Title: Buddhist economics meets corporate social responsibility

Authors: Wanna Prayukvong; M. John Foster

Addresses: College of Bhodivijalaya, Srinakharinwirot University, 114 Suhumvit 23, Bangkok 10110, Thailand ' Kingston Business School, Kingston University, Kingston Upon Thames, KT2 7LB, UK

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.

Keywords: Buddhist economics; corporate social responsibility; CSR; ethics; culture; Buddhism; case study; Thailand; moral behaviour.

DOI: 10.1504/IJEBR.2014.064120

International Journal of Economics and Business Research, 2014 Vol.8 No.2, pp.175 - 192

Received: 03 Jun 2013
Accepted: 30 Jul 2013

Published online: 02 Aug 2014 *

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