Buddhist Economics: The Global View

Abstract

This chapter describes how Buddhist economics can proactively contribute to the concept of conscious capitalism by importing Buddhist ethical principles to give concrete content to the aspirational idea of conscious capitalism. Conscious capitalism becomes ethically conscious capitalism with its Buddhist complement. For Buddhism, the central motivation for human behavior is deep compassion for all sentient beings. In Buddhist economics, compassion is translated into compassion for the poorest. Hunger, thirst, homelessness, lack of medical care and education are the needs of a huge percentage of the human population on earth who exist in continuing poverty. The argument of this chapter is that poverty is not a cause; it is an effect. It is only by altering our economic motivations and practices that we can apply Buddhist ethics to addressing the problem of world inequality. Seeing ourselves as consumers is a key to the problem. If we identify ourselves as consumers, we cannot be thinking of others. We are thinking of what we can acquire and accumulate for ourselves. It is this primal attitude that is the source of the philosophical problems that are at the root of inequality and inequity in the world. A frequent interpretation of Buddhist economics is to counsel us to be minimalist in our consumption needs. In this chapter, it is argued that we need to focus on ourselves as ethical producers. We should focus on producing economic goods and services that better the life conditions of the global poor. Such a focus considers the consequences of our economic production of goods and services and meets the definition of practicing capitalism with mindful awareness. Such an alteration of economic motivation and action fulfills the principal ethics of Buddhism and gives concrete design and purpose to the idea of conscious capitalism. Ethically conscious Buddhist economics enables universal compassion to reach all human beings.