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Sufficiency economy philosophy: Buddhism‐based sustainability framework in Thailand

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  • Hee‐Chan Song

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.

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  • Hee‐Chan Song, 2020. "Sufficiency economy philosophy: Buddhism‐based sustainability framework in Thailand," Business Strategy and the Environment, Wiley Blackwell, vol. 29(8), pages 2995-3005, December.
    • Handle: RePEc:bla:bstrat:v:29:y:2020:i:8:p:2995-3005
    DOI: 10.1002/bse.2553
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    4. Panditharathne Nishantha Kumara Wijesekara Panditharathne & Zhixia Chen, 2021. "An Integrative Review on the Research Progress of Mindfulness and Its Implications at the Workplace," Sustainability, MDPI, vol. 13(24), pages 1-27, December.
    5. Kumar, Satish & Sahoo, Saumyaranjan & Lim, Weng Marc & Dana, Léo-Paul, 2022. "Religion as a social shaping force in entrepreneurship and business: Insights from a technology-empowered systematic literature review," Technological Forecasting and Social Change, Elsevier, vol. 175(C).
    6. Zhao, Shuliang & Teng, Linjiao & Arkorful, Vincent Ekow & Hu, Hui, 2023. "Impacts of digital government on regional eco-innovation: Moderating role of dual environmental regulations," Technological Forecasting and Social Change, Elsevier, vol. 196(C).
    7. 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.
    8. Achtelik, Timo & Herstatt, Cornelius & Tiwari, Rajnish, 2022. "Frugal sustainability: A new perspective to foster corporate sustainability," Working Papers 112, Hamburg University of Technology (TUHH), Institute for Technology and Innovation Management, revised 2022.
    9. Preechaya Chavalittumrong & Mark Speece, 2022. "Three-Pillar Sustainability and Brand Image: A Qualitative Investigation in Thailand’s Household Durables Industry," Sustainability, MDPI, vol. 14(18), pages 1-22, September.
    10. Veerawin Korphaibool & Pattanaporn Chatjuthamard & Sirimon Treepongkaruna, 2021. "Scoring Sufficiency Economy Philosophy through GRI Standards and Firm Risk: A Case Study of Thai Listed Companies," Sustainability, MDPI, vol. 13(4), pages 1-19, February.
    11. Phallapa Petison & Sooksan Kantabutra, 2022. "A Quest for a Sustainable Social Enterprise Model: The Case of Amphawa Chaipattananurak, the Kingdom of Thailand," Sustainability, MDPI, vol. 15(1), pages 1-31, December.

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