How to Compare Buddhist & Capitalist Economics
Buddhist economic life is often minimalist. Monastic Buddhism even disregards economics completely, as the focus is on spiritualism and enlightenment, rather than money. Buddhism, however, does not completely disregard economic concerns, and the Buddha actually imparted much economic advice. Buddhist economics are focused on the use of the financial in attaining not only material well-being, but also mental well-being.
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Instructions
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Compare the Buddhist and capitalist views on poverty. While the Buddha did promote minimalism, he also prohibited poverty. Capitalist economics do not specifically condone or encourage poverty. In fact, the capitalist ethos is built on the idea that anyone can get rich through hard work. The reality is, however, that the large corporations of capitalist economies are built on the backs of those in poverty.
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Consider the purposes of money in Buddhist and capitalist economics. In the Buddhist tradition, riches should be used for personal fulfillment and spiritual aims. Money should never cause a person to compromise his principles, said the Buddha. Capitalist economics do not condone compromising principles, but the goal of capitalism is to make more money. CEOs and large corporations often compromise personal principles in the pursuit of more cash.
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Study the three stages of economics in both the capitalist and Buddhist traditions, since they are largely the same. These three stages are the acquisition of wealth, the conservation of wealth and the employment of wealth to benefit or to satisfy desires. The first stage is interpreted in the same way by both economic systems. The second, however, differs. For example, a Buddhist could not condone a large corporation withholding some of its product in order to force consumers to pay more for it. As for the third, the Buddha condoned spending money on needs, rather than just wants.
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Study the Buddha's four principles of microeconomics. In such, wealth should be acquired through hard work, and money should be spent on things that will not harm others. This ethos is also shared by capitalist economies. However, industries involved in the trade of weapons or alcohol or in the slaughter of animals would not be condoned by the Buddha. Neither would drug trafficking, another point of commonality with capitalist economics.
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Tips & Warnings
There is no such thing as an entirely Buddhist society on a national level, except for perhaps Tibet, and there are also Buddhists living in capitalist societies.
Some within Buddhist circles do not adhere entirely to the Buddha's teachings, perhaps out of economic expediency. In capitalist societies as well, there are responsible and ethical participants who would find much with which in Buddhist economic models.
References
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