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2021, The Journal of the American Academy of Religion
Since Mount Emei, one of the four famous Chinese Buddhist mountains, became associated with a publicly traded stock as a tourism company in 1997, other Chinese Buddhist sites in mainland China have announced plans for their own Initial Public Offerings (IPOs) in China’s stock exchanges. This has elicited sharp criticism by Chinese officials and citizens denouncing these actions as greedy and against the spirit of Buddhism. However, Chinese Buddhist institutions have always extensively engaged in commercial economic activities. Attributing IPO plans’ agency to Buddhists is not straightforward due to the conflict between state actors, who control local tourist development, with others in how to present a public Buddhist image. There are differences in class perceptions of these IPOs. Examining mountain gazetteers, news articles, and public finance records, I argue Buddhist economies of merit, karma, and exchange offer alternative lenses for understanding the epitome of contemporary capitalism: engaging the stock market. Link to full article: https://academic.oup.com/jaar/article-abstract/89/3/931/6377686
Paper presentation at the International Association of Buddhist Studies, Vienna, Austria 2014
Futures
A Buddhist future for capitalism? Revising Buddhist economics for the era of light capitalism2015 •
This paper discusses Buddhist economics as a potential future for capitalism. In the 1970s, EF Schumacher proposed a form of Buddhist economics aimed at smallness, simplicity and non-violence. The major contribution of the present paper is to revise and update Schumacher’s and others’ work on Buddhist economics, first because of the changing spirit of capitalism from heavy to light capitalism and, second, because Schumacher’s critical perspective of Buddhism has not been sustained to the present day. Rather, Buddhism has been received in the West as a way of coping and as a harmonious philosophy. In order to face the future, the paper proposes a critical development of a Buddhist economics based on the principles of The Four Noble Truths and The Eightfold Path. Apart from revising and updating Buddhist economics, the paper engages in a discussion with the organizational spirituality literature, which contributes to the analysis, and to which contributions are made, first by dividing the field into critical–negative and critical–constructive approaches; and second, by proposing a turn to principles for critical–constructive approaches.
Hualin International Journal of Buddhist Studies
Capitalism and Exchange: Economic Contexts of Buddhism2021 •
This is a critical reflection in three steps. In the first step we argue that there is a significant difference between Buddhist praxis in exchange economies and in capitalist economies. The second step seeks to expose the conceptual framework of modern capitalist economies, explicating the neoliberal ideology that has become naturalized as simply a value-free description of the human condition, and the consequent values defined by a neoliberal conception of individual 'flourishing'. Neoliberal ideology can be seen in particularly clear form in rational choice theory, which has been applied as an economic theory of religion. The third step is an examination of how Buddhism is represented in the context of the preconceptions and values of neoliberal ideology.
In addition to summarizing key concerns in Theravāda Buddhist Economics by scholars such as E. F. Schumacher and the Thai monk Payutto, this essay explores how descriptions of the West, Western development, and the “science” of economics serves in that literature to construct Occidentalist versions of Southeast Asian traditionalism and religious orthodoxy. It then introduces the previously unstudied work of Shérab Tendar, a prominent Tibetan Buddhist scholar in the contemporary People’s Republic of China who has written prodigiously on what he considers to be a scripturally based Mahāyāna and Tantric Buddhist Economics. Comparing these three influential iterations of Buddhist Economics, this essay argues that this movement has less to do with economics proper than with what I call trans-Buddhist “scales of value”: site-specific desires and measures of sought after outcomes that here privilege the economy and economic behavior as a technique for individual, social, and environmental well-being and emancipation.
Buddhist Economics and Corporate Capitalism
Buddhist Economics and Corporate Capitalism T2019 •
Buddhism and economics might not seem an obvious combination. They have nevertheless always been in close connection. The Buddha’s first disciples, Tapussa and Bhallika, where merchants and the trader class was among the first who adopted Buddhism due to its character in which religious outcome where the result of personal effort (Harvey, 2000 p.208). Trade also has had an important role in the spread of Buddhism trough Asia. Although nevertheless still an underdeveloped subject, Buddhist economic can be of great help in improving the actual economic systems. From scriptures and western an oriental commentaries can be made valuable recommendations about how to improve the economic systems.
This paper examines Buddhist teachings as they relate to economics, a central aspect of worldly life, and focuses on capitalism as it is a highly influential modern economic system. To what extent is a capitalist economy compatible with Buddhist teachings, and how do teachings of the Pāli Canon inform engagement with it? These questions are addressed centering on lay activity in the lay economy. This paper takes a ‘fundamentalist’ view of Buddhist ethics as described by Keown (2001, pp.xiv-xv), considering not only Pāli Canon scriptures but also what Buddhaghosa termed ‘in conformity with scripture’ (Keown, 2001, p.14). So although the Buddha never addressed macroeconomics as it exists today, from his guidance on household management one can extrapolate much that is relevant to modern economics. Section I of this paper aims to clear up a serious and longstanding misunderstanding about the basic Buddhist orientation towards wealth. Section II examines core aspects of capitalist economies and their compatibility with Buddhist teachings of the Pāli Canon. Section III provides guidance from those Buddhist teachings that inform engagement in modern capitalism and includes examples from Japan and the UK.
Buddhism has had a significant, if underappreciated, influence on Chinese culture. Brought to China from India centuries ago through trade routes of land and sea, Buddhist ideas and values have deeply embedded themselves within Chinese culture and continue to influence modern-day Chinese business practices. During the period following the 1949 Communist revolution, the Chinese government stifled Buddhism. In recent years, the government has taken a more tolerant approach. By understanding the interplay between the Buddhist faith and Chinese culture, Westerners may gain better insights into Chinese culture, which may enhance their ability to negotiate successful business deals.
This chapter surveys contemporary economic models and “experiments” that inject Buddhist principles into secular systems as well as economic exchanges in Buddhist sanctuaries. I shall explore the ongoing dialogues between these two apparently incompatible systems and study how Buddhist communities have engaged in a harmonious partnership that combines Buddhist values and wisdom with existing economic paradigms. The critical success factor for this paradigm shift lies in the Buddhist discovery of the truth of karma and pratītyasamutpāda (dependent co-origination).
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