Waleed El-Ansary has brought Traditionalism to bear on a new area, Islamic economics, following on E. F. Schumacher's classic application of Traditionalism to economics in general in Small as Beautiful (1973).
El-Ansary, who is University Chair of Islamic Studies in the Department of Theology
at Xavier University (Cincinnati, Ohio), has contributed a chapter on "Islamic Science and the Critique of Neoclassical Economic Theory" to Karen Hunt-Ahmed's Contemporary Islamic Finance: Innovations, Applications and Best Practices (Hoboken, NJ: Wiley, 2013), pp. 75-101. El-Ansary gives Schumacher and S. H. Nasr as his points of departure, and concludes that the application of divine law to economics not only ensures that spiritual needs are met rather than ignored, but also strengthens such principles such as justice and contract that are essential for free markets to operate in the first place.