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Buddhist economics meets corporate social responsibility

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  • Wanna Prayukvong
  • M. John Foster

Abstract

The standard neo-classical economic paradigm is the setting for most modern businesses. The underlying premises of this paradigm are not always in tune with the imperatives of the kind of corporate social responsibility agenda which businesses now face. This dissonance is rooted in an underlying denial of the need for an ethical approach to the management of the firm, which tends to leave corporate social responsibility as an 'add-on' activity. The aim of the paper is to demonstrate that both economic and social responsibility objectives can be achieved through Buddhist economics or Buddhist economic informed management practice (BEIM). The theoretical argument is illustrated by a rich case study of a Thai firm. To follow that other way could and arguably should be to design operations in a way such that moral behaviour - in all matters - comes first; this will reveal corporate social responsibility as a core driver of the business in whatever cultural setting it may be found.

Suggested Citation

  • Wanna Prayukvong & M. John Foster, 2014. "Buddhist economics meets corporate social responsibility," International Journal of Economics and Business Research, Inderscience Enterprises Ltd, vol. 8(2), pages 175-192.
    • Handle: RePEc:ids:ijecbr:v:8:y:2014:i:2:p:175-192
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    Cited by:

    1. 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.

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