Significance of Buddhist teachings for the Socio-economic Development.

Abstract

What is meant by development? Miscellaneous answers have been given to this question. In the Western model of development, it is economic development that stands out as the obvious answer. The technical and scientific development can be identified as the by-products of economic development. If there is an obvious commercial development of a country, that is considered as signs of its economic development. However, Buddhist concept of development is different from these interpretations. Furthermore, the concept of Buddhist economic development is quite different from these teachings on economic development. Buddhism values spiritual development above material development. In Buddhism, the zenith of development is taught as nibbāna. All the teachings in Buddhism are aimed at leading on the path to spiritual liberation. Therefore, some scholars doubt whether there could be any teaching related to economic development in such a path based on principles leading to nibbāna. Realization of global targets is not the goal of Buddhism. The economic principles taught in Buddhism are based on world friendly beneficial philosophy based on the right live-hood (sammā-ājīva). Economic principles taught in Buddhism are nibbana oriented. Accordingly, there are two outstanding stages in Buddhist teaching: