 Sufficiency economy philosophy: Buddhism‐based sustainability framework in ThailandHee‐Chan Song Business Strategy and the Environment, 2020, vol. 29, issue 8, 2995-3005 Abstract: Drawing upon institutional theory, sustainability scholars have demonstrated that various institutional factors, such as environmental regulations, national business systems, and global sustainability standards, shape legitimate sustainability frameworks. However, most of the studies have focused on formal institutions that have law‐like regulations and procedures. Owing to the skewed attention, the role of informal institutions in shaping sustainability frameworks has remained largely unexplored. The present study suggests that an informal institution, particularly religion, can play a significant role in developing a locally driven sustainability framework. In particular, this study investigates Thai context where Buddhism has shaped people's mindset, moral principles and day‐to‐day economic activity. For the past few decades, Thailand has theorized its own unique sustainability framework—sufficiency economy philosophy—based on Buddhist worldview on interrelationships of economy, society, and environment. By shedding light on how religion is formalized as a sustainability framework, this research contributes to institutional approach to sustainability. Date: 2020 Downloads: (external link) Related works: Export reference: BibTeX RIS (EndNote, ProCite, RefMan) HTML/Text Persistent link: https://EconPapers.repec.org/RePEc:bla:bstrat:v:29:y:2020:i:8:p:2995-3005 Ordering information: This journal article can be ordered from Access Statistics for this article Business Strategy and the Environment is currently edited by Richard Welford More articles in Business Strategy and the Environment from Wiley Blackwell |
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