I would not dismiss the religious component so quickly, but I agree with you whole-heartedly that imperialism/cultural imperialism are prime movers as well.Bin Laden was an engineer and Sayyid Qotb worked as a teacher. Hassan al-Banna was a doctor.
These are not backwards peasants and witch doctors, these are people with a high level of education who have often lived and worked in the West as well. It has very little to do with their actual religion, but it's much more an answer to (perceived) imperialism. That's why Arab socialism and pan-Arabism was so popular in the 50's and 60's, and when that didn't work, people were drawn to another "safe haven": Islamic fundamentalism.
"The only way that has ever been discovered to have a lot of people cooperate together voluntarily is through the free market. And that's why it's so essential to preserving individual freedom.” -- Milton Friedman
"The urge to save humanity is almost always a false front for the urge to rule." -- H. L. Mencken
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