A Buddhist economic approach to the development of community enterprises: a case study from Southern Thailand

Wanna Prayukvong

Cambridge Journal of Economics, 2005, vol. 29, issue 6, 1171-1185

Abstract: This study was undertaken to observe the development process and key success factors in three community enterprises adopting a Buddhist economic approach to development. The enterprises were established by weavers, farmers and housewives from three communities in the south of Thailand. Data were obtained through in-depth interviews and observation with representatives of the groups and their supporters as they participated in community activities. Buddhist economics differs significantly from neoclassical economics in its recognition of ethic and moral issues. In addition to the objective of production or consumption to optimise profit or utility value, Buddhist economics also recognises that many non-financial factors which contribute to an individual's quality of life are important. The key success factor in the community enterprises which were studied was the process of 'good thinking', or the constructive use of wisdom among leaders and group members through the processes of 'right understanding' and 'right thought'. Economically efficient activities were developed through the use of an external factor--a 'good friend', comparable with social capital--and an internal factor--the employment of analytical thinking by members, comparable to the use of human capital. Neither factor can be created from physical capital but is derived from the process of learning and reviewing. Copyright 2005, Oxford University Press.

Date: 2005
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