslims. As an example from North Africa: Kharrubi (d. 1557 A.D./964 A.H.) as t he great scholar of Algeria, solved the problem of Fas city that tension between the tradesmen of Fas and businessmen came to Fas as Andalusian immigrants was s ettled amicable. Kharrubi also warned the Muslim tradesmen that they did not giv e places for Jew converts in the market place of the city, and the converted Jew s began to trade. (Hasnawi, 1981) As a more interesting reality (of history of I slamic economics) that Darfur was a rich region in long centuries. Djaaliyyun tr ibes were living in Kordofan, Darfur and south Sudan and the Djaaliyyun business men were very good at trade talent. But Muhammad Ali Pasha of Egypt interfered t he region and destroyed some business cities of the region in 1820s and the regi ons affluence began to decrease.(Tunisi, 1965). From Red Sea to China Sea, intern ational sea trade was under the control of Muslims from 9th century to the begin ning years of 16 century, but no any colonialist influence had been seen. Intern ational businessmen from every country used to market their products in every po rts of Indian ocean. (Majul 1970) Without a killer competition, every races and members of religions could enter (internal and international) business life. Plo vdiv, today the second greatest city in Bulgaria, was under Ottoman administrati on more than five centuries from 1361 to 1885 A.D. and Turks, Greek Ortodox Chri stians, Armenians, (Catholic) Pavlikens and Jews continued their business life i n peace. Before leaving of Ottomans there were thirteen churches in the city and printing-presses were publishing in different five languages.(Kiel 1990) Muslims were encouraged business life from the early days of Islam, and lazyness was condemned. Khallal (848-923 A.D./234-311 A.H.) a Hanbali scholar that lived a millennium ago wrote a book al-Hath ala al-Tijara wa al-Sinaa wa al-Amal wa al -Inzar ala man yaddai al-Tawakkul fi Tark al-Amal wa al-Hujja alayhim fi zalika (E ncouragement for Trade and Industry and Work, and Warnings to whom Claims Tawakk ul (putting ones trust in God) that He Leaves Work/Struggle, and Proof Against th em in this Topic) (Haddad, 1987) But Muslims neglected their rich heritage. As a n example with Yunus Vehbi Yavuzs statement: Muslims institutionalized zakat from the early days of Islam, but they failured to institute the qard-i hasan (lendin g without interest), although it was an important Quranic concept. Whereas it wo uld/will be an important solution for economic crisis.(Yavuz 2002) And mistake b ehaviors of some Muslim rulers have also much not been studied to take lessons. For example Ahmad al-Mansur Sultan Of Morocco (his reign 1578-1603) gave importa nce to sugar industry, and sugar export highly increased, and he made built brid ges, castles and palaces. But heavy taxes of his period was the main reason of N asir Abdullahs revolt in 1594. Although Mansur suppressed the revolt, but a lot o f (Muslim) men were killed from both sides. (Harakat, 1984) And Muhammad b. Tugj (his reign 935-946 A.D./323-334)) the founder and first sultan of Ikhshidis adm inistration in Egypt and Syria, although established security in the cities and in trade roads and improved the economic conditions of the country, but to pay t he expenditures of his very big army (that Ibn Khallikan says the army had got 4 00,000 soldiers that the biggest in that age) from time to time he used to confi scate the wealths of the rich. (Ibn Zulak, 1988) But there are also good exampl es: Sultan of Mamluks (ruler of Egypt, Syria, and (all of the) Arabian peninsula ) Muhammad b. Qalawun (his reign 1293-1341), abolished the unjust taxes, opened and repaired the canals, made built bridges, madrasas (universities), khans (gre at shopping centers) and mosques from Alexandria to Palestine. (Vermeulen 1970) As another example, Ayamavra as an island in Maditerranean Sea (today in the Wes tern Greece 304 sq. km. it is approximately half of Singapore) was under the con trol of Ottomans between 1479-1684 A.D. that its population was only 1,500 in 14 79. But Ottomans lowered the rate of taxes and then a lot of Christian families

immigrated to the island, and in 1570 A.D. the population reached (ten folds) 16,000. (Kiel 1991) In the 14th century, Lebanon was under Mamluk administration and businessmen of Venetian, Genoese, Amalphi, Pitsa, and Cyprus were living in the ports of Lebanon and they had built great buldings (plazas, antrepos) for i nternational trade. Sultans of Mamluks had given imperial edicts to these Christ ian businesmen for protectings their rights.(Tadmuri 1987) In northern India, Is kender Shah (his reign 1489-1517) also lowered the rates of taxes and his countr y caught a high income level, and establishing different waqfs (endowments) for the poor, and as a welfare state the country developed with its social instituti ons.(Abdul Halim 1961) According to Imam Maturidi (d. 944 A.D./333 A.H.), teaching of every Muslim, gen erosity and habit of giving a gift, to his/her child is a fard (obligatory ac t) like his/her teaching tawhid (unity of God) and belief to the Creator. (zen 20 03) Harun al-Rashid is the most famous Abbasid sultan (his reign 786-809 A.D.), his generosity has been told in Islamic world and Western world, that he used to give thousand dirhams (silver coin) every day as a charity to the poor from his personal wealth; he also used to investigate the financial positions of the peo ple and help the needy. He wanted to know a detailed financial policy of the Sta te according to the Sharia rules and thats why chief judge Abu Yusuf wrote Kitab al-Kharaj. In the period of Harun al-Rashid, there was a department that interes ted in to protect the rights of non-Muslims that the name of the chief of this d epartment was jahbaz. (Bozkurt 1997) Under the Ayyubid rulers, Middle East peopl es saw the peak of the social services. Free health services in the hospitals th at were opened across the country. Brilliant services of that hospitals of Mousu l, Halab, Harran, Damascus, Cairo, Alexandria and Qudus; and dormitories for orp hans and the poor. No any fees for courses in the madrasas (universities), no an y payment for hostels from the students. Kurdish historian Ibn Khallikan (1211-1 282 A.D./ 608-681 A.H.) also notes no-payment social institutions in Erbil (toda ys capital city of Iraqi Kurdistan.) (Ibn Khallikan 1948) (Imam) Hasan al-Basri ( 642-728 A.D./ 21-110 A.H.), the great scholar of the first century of Islam, use d to say: wealth but not for accumulate, but for aid, for charity and although he is pointed one of the prototype sufis but he rejected seclusion and said to help a Muslim for his/her need is better than an itikaf (stay in a mosque praying to God) of one month. But the calamity is to forget the Hereafter and think the wo rld as if the only target. (Abdurrahim 1991) Ibn al-Jawzi (1116-1201 A.D./510-597 A.H) wrote a book on Hasan al-Basri and the other Islamic sources like al-Tabaq at (of Ibn Sad), Hilya (of Abu Nuaym) gave detailed anecdots about Basri and almo st all of the hadith and Islamic law books are full of the opinions of Basri, th at it is possible to put an original study like Economic Philosophy of Hasan alBasri. Islamic Economics History presents rich sources that for example how Bila d al-Mizab in Algeria solved unemployment problem in 12th and 13th centuries and from 16th to 20th century that Mizab was the richest region of Algeria. (Kavas 2007) Increased Mathematics. Zubayr Hasan says: In a textbook (about economics) the use of mathematics should not be overdone and he adds in the footnote: Even in mainst ream economics, the use of increased mathematics is now being seen more as a mat ter of professional politics than need. Notice the title of Rosenbergs book. Also , see Roy (1989-2005), Chap. 9) and Mark Blaugh in Hausman (1984, Chap. 21).Isla mic economics essentially deals with values and perceptions which are difficult to quantify. (Hasan 1998) Title of the Rosenbergs book that Hasan points is Econom ics: Mathematical Politics or Science of Diminishing Returns? (1994) We see in t he sentences of the description of the book: Economics today cannot predict the likely outcome of specific events any better than it could in the time of Adam Smith. This is Alexander Rosenberg s controversial challenge to the scientific s tatus of economics. Rosenberg explains that the defining characteristic of any s cience is predictive improvabilitythe capacity to create more precise forecasts b y evaluating the success of earlier predictionsand he forcefully argues that beca use economics has not been able to increase its predictive power for over two ce

nturies, it is not a science. Subroto Roy discusses the subject under the title o f Mathematical Economics and Reality (pp.140-167) in his book Philosophy of Econ omics. In the history of economics, especially after Paul Samuelson (1915-2009), a mathematized economics has been seen. Samuelsons Economics: An Introductory A nalysis has been a very influential introductory textbook. It was first publish ed in 1948, and has appeared in nineteen different editions, the most recent in 2010. It was the best selling economics textbook for many decades and still rema ins popular, selling over 300,000 copies of each edition from 1961 through 1976. The book has been translated into forty-one languages and in total has sold ove r four million copies. James Poterba, former head of MIT s Department of Economi cs, had noted that by his book, Samuelson leaves an immense legacy, as a research er and a teacher, as one of the giants on whose shoulders every contemporary eco nomist stands. Poterbas comment was true that: Mixed a lot of mathematics sauce and drawing curved lines (IS-LM, Philips etc.) this book influenced the great majori ty of economists of the world beginning from the first edition in 1948, in a per iod of approximately forty years. Nazim Guven says: this book was a shame-giving m omument for the science of economics. Guvens comment may be some exaggerated statem ents but (with using Samuelson and his disciples), a lot of non-useful graphics w ith mathematics gave an artifical language to economics.(Guven, 1999) Mark Blaughs sentences (in 1998) were also useful (but they did not take enough attention fr om economists): after World War II, economics began to model itself after hard sc ience. It wanted to be the one social science that looked exactly like physics. This led to mathematization, mathematical modeling, formal modeling, and the res ulting worship of technique and formal eleganceThe subject we economists really h ave been aping is mathematics. We have turned economics into a kind of social ma thematics that employs words such as "price," "market," "commodity." It looks li ke economics, but when you read an article that uses such words, all the relatio nships are mathematical relationships; all the inferences are mathematically dra wn; and no thought is given to whether these mathematical variables, concepts, f unctional relationships bear any resemblance to real-world observation. To Worship The Form. Blaugh adds about mathematics: The math is not all that diff icult, although it does create an entry barrier. Most people can learn the mathe matics, but you do have to study it. It is just as if we wrote economics in Fren ch. It would be an effective entry barrier because some people find it rather di fficult to learn foreign languages. You do not have to be terribly intelligent, but you do have to be patient, and spend a lot of time at it. So, it is an effec tive entry barrier (to study econ.)I do not know about America, but in Europe econo mics unfortunately is attracting fewer students, whereas business studies and bu siness management is attracting more students. It is not just that economics has become technical; it is that economics prizes technicalities above everything e lse and that is why I call it formalism. Formalism is the tendency to worship th e form rather than the content of the argument. That is the kind of subject it h as become. We care only about the form in which an economic theory or hypothesis is presented, and we care almost nothing about the actual content of the hypoth esis(the major issues on which we have not made progress) Markets and how they actu ally function; that is, how they adjust to match demand and supply. We in econom ics know a hell of a lot about equilibrium, but we really don t know how markets actually get to equilibrium(to save economics?) I am very pessimistic about whethe r we can actually pull out of this. I think we have created a locomotive. This i s the sociology of the economics profession. We have created a monster that is v ery difficult to stop. (Blaugh, 1998) Francis Green, an another experinced profe ssor of economics at the University of Kent that his main interests over the yea rs (approximately forty years as a teaching career) have been in political econo my and in labour economics. Green emphasizes: Through a reading of the great poli tical economists of the past -from Adam Smith, through Karl Marx to John Maynard Keynescomes confirmation that economic systems cannot be properly comprehended t hrough unduly formal mathematical models. Gren maintains an interdisciplinary app roach to doing and teaching Economics, one which draws on the insights of other social sciences.(Green 2010)

Keyness Notes on Islam and Reread Zubair Hasans Study After Thirteen Years. No doubt Zubair Hasans paper that published in 1998 in the IIUM Journal of Economics and Management, is (still) a comprehensive and classical text about Islamic eco nomics especially for all of the beginners to Islamic economics. The article (is open-access now in the Journals website) explains the targets of Islamic economi cs in a satisfying style. Financial arrangements have to shun all forms and shade s of interest. Business transactions must remain free of gharar (indeterminacy). Market cannot be instrument of any sort of exploitation. Profit carries a much wider meaning than it has in customary accounting. Establishing social balance, equity, and reciprocal responsibility is a fiscal policy imperative. Basic needs fulfillment is a growth priority. Social gain has preference over private benef it, cooperation over competition. Although western economists claimed that their studies were scientific but in reality they had completely materialistic viewpoint that Hasan notes that:The achievements of modern capitalism on this path have, i ndeed, been glorious. But unfortunately (quoting from Shariati)it went far to repl ace quality with quantity, intuition with reason, search for truth with search for power, life for the sake of an ideal with life for the sake of life . . . and so on. Beauty, truth, and charity __ the three most cherished, lasting values in human culture __ were dismissed and in their place were installed the three popular pr inciples of capitalism: realism, power, and consumption. On the other hand, Zubai r Hasan bravely observes the orientalistic viewpoint, he mentiones an anecdot th at B.N. Ghosh and Roma Ghosh write: Illustrative of the Western hostility to Isla m, even in academic circles, is the pleasure J.M. Keynes. Keynes took in needles sly juxtaposing Quran with Marxs Das Kapital to declare them both as outdated an d uninspiring. He exclaimed: How could either of these books carry fire and sword round half the world? It beats me. (Ghosh and Ghosh (ed. 1991). The authors repr oduce interesting correspondence on the point between J.M. Keynes and J.B. Shaw. Shaw wrote back Lord help you, you know nothing. . Mahomet was an epoch maker, a nd there is much excellent doctrine in the Koran..Marx with his manifesto and hi s Capital also made an epoch . . . And you Maynard . . . are . . . a bright and promising youth . . . frightfully handicapped by the Cambridge nullification pro cess . . . Hence, my writing . . . to save you from one or two blunders as to t hings which happened before your time, (Ghosh and Ghosh, 1991, 54). In methodolog y part, Hasan points: Methodology belongs to the philosophy of economics, and has with the latter the same sort of relationship as has usul al-fiqh with fiqh. Af ter discussing Popper, Kuhn, Lakatos and Feyerabends theories, Hasan says: Islamic economics does not rise from the shadows of doubt and presumption on the wings of human reason to take any direction the pilot chooses; it springs from the fou ntainhead of revelation __ the epitome of truth for the believers __ and remains anchored to it. Here, methodology does not seek to formalize what economists ac tually do. Instead, it sets the goals for Islamic economics, prescribes behaviou ral norms for their achievement, and formulates rules for evaluating the results . The glide from economics to methodology, as it obtains in secular order, is re versed in an Islamic arrangement. The reversal gives a purpose, unison ,and dire ction to Islamic economics and makes the discussion of methodological issues all the more important in its case. We may begin with the statement that every soci ety has a method it agrees upon for organizing production and distribution of we alth. The method embodies a doctrine concerning economic activities. The doctrin e signifies the course society prefers for solving its practical problems. It is based on some moral or scientific concept which impart to it a sort of intellec tual balance. And he adds: Islamic economics is a science as well as an art. (Hasan 1998) Conclusion. Although western economists go on to praise/to advertise capitalism, (even in recent publications after the three years crisis) like American Coloss us : The Triumph of Capitalism published in October 2010 or Relentless Revoluti on of Joyce Applebys appeared in January 2010; is not it possible to ask that Is A merican capitalism still really in a Relentless Revolution or Is Wall Street (stil l): Americas Dream Palace? Yash Gupta of Johns Hopkins University that mentioned

his writing above, says: When the economy collapsed two years ago, an opportunity for business schools didn t just knock; it came crashing though the front doorTh e United States still claims the world s largest economy, but it no longer domin ates as it did for decades. China, India, and other nations have begun to elbow their way into the lineup of major economic powers. Moreover, the ease and speed of modern communication and travel have created greater interdependencies among nations, people, businesses, and cultures. Our future customers, and perhaps ev en our future business partners, will be found on nearly every continent. Busine ss is no longer just a matter for Wall Street or for Main Street U.S.A., but for every byway in every community, large and small, in the world. In reality, class ical capitalism or neo capitalism or applied capitalism has entered in a process of new criticism period, willingly or unwillingly, starting from the Western wo rld. Heterodox economists, institutional economists and new (and more powerful) historical schools now criticize/ponder todays economic collapse and most of them offer a new (and relatively) leftist solutions. (Forgetting that leftist teachi ngs were being rejected only twenty years ago) In search of alternative paradigm s; socialist, Marxist and all leftist economists study for revival of left. Espe cially after (and ongoing) the crisis of 2008, they increased to produce solutio ns. As a recent example: How Economists of Tomorrow will be trained? Because of t he most economists failed to predict the global financial crisis, 13th Conferenc e of the Association for Heterodox Economics will be held in July 6-9 2011, in N ottingham Trent University UK, and the theme will be Economists of Tomorrow. Stud ies of Union for Radical Political Economics (URPE) and Heterodox economists (th at majority of them study leftist solutions) may be seen in their web sites. But , it will be a waste of time, to reformulate leftist solutions. Or reincarnation of Keynesizm will not be useful for globalized world economy Western thought had put the soul to the archives/or imprisoned it. After a long demonetization period, soul is again in the circulation. On the other hand, abno rmal flow of the history has made paid great prices to the peoples of Asia and A frica in last centuries and rich lands of the world became the territories of po verty. But, now, normalizaton of history, economics and the other social science s can repair the heavy damages of the past. This flowing can also serve world pe ace and eradicate general stress of todays humanity. Will it be possible to see t his kind of a more liveable world after a financialization of everyday life? Because of economics is not a natural Science; it is impossible to do engineerin g/to attempt engineering in social sciences (like economics.) And charming words like Open Sesame! for (solution of) economics, can only be found in the history studies that research past economic achievements realized in an ethical world. And we believe that it is possible to establish a (global) market economy that b ig fish can not eat small fish, like in the (long) history of Islamic economics

(1) http://news.harvard.edu/gazette/story/2010/09/the-way-forward/ (2) http://daily.swarthmore.edu/2010/10/25/george-akerlof-talk/ (3)http://www.habervaktim.com/haber/152627/ismet_ozel_biz_de_anadilde_egitim_is tiyoruz.html (4)http://news.harvard.edu/gazette/story/2010/10/bright-ideas/Harvardexpertsoffe rideastogetthenationbackontrack (5)http://chronicle.com/article/For-Business-SchoolsEconomic/125483/?sid=at&utm source=at&utm medium=en (6)www.columbia.edu/cu/economics/program/docs/Conference_on_financial_frictions_ Report_02192010.pdf

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Yavuz, Yunus Vehbi. slam Fkhn Doru Anlamak (True Understanding of Islamic Law), his pa er: 11-12-2002. www.yunusvehbiyavuz.com