The economics of Buddhism: An alternative model for community development

Today we are living in an era in which the capitalistic mode of production is replacing the production of the socialistic order. The result, being the self-instinct of individual, has again triumphed over his deep urge for collective thinking and a collective way of doing things. Thus the dynamics of group development has definitely received a major set-back. Even in a slow-developing country like Nepal, the market economy has attained a new height; and the concept of privatisation has been responsible for the transfer of even profit-making government controlled industries into the private sector. The Nepal experience of privatisation of the past three years has taught two important lessons:

1. Privatisation does not necessarily lead to greater competition. The state monopoly is simply converted into private monopoly and all the evils of the pooling or the cartel system not only persists but attains new dimensions;
2. Privatisation is having a regressive impact on the distribution of income of the individual and the wealth of the nation.

This paper intends to seek an alternative model for development in the light of Buddhist teachings and practices and can be safely labelled as "The Economics of Buddhism" as opposed to conventional economics founded by Adam Smith (1732-1790) and further developed by his jealous successors like Jeremy Bentham (1748-1832).