Capitalism and Exchange: Economic Contexts of Buddhism

Overview & Synopsis

This is a critical reflection in three steps. In the first step, we argue that there is a significant difference between Buddhist praxis in exchange economies and in capitalist economies. The second step seeks to expose the conceptual framework of modern capitalist economies, explicating the neoliberal ideology that has become naturalized as simply a value-free description of the human condition, and the consequent values defined by a neoliberal conception of individual ‘flourishing’. Neoliberal ideology can be seen in particularly clear form in rational choice theory, which has been applied as an economic theory of religion. The third step is an examination of how Buddhism is represented in the context of the preconceptions and values of neoliberal ideology.