Historical Roots

All three parts in one place, for convenience of readers: The Global Financial Crisis of 2007

A link to the published article in Express Tribune: More material on emergence of secular thought in Europe

The Current Crisis in Economics

Part II: Historical Roots

Dr. Asad Zaman

The current crisis in economic theory has deep historical roots. To understand it, we must go back to sixteenth century Europe. Continual warfare and bloodshed among different Christian sects led to the search for a secular basis for society. How can we achieve cooperation in a society composed of religious groups with different goals? Secular thinkers promoted freedom and wealth as the core values of a secular society. One could expect different groups with conflicting goals to agree to these as common goals for the society. Freedom and wealth would provide each group with the possibility and material means to pursue whatever goal they desired.

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