This article summarizes research results on a world system perspective on contemporary crisis. During 1990s penetration by transnational capital dramatically increased in many parts of Europe (especially in what was described by Donald Rumsfeld, US Secretary of Defense, recently as the new Europe); in eastern Latin America, in Southern Africa, in Central Asia and in South and Southeast Asia. However, there was a dramatic decrease of MNC penetration in most countries of Muslim world during second half of 1990s. The multinationals withdrew from region at an unprecedented scale, long before September 11 attacks. World capital thus withdrew from Muslim Middle East and went into Eastern Europe, Central Asia, East and South-East Asia, Eastern Latin America and Southern Africa instead. So is Giovanni Arrighi proven right, when he maintains that ascent of one region conditions decline of another one? Most probably, yes. Our empirical results over last years are all more striking, since we also have to consider that on a world level - contrary to popular assumptions - membership in Islamic Conference is not an impediment against political democracy and human development, while policies more often than not indeed are. The empirical record speaks a clear language in favor of Islamic democracy and against those in West that attempt to treat a Muslim cultural heritage as a general development burden. It should be also clear that a reliance on Washington Consensus will not fix performance of countries. Our cross-national results also clearly contradict many of expectations inherent in writings of Professor Samuel Huntington. 4 development indicators under review here - 2 for environment, 1 on human development, and 1 on democracy - are even positively and significantly determined by membership in Islamic Conference, once you properly control for effects of other influencing variables. However, gender justice and redistribution remain indeed Achilles heel of today's members in Islamic Conference, strengthening cause of those Muslims who advocate more social inclusion and more gender justice, and thus a more adequate contemporary reading of Holy Scriptures. Needless to say, that various Christian liberation theologies and liberation theologies from other denominations, which Polanyi's thought in many ways preceded, are working in same direction. Non-Muslim should remember that keys of 'common European house' do not belong to one cultural tradition only. The world of Islam was pivotal to European path to Renaissance and to re-discovery of classic Greek philosophy. Islamic tolerance and knowledge enabled us Europeans to develop. The Muslim world, on other hand, can gain a lot from a thorough reading of works of great social scientist Karl Polanyi, who always thought that morality and social sphere are above market principle.