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APPLICATION OF BUDDHIST ECONOMICS IN PREVENTION OF
Abstract
on economic growth and liberalization of trade and finance. Globalization leads to the
cultures and disrupt traditional relationships in a society with the assumption that free
others. So, it is not possible for economics to be free of values when, in fact, it is rooted
in the human mind. The economic process begins with want, continues with choice and
ends with satisfaction. All of these are functions of the mind. We need to give up our
attachments to material wealth and conquer greed and obsession for social recognition
Modern Buddhism has become an intrinsic part of a globalized world. With its
philosophy of the way of life, it takes special place in human and cultural identity.
2
Buddhism in modern times had already incorporated either other genuine Asian
traditions or Western traditions and merged with the socio-cultural backgrounds of many
countries across the world. Buddhism stresses the principle of interdependence which is
(Śūnyatā) of all things. The emphasis on ‘Dāna’ and merit-making is the Buddhist
Economy.
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APPLICATION OF BUDDHIST ECONOMICS IN PREVENTION OF
Introduction
can undermine local cultures and disrupt traditional relationships in a society with the
assumption that free trade will also lead to the formation of a more democratic society.1,2
world faith. Buddhism in modern times had already incorporated either other genuine
Asian traditions or Western traditions and merged with the socio-cultural backgrounds of
many countries across the world. Buddhism stresses the principle of interdependence
on economic growth and liberalization of trade and finance. This results in the
unrestricted flow of global trade and investment. The mainstream approach is generally
rooted in the underlying assumption that globalization brings jobs, technology, income
and wealth to societies. In order to make this strategy of globalization successful, all the
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societies must be willing to submit to the principles of the free market—limiting public
strengthening export production and controlling inflation. However, this is very difficult
task to achieve within a short span of time. As a result, most often, globalized
production has led to a litany of social and ecological crises: poverty and powerlessness
unendurable pollution.1,2,3
The traditional Buddhist teachings have many important social implications. Buddhism
does not separate economic issues from ethical or spiritual ones. The notion that
economic laws always obscures two important truths. First important truth is that the
concept of who gets what and who does not depends on moral considerations. So,
production and distribution of economic goods and services should not be left only to
the supposedly objective rules of the marketplace. If some people have much more than
what they need while others have much less, some sort of redistribution is
necessary.1,2,4,5
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Thus, the practice of ‘Dāna’ or ‘giving’ is the traditional Buddhist way of redistribution of
(Śūnyatā) of all things. The emphasis on ‘Dāna’ and merit-making is the Buddhist
The second important truth is that no economic system is value-free. Every system of
discourages others. The economic process begins with want, continues with choice and
ends with satisfaction. All of these are functions of the mind. Abstract values are thus
the beginning, the middle and the end of economics. So it is impossible for economics
mental qualities, despite the fact that these will always have a bearing on economic
concerns.1,2,4,5
At present, without the help from government and industry for boosting a new direction
in policy, people are starting to change the economy from the bottom up towards more
human-scale structures which are more consistent with the Buddhist viewpoint. This
the world. Because economic localization means an adaptation to cultural and biological
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The range of possibilities for local grassroots efforts is as diverse as the locales in which
they take place. In many towns community banks and loan funds have been set up,
thereby increasing the capital available to local residents and businesses. This system
is promoting people to invest in their neighbors and their community, rather than in a
locally owned businesses survive even when pitted against heavily subsidized corporate
competitors. These campaigns not only help to keep money from leaking out of the local
economy, but also help educate people about the hidden costs in purchasing cheaper,
In some communities, Local Exchange and Trading Systems (LETS) have been
established as an organized, large-scale bartering system. Thus, even people with little
or no ‘real’ money can participate in and benefit from the local economy. LETS systems
have been particularly beneficial in areas with high unemployment. The city government
highly successful LETS scheme. These initiatives have psychological benefits that are
just as important as the economic benefits. A large number of people, who were once
merely ‘unemployed’ and therefore treated as ‘useless’, are becoming valued for their
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One of the most exciting grassroots efforts is the Community Supported Agriculture
(CSA) movement, in which consumers in towns and cities link up directly with a nearby
sharing the risk with the farmer. In others, shares of the harvest are purchased in
monthly or quarterly installments. Consumers usually have a chance to visit the farm
where their food is grown, and in some cases their help on the farm is welcomed. While
small farmers linked to the industrial system continue to fail every year at an alarming
rate, CSAs are allowing small-scale diversified farms to thrive in growing numbers.
CSAs have spread rapidly throughout Europe, North America, Australia and Japan. In
the United States, the number of CSAs has climbed from only two in 1986 to 200 in
Buddhism provides us with both the imperative and the tools to challenge the economic
structures that are creating and perpetuating suffering the world over. We cannot claim
Buddha’s teachings, unethical to life itself. The economic and structural changes
needed should involve rediscovering the deep psychological benefits of joy of being
embedded in the community and this fundamental shift would also involve the
reintroduction of a sense of connection with the place where we live. Buddhists in China
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Thus, over the time Buddhism became more focused to become engaged. However, as
the Buddha taught, our spiritual awakening comes from making a connection to others
and to the nature. This requires us to see the world within us and to experience more
consciously the great interdependent web of life. In this way the principles of
impermanence and interdependence exhort us to interact with others and with nature in
Conclusion
Modern Buddhism has become an intrinsic part of a globalized world. With its
philosophy of the way of life, it takes special place in human and cultural identity.
Buddhism shows us the possibility of a better way of leading a stress-free life. However,
escapist.4,5,7 The teachings of the Buddha are based on a different way of understanding
the relationship between ourselves and the world. From the Buddhist perspective,
economic growth and consumerism are unsatisfactory alternatives because they evade
the basic problem of life, which is suffering, by distracting us with symbolic substitutes
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References
1. Quang, T.T. 2009. Buddhism and Globalization. Bliss and Growth. Blag Biz.
4. Hodge, H.N. 2009. Buddhism in the Global Economy. Berkeley, US: ISEC.
5. Payutto, P.A. 1994. Buddhist Economics: A Middle Way for the Market Place.
Buddhadhamma Foundation.
7. Sizemore, R.F., Swearer, D.K., ed. 1990. Ethics, Wealth and Salvation: A Study
Carolina.
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