In what way does the notion of ‘corporate responsibility’, referred to twice in the text, reflect Buddhist values? How is this notion being applied in concrete terms? Thai Buddhist economic model By Kalinga Seneviratne In the last two decades, Buddhism’s appeal has grown in the West, drawing people seeking a calm not found in the fast-paced world of Internet-driven commerce and communications. Its economic model has been endorsed by the United Nations.

Bangkok, Thailand – While Bhavana (Buddhist meditation), has become a form of modern psychotherapy and influenced Western lifestyles, is there anything in the religion’s 2,500-year-old teachings that could influence modern economics?

According to Thailand’s much revered King and lately members of the [new military installed] government and a growing number of economists and grassroots development activists, the answer is, yes, there is. They call it ‘Sufficiency Economics’, a term coined by King Bhumibol Adulyadej in the midst of Thailand’s economic meltdown in 1997. It embraces the three pillars of Buddhism – dana (giving), sila (morality) and bhavana (meditation) – and is based on the Buddhist principle of the ’Middle Path’, that is avoidance of extremes (of greed).