Buddhist Values for Creating Mindful Markets

Abstract

The ultimate goal of Buddhist life is to reach enlightenment and put an end to suffering. From this perspective, the goal of human life can be defined as inner development – that is, ethical and spiritual growth that requires only a minimum level of material comfort (food, clothes, shelter, education, and medicine). This paper introduces principles and guidelines for individual behavior and business organizations derived from the Buddhist worldview. The paper argues that the realization of Buddhist values is needed for creating mindful markets in which mindful consumption and mindful entrepreneurship are mutually reinforcing. Mindful consumption can be defined as conscious consumption that is (i) wise (it supports the genuine well-being of individuals), (ii) non- violent (does not involve hurting other sentient beings), and (iii) compassionate (it helps others to satisfy their needs). Mindful entrepreneurship involves the application of Buddhist values and virtues in business activities, including production and trade.