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

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  • Wanna Prayukvong

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.

Suggested Citation

  • Wanna Prayukvong, 2005. "A Buddhist economic approach to the development of community enterprises: a case study from Southern Thailand," Cambridge Journal of Economics, Cambridge Political Economy Society, vol. 29(6), pages 1171-1185, November.
    • Handle: RePEc:oup:cambje:v:29:y:2005:i:6:p:1171-1185
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    File URL: http://hdl.handle.net/10.1093/cje/bei071
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    Cited by:

    1. Suthasini Bureekhampun & Chanida Maneepun, 2021. "Eco-Friendly and Community Sustainable Textile Fabric Dyeing Methods From Thai Buffalo Manure: From Pasture to Fashion Designer," SAGE Open, , vol. 11(4), pages 21582440211, November.
    2. Josep Maria Coll, 2014. "Global Oriental Management: Transforming Capitalism and Maximizing Well-Being through Value-Oriented Leadership, Smart Marketing, Social Innovation and Sustainable Business Development," Working Papers 2014/04, Maastricht School of Management.
    3. Ronald Wintrobe, 2019. "Adam Smith and the Buddha," Rationality and Society, , vol. 31(1), pages 3-39, February.
    4. Marije Schouwstra & Michael Ellman, 2006. "A New Explanatory Model for Policy Analysis and Evaluation," Tinbergen Institute Discussion Papers 06-063/2, Tinbergen Institute.
    5. Joseph Walusimbi & Robert Goedegebuure, PhD & André de Waal, PhD, 2014. "Partnerships, value chain upgrading and performance in the forestry sectors of Tanzania and Uganda," Working Papers 2014/02, Maastricht School of Management.
    6. Daneshwar Sharma & Saumyaranjan Sahoo & Ashwani Kumar & Donald Huisingh & Dheeraj Sharma, 2023. "Corporate Nirvana: The Buddhist way to social sustainability and business innovation," Business Strategy and the Environment, Wiley Blackwell, vol. 32(8), pages 5289-5313, December.
    7. Lavanchawee Sujarittanonta, 2014. "Provincial Patronage Networks & Small Businesses in the Greater Mekong Sub-Region (GMS): Implications for the ASEAN Economic Community (AEC) 2015," Information Management and Business Review, AMH International, vol. 6(6), pages 286-300.

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