Buddhist Economics

Laszlo Zsolnai ‘Buddhist Economics.’ , in The Palgrave Handbook of Spirituality and Business, eds. Luk Bouckaert, and Laszlo Zsolnai, Palgrave-Macmillan, London, 2011.
The paper presents Buddhist economics as a major alternative to the Western economic mindset. It challenges the basic principles of modern Western economics, namely profit-maximization, cultivating desires, introducing markets, instrumental use of the world, and self-interest-based ethics. Buddhist economics proposes alternative principles such as minimizing suffering, simplifying desires, non-violence, genuine care, and generosity. Buddhist economics is not a system but a strategy, which can be applied in any economic setting.