Research Article

SCHUMPETER’S GREAT GAP THEORY: HELLENISTIC ARISTOTELIANISM TO ISLAMIC ECONOMICS

Volume: 22 Number: 1 July 31, 2026
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SCHUMPETER’S GREAT GAP THEORY: HELLENISTIC ARISTOTELIANISM TO ISLAMIC ECONOMICS

Abstract

Contemporary economics has been attributed to European Scholasticism’s revival of Hellenistic Aristotelianism period economics. Saint Thomas Aquinas's (1225–1274) work Summa Theologica is postulated as the precursor in this continuum. Summa Theologica is beyond a doubt, established as a brilliant work on the nature of truth. Summa Theologica referenced the works of Plato, Augustine, and Avicenna (Ibn Sina). The Great Gap thesis of Joseph Schumpeter precludes any contributions by medieval Islamic scholarship on the topics of economics. Schumpeter suggests that the revival of economic thought post-Hellenistic period was revived during the 14th-century Christian European Renaissance. The golden age of Islam beacons the works of Islamic medieval scholars like Al Farabi (873-950 AD), Ibn Sina (980-1037 AD), Al-Ghazali (1058-1111 AD), and Ibn Khaldun (1364-1442 AD), etc. These Islamic scholars built the foundation of state economic theories, after thoroughly analyzing the Hellenistic discourse such as Plato’s Republic (375 BC). Schumpeter’s postulation has been challenged by scholars in the East and the West. Will Durant in his 1950 work titled The Age of Faith; sheds light on Western scholarship’s reluctance to acknowledge links between Hellenistic economics, medieval Islamic scholarship, renaissance scholasticism, and contemporary Islamic economic thought. Schumpeter’s Great Gap thesis assumptions about the absence of medieval Islamic scholarship’s contributions to contemporary economics and Islamic economic thought have been argued successfully by scholars like Joseph Spengler, Todd Lowry, Ghazanfar, and Islahi. Baqir Al Sadr’s 1961 work Iqtisaduna is perhaps one of the most comprehensive comparative studies of economics within the context of Islamic economic thought. Al Sadr’s work led the way in the 1970s for modern Islamic banking in the Arab Islamic world, especially Kuwait and beyond through his seminal work titled, Al-Bank Al Rabbawi Fil Islam. Turk scholar Sabri Orman wrote his seminal thesis on Al Khaldun’s theory of social justice in 1981. Orman’s work paved the way for Islamic Finance in Türkiye. This paper aims to study the Islamic economic thought discourse on bridging the gap from Hellenistic economics to contemporary economic thought considering Al Sadr and Orman’s work.

Keywords

References

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Details

Primary Language

English

Subjects

Economic Sociology

Journal Section

Research Article

Publication Date

July 31, 2026

Submission Date

December 30, 2025

Acceptance Date

July 22, 2026

Published in Issue

Year 2026 Volume: 22 Number: 1

APA
Syed, H., Yılmaz, S., & Özbay, R. D. (2026). SCHUMPETER’S GREAT GAP THEORY: HELLENISTIC ARISTOTELIANISM TO ISLAMIC ECONOMICS. Paradoks Ekonomi Sosyoloji Ve Politika Dergisi, 22(1), 86-101. https://izlik.org/JA58HZ27PF
AMA
1.Syed H, Yılmaz S, Özbay RD. SCHUMPETER’S GREAT GAP THEORY: HELLENISTIC ARISTOTELIANISM TO ISLAMIC ECONOMICS. Paradoks Ekonomi Sosyoloji ve Politika Dergisi. 2026;22(1):86-101. https://izlik.org/JA58HZ27PF
Chicago
Syed, Hassan, Sema Yılmaz, and Rahmi Deniz Özbay. 2026. “SCHUMPETER’S GREAT GAP THEORY: HELLENISTIC ARISTOTELIANISM TO ISLAMIC ECONOMICS”. Paradoks Ekonomi Sosyoloji Ve Politika Dergisi 22 (1): 86-101. https://izlik.org/JA58HZ27PF.
EndNote
Syed H, Yılmaz S, Özbay RD (July 1, 2026) SCHUMPETER’S GREAT GAP THEORY: HELLENISTIC ARISTOTELIANISM TO ISLAMIC ECONOMICS. Paradoks Ekonomi Sosyoloji ve Politika Dergisi 22 1 86–101.
IEEE
[1]H. Syed, S. Yılmaz, and R. D. Özbay, “SCHUMPETER’S GREAT GAP THEORY: HELLENISTIC ARISTOTELIANISM TO ISLAMIC ECONOMICS”, Paradoks Ekonomi Sosyoloji ve Politika Dergisi, vol. 22, no. 1, pp. 86–101, July 2026, [Online]. Available: https://izlik.org/JA58HZ27PF
ISNAD
Syed, Hassan - Yılmaz, Sema - Özbay, Rahmi Deniz. “SCHUMPETER’S GREAT GAP THEORY: HELLENISTIC ARISTOTELIANISM TO ISLAMIC ECONOMICS”. Paradoks Ekonomi Sosyoloji ve Politika Dergisi 22/1 (July 1, 2026): 86-101. https://izlik.org/JA58HZ27PF.
JAMA
1.Syed H, Yılmaz S, Özbay RD. SCHUMPETER’S GREAT GAP THEORY: HELLENISTIC ARISTOTELIANISM TO ISLAMIC ECONOMICS. Paradoks Ekonomi Sosyoloji ve Politika Dergisi. 2026;22:86–101.
MLA
Syed, Hassan, et al. “SCHUMPETER’S GREAT GAP THEORY: HELLENISTIC ARISTOTELIANISM TO ISLAMIC ECONOMICS”. Paradoks Ekonomi Sosyoloji Ve Politika Dergisi, vol. 22, no. 1, July 2026, pp. 86-101, https://izlik.org/JA58HZ27PF.
Vancouver
1.Hassan Syed, Sema Yılmaz, Rahmi Deniz Özbay. SCHUMPETER’S GREAT GAP THEORY: HELLENISTIC ARISTOTELIANISM TO ISLAMIC ECONOMICS. Paradoks Ekonomi Sosyoloji ve Politika Dergisi [Internet]. 2026 Jul. 1;22(1):86-101. Available from: https://izlik.org/JA58HZ27PF