What E. F. Schumacher saw or heard in Burma (now Myanmar) in 1955 inspired him to explore Buddhist economics as an answer to the new world of 1960s and 1970s, when a generation, disillusioned and disenchanted by prevailing values and norms, was looking for alternatives, among others, to classical or mainstream economics. His slogan “Small is beautiful” attracted worldwide attention as the crux of Buddhist Economics. Despite the events since 1962 in Myanmar, his ideas found and continue to enjoy support among scholars, social activists and Buddhist monks in traditionally Buddhist countries of Asia. The questions taken up for examination in this paper are –
1. Do the teachings of the Buddha provide a foundation for Buddhist Economics as interpreted by Schumacher in terms of ideas and positions ascribed by him to a hypothetical Buddhist economist with the slogan “Small is beautiful?” 2. How relevant and applicable to the current global situation and issues are the interpretations of Buddhist Economics of Venerable Dhammapitaka (better known internationally as P. A. Payutto), and Phra Bhavanaviriyakhun of Thailand, Professor Jagath W. Wickremasinghe of Sri Lanka, H-G Wagner of Germany and Prime Minister Nambaryn Enkhbayar of Mongolia? 3. How valid are supporting statements of Professor John B. Cobb Jr. and criticisms of Professor Mark Skousen – both of the USA? 4. To what extent can and will the Bhutanese concept of Gross National Happiness and Thailand’s Sufficiency Economy – both being initiatives of ruling monarchs – be implemented in the spirit of Buddhist Economics? and 5. What impact will they have on globalization and the increasing tendency of nations to adopt the free market capitalist system?
What is attempted is to identify and distinguish between elements, which are too idealistic or far-fetched for broad-based implementation and those which are more realistic, with a view to promoting the worldwide recognition and appreciation of Buddhist wisdom and values having a direct relationship to sustainable economic development.
