Buddhist economics meets corporate social responsibility

Prayukvong, Wanna; Foster, M. John

doi:10.1504/ijebr.2014.064120

Cited by 15 publications

(17 citation statements)

References 20 publications

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“…This has been described elsewhere as their pursuing a path of Buddhist economic action rather than the neo-classical economic path which is the common ground of most 'western' business, Prayukvong and Foster (2014). The notion of Buddhist economics (BE) was first proposed by Schumacher (1973) and is in essence a fusion between standard economics and the pursuit of Buddhist principles for life.…”

Section: Cases Of Family Firms With An Srm Approach Across Nations a mentioning

confidence: 99%

“…However, many commentators are of the view that it is still quite common for companies' CSR objectives to be something of an 'add-on' feature rather than being a key underpinning philosophical tenet of the firm, see e.g. Prayukvong and Foster (2014), and at the extreme there are those who essentially buy in to the Friedmanite view that a firm's business should solely be Bto make as much money for its stockholders as possible^, Friedman (1962, p.133).…”

Section: Introductionmentioning

confidence: 99%

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Socially Responsible Management as a Basis for Sound Business in the Family Firm

Foster

2017

Philosophy of Management

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This paper examines the proposition that adopting a socially responsible, or philanthropic, management posture is not antithetic to the capitalist business model but rather can be seen as a sound approach to the development of long-term sustainability in business in a modern business environment, wherein a strand of corporate social responsibility is one core aspect of the composite utility function of the modern business. We suggest further that for many of the prominent/significant examples of the successful adoption of a policy of informed benevolence in the management of employees that policy seems to be faith rooted -be that faith Christian, Buddhist, Jewish, Muslim or other. Indeed, even if one observed an organisation subject to an humanist or even atheistic based socially responsible management, one could see that as being rooted in that organisation's 'non-faith' faith, or ethical bubble. Our argument also gives the lie to the proposition, in currency in some circles, that the term 'business ethics' is an oxymoron. To underpin the argument we cite examples (/set out mini-cases, or a mixture of these) from a range of faith based traditions including, Buddhism, the Quaker-Christian tradition, Judaism and Islam.

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Section: Cases Of Family Firms With An Srm Approach Across Nations a mentioning

confidence: 99%

Section: Introductionmentioning

confidence: 99%

Socially Responsible Management as a Basis for Sound Business in the Family Firm

Foster

2017

Philosophy of Management

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“…The problem with this formulation is that today the three unwholesome motivations that Buddhism highlights-greed, ill will, and delusion-are no longer confined to individual minds, but have become institutionalized into forces beyond personal control. (Purser & Loy, 2013, p. 2) Additionally, Buddhist principles can be, have been, and certainly should be applied to the realm of global economics (Prayukvong & Foster, 2014;Sivasai, 2012). Sivasai (2012), for instance, points to an important ethical dilemma that arises from increasing interconnected complexity.…”

Section: Conceptualizing the Basics Of Buddhismmentioning

confidence: 99%

Follow the Open Source Road: Contemplating the Ethics of the New Information Ecology

Longcore¹

2015

JMC

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“…One substantial alternative as suggested in the Buddhist economics is the understanding of suffering-problems-and its causes or origin (Piboolsravut, 1997;Puntasen, 2007;Zsolnai, 2007;Prayukvong & Foster, 2014;Ashtankhar, 2015;Lennerfors, 2015;Kaczorowski, 2016). Unless one pragmatically understands this fundamental issue of suffering and its origin, the environmental and social uncertainties are persistent.…”

Section: Introductionmentioning

confidence: 99%

A Possible Compatibility of Buddhist and Western Economics: A Cohesiveness Agendum to the Emerging Global Issues

Wangchuk¹,

Subba²

2020

ABRIJ

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The principles of Buddhist economics have commenced to gain impetus among the business and well-being scholars, however, with little impact on the negligence and constriction principles of Western economics. Therefore, this review article explores the conceptualism dichotomy of Buddhist economics and Western economics, and principles of Buddhist economics as a pragmatic way of attaining sustainable well-being and happiness. In addition, the article examines the reliability of Buddhist economics as an economic development policy. Articles were retrieved from the web-based databases and academic search engines using thematic key words like Buddhist economics, Western economics, well-being, happiness and global issues. The data generated through detailed reading of the 66 articles were analysed within and across using constant comparison analysis technique of QUAL approach. The findings suggest that the compatibility of Buddhist and Western economics is a cohesive solution to the emerging global issues. This article also draws attention of the policymakers and economic experts to reexamine their economic policies for the common well-being of global populace and the sustainability of the economy itself.

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Buddhist economics meets corporate social responsibility

Cited by 15 publications

References 20 publications

Socially Responsible Management as a Basis for Sound Business in the Family Firm

Socially Responsible Management as a Basis for Sound Business in the Family Firm

Follow the Open Source Road: Contemplating the Ethics of the New Information Ecology

A Possible Compatibility of Buddhist and Western Economics: A Cohesiveness Agendum to the Emerging Global Issues

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