Does Profit Still Matter? The Implementation of Buddhist Ideas to Contemporary Business: Theory and Practice

Abstract

The subject matter of this paper is Buddhist economics in theory and practice. The goal is to point out the main concepts of Buddhist economics, which is different from Western mainstream economics, and then explain how applying Buddhist teachings to business can possibly improve societal well-being and the condition of the natural environment. The main contribution of the article is twofold. Firstly, it aims to plumb the literature to identify characteristics of Buddhist economics, which is a relatively new field. Secondly, it compares Buddhist enterprises to relatively well-known social enterprises, showing the main differences between them. “Buddhist ideas in practice” are illustrated by examples of such companies as Benefit System or Patagonia. The main conclusion is that money and wealth are allowed in Buddhism, but religion reminds people not to become attached to their possessions and to share them with others. Examples described in the paper lead to an awareness that economic activity can be a means to a noble life. New criteria of assessment of business success including social engagement and care for the environment should be created. Thus, deep institutional changes which redefine the roles and duties of business would be required. The paper is based on literature, documents and online sources. The research methods used are the critique of literature covering the subject matter, comparative analysis and elements of case studies.