The Value Orientations of Buddhist and Christian Entrepreneurs : A Comparative Perspective on Spirituality and Business Ethics [1st ed.] 9783030467029, 9783030467036

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STUDIES IN BUDDHIST ECONOMICS, MANAGEMENT, AND POLICY

The Value Orientations of Buddhist and Christian Entrepreneurs A Comparative Perspective on Spirituality and Business Ethics Gábor Kovács

Studies in Buddhist Economics, Management, and Policy

Series Editors Clair Brown University of California, Berkeley Berkeley, USA László Zsolnai Corvinus University Budapest Budapest, Hungary

This book series is devoted to exploring and presenting new developments in contemplative inquiry related to Buddhist Economics, Well-Being, Social Transformation, Mindful Organizations, and Ecological Worldview in management and policy contexts. This particular combination of fields represents a unique nexus for reflection and action toward developing ways of mindful and sustainable management for organizations in the economic and social life.

More information about this series at http://www.palgrave.com/gp/series/16318

Gábor Kovács

The Value Orientations of Buddhist and Christian Entrepreneurs A Comparative Perspective on Spirituality and Business Ethics

Gábor Kovács Business Ethics Center Corvinus University of Budapest Budapest, Hungary

Studies in Buddhist Economics, Management, and Policy ISBN 978-3-030-46702-9 ISBN 978-3-030-46703-6 (eBook) https://doi.org/10.1007/978-3-030-46703-6 © The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2020 This work is subject to copyright. All rights are solely and exclusively licensed by the Publisher, whether the whole or part of the material is concerned, specifically the rights of translation, reprinting, reuse of illustrations, recitation, broadcasting, reproduction on microfilms or in any other physical way, and transmission or information storage and retrieval, electronic adaptation, computer software, or by similar or dissimilar methodology now known or hereafter developed. The use of general descriptive names, registered names, trademarks, service marks, etc. in this publication does not imply, even in the absence of a specific statement, that such names are exempt from the relevant protective laws and regulations and therefore free for general use. The publisher, the authors and the editors are safe to assume that the advice and information in this book are believed to be true and accurate at the date of publication. Neither the publisher nor the authors or the editors give a warranty, expressed or implied, with respect to the material contained herein or for any errors or omissions that may have been made. The publisher remains neutral with regard to jurisdictional claims in published maps and institutional affiliations. This Palgrave Macmillan imprint is published by the registered company Springer Nature Switzerland AG The registered company address is: Gewerbestrasse 11, 6330 Cham, Switzerland

This book is dedicated to all sentient beings…

Acknowledgments

I would first like to thank Corvinus University of Budapest for financial and institutional support related to the preparation of the manuscript of the book. I also thank Simon Milton for his dedicated and committed work with English proofreading. I am thankful to everyone at Palgrave who has worked on this book, especially Jessica Harrison and Srishti Gupta for their patient editorial assistance. I also thank my colleagues at the Business Ethics Center at the Corvinus University of Budapest for their assistance and support. I am grateful to Clair Brown and Laszlo Zsolnai for encouraging me to publish this book in the series Studies in Buddhist Economics, Management, and Policy. I am especially grateful to Laszlo Zsolnai for his mentorship and support. His words of advice and inspirational ideas have helped me immeasurably to improve the manuscript. I am also very grateful to my family for their support, especially to my wife for her inexhaustible patience and kindness.

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Praise for The Value Orientations of Buddhist and Christian Entrepreneurs

“A new track of comparative and qualitative research in the field of business spirituality disclosing how Buddhist and Christian entrepreneurs are twins with a different value DNA.” —Luk Bouckaert, prof.em. KU Leuven, Belgium and founder of SPES “In an era rife with irresponsible and unethical production and consumption habits, this book brings a refreshing view of spirituality in business, and can provide a new spiritual compass for world’s businesses. In an articulate and systematic manner, Kovács explores the stories of people bringing spiritual values into business from two of the world’s greatest spiritual traditions. This book is a significant contribution to the new field of business spirituality.” —Lopen Karma Phuntsho, Buddhist Scholar and President of The Loden Foundation “This inspiring book provides an in-depth guide to understand nonmaterialistic business. Its conceptual clarity and the presentation of the findings are excellent. Gábor Kovács’ book demands a wide readership.” —Knut J. Ims, Professor of Business Ethics, Norwegian School of Economics (NHH), Norway

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PRAISE FOR THE VALUE ORIENTATIONS OF BUDDHIST AND …

“Gábor Kovács’ research is a valuable contribution to the greatly needed interdisciplinary discussion on how values and spirituality can shape or even transform our economic activities leading to a new type of business ethics. As we live in the intersection of major cultural traditions, manifested in the context of the global economic environment, Christian and Buddhist spirituality constitute two major set of values and approaches that—through their dialogue—can lead to a new paradigm of spiritually inspired business practices.” —Gábor Karsai, rector, Dharma Gate Buddhist College, Hungary

Contents

1

Introduction 1.1 The Applied Research Methodology 1.2 The Study Participants 1.3 A Concise Preview of Chapters and Research Questions 1.4 Some Concluding Remarks

1 3 5 13 16

2

Basic Concepts 2.1 Value and Value Orientation 2.2 Spirituality 2.3 Spiritual Values and the Spiritual Value Orientation 2.4 Entrepreneur 2.5 Summary

19 19 26 42 48 52

3

Business Spirituality 3.1 A Brief History of Business Ethics, and the Paradox of Ethics Management 3.2 A Brief History of Business Spirituality 3.3 The Concept of Business Spirituality 3.4 The Features and Outcomes of Business Spirituality

61

4

Buddhist Values in Business 4.1 The Relevant Teachings of Buddhism 4.2 The Conceptions of Buddhist Economics

62 66 70 73 95 97 105 xi

xii

CONTENTS

4.3

The Relevant Set of Buddhist Values for Business

5

Christian Values in Business 5.1 The Social Teachings of the Roman Catholic Church 5.2 The Relevant Set of Christian Values for Business

6

A Comparative Analysis of Buddhist and Christian Value Orientations in Business 6.1 The Typologies of Buddhist Value Orientations 6.2 The Typologies of Christian Value Orientations 6.3 A Comparative Analysis of Buddhist and Christian Value Orientations 6.4 Conclusions

134 145 147 183

195 200 210 220 242

Spirituality and Materialism in Business 7.1 Material Values in Business 7.2 The Relationship Between Spirituality and Materialism in Business 7.3 Summary

249 250

8

Spiritually Inspired Business Practices 8.1 General Reflections on Business Spirituality 8.2 Reflections on the Temporal Perspectives of Business 8.3 Committed Stakeholder Management 8.4 Setting an Example 8.5 Summary

281 282 286 288 305 307

9

Conclusions and Way Forward

311

7

Index

260 275

317

About the Author

Gábor Kovács is an assistant professor at the Business Ethics Center at the Corvinus University of Budapest. He completed his Ph.D. studies in 2017 and received his master’s degree in Buddhist studies from the Dharma Gate Buddhist College, Budapest in 2010. His undergraduate studies were completed in the field of economics and management. He has participated in the research projects of the Business Ethics Center about the ethical value orientations and the ecological value orientations of Hungarian entrepreneurs. His research interests include Buddhist economics, and business spirituality. He has been secretary of the Hungarian Bhutan Friendship Society since its foundation in 2011. He has been a member of the Pali Translation Group, whose goal is to translate the Pali Buddhist Scriptures from the Pali Canon into the Hungarian language, since 2008. He has also been a member of the European SPES (Spirituality in Economics and Society) Institute since 2010. Dr. Kovács has given presentations on Buddhism-related topics at international conferences in Thailand, India, Vietnam, China, Belgium, Israel, and Hungary.

xiii

List of Figures

Fig. 2.1

Fig. 4.1

The circumplex model of values (Reprinted from Advances in Experimental Social Psychology, 25, Schwartz, Shalom H. [1992]. Universals in the Content and Structure of Values: Theoretical Advances and Empirical Tests in 20 Countries [p. 45], with permission from Elsevier) The way to liberation (Source Author’s construction)

46 102

xv

List of Tables

Table 1.1 Table 1.2 Table Table Table Table Table

4.1 4.2 4.3 4.4 5.1

Table Table Table Table

5.2 6.1 6.2 6.3

Table 6.4 Table 6.5 Table 6.6 Table 6.7

Basic characteristics of Buddhist entrepreneurs in the sample Basic characteristics of Christian entrepreneurs in the sample The Noble Eightfold Path Buddhist precepts and their corresponding virtues Buddhist values in the conceptions of Buddhist economics Buddhist values in business Christian values that appear in the social teachings of the Roman Catholic Church Christian values in business Value orientations of Buddhist entrepreneurs Value orientations of Christian entrepreneurs Feasible subset relationships of the relevant Buddhist and Christian values for business Applied subset relationships of the relevant Buddhist and Christian values Value orientations depicted by core values Combinations and frequencies of the core Buddhist and Christian values Comparison of the core Buddhist and Christian values in business

9 12 101 103 135 137 186 187 209 219 226 230 233 235 239

xvii

xviii

LIST OF TABLES

Table 7.1 Table 7.2

Typology of entrepreneurs, arranged by disposition toward profit Relationship between spiritual and material values in business and company ownership

258 272

CHAPTER 1

Introduction

This book is written as the summary of a decade-long academic and professional journey. I managed to complete my PhD studies by writing and successfully defending my doctoral thesis entitled “The Value Orientations of Christian and Buddhist Entrepreneurs” at the Corvinus University of Budapest. Shortly after, I had the chance to revise my dissertation into this monograph entitled The Value Orientations of Buddhist and Christian Entrepreneurs—A Comparative Perspective on Spirituality and Business Ethics. My main scope of interest, which determined my academic research direction and the final content of this book, was influenced by a deeply rooted source of personal motivation. I first came into contact with Buddhism in 1999. After a short intermission, I gradually became more and more engaged in both the theoretical and the practical aspects of the Buddhist tradition. Finally, I became a graduate student at the Dharma Gate Buddhist College in Budapest, which is the only statefinanced Buddhist institute of higher education in Europe. Additionally, I also became committed to the study and research of business ethics and business spirituality in late 2006, when I first came into contact with the Business Ethics Center at the Corvinus University of Budapest. I have studied the conceptions of Buddhist economics extensively since that time. Finally, I am also aware of the fact that Christianity plays a fundamental and unavoidable role in shaping Western culture and those affected by it. Thus, I came to the decision to juxtapose these three © The Author(s) 2020 G. Kovács, The Value Orientations of Buddhist and Christian Entrepreneurs, Studies in Buddhist Economics, Management, and Policy, https://doi.org/10.1007/978-3-030-46703-6_1

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G. KOVÁCS

fundamental components—namely, Buddhism, business ethics, and Christianity—into a research project whose outcome can be read in the pages of this book. Comparing Buddhism and Christianity is not a newfangled phenomenon. In a book entitled Buddhism and Christianity: Rivals and Allies, Ninian Smart (1993) examines the similarities and differences between Buddhism and Christianity. He argues that comparing these two worldviews is especially interesting as Buddhism challenges the fundamental assumptions of both Christianity and the Western approach to religions. According to Smart, “[t]here is a gulf [between Buddhism and Christianity], a rather beautiful one as a matter of fact, and it cannot I believe be bridged” (1993, p. 25), as Buddhism in itself has a “strong non-theistic emphasis” which places it in opposition to the fundamentally theistic religion of Christianity. Making a similar comparison to that of Smart’s in the case of Buddhist and Christian entrepreneurs is a similarly challenging task. Approaching the main subject of this book from a management perspective, I totally agree with Gordon R. Preece (1999) who argues in a paper entitled “Business as a Calling and Profession: Towards a Protestant Entrepreneurial Ethic” that the global economy is making historically unprecedented ethical and spiritual demands upon business leaders to engage in “moral business.” As business leaders are increasingly the stewards of civilization, they require a deeper sense of vocation, which provides a broader view of business. I argue in this book that spirituality and a spiritual value orientation can contribute to sustaining this deeper sense of vocation and embedding business into a moral framework. The concepts of “value” and “value orientation” are awarded central importance in the argumentation of this book. Value is defined as an abstract ideal that organizes our systems of action in the form of standards concerning consistent behavior. The concept of economic value (about which a book by Phyllis Deane [1978] entitled The Evolution of Economic Ideas gives an exhaustive overview) is not closely related to the argumentation in this book, as the book applies a concept of value that should not be interpreted in a utilitarian sense as economic worth or exchange value. Both economic worth and exchange value are fundamental principles in business. They contribute to the cultivation of material values such as profit, wealth, status, and growth, which also organize our systems of action into a consistent behavior.

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INTRODUCTION

3

Spirituality (and religion) is one of the main value-formative factors of social practices. The beginning of scientific research into the former can be traced back to the middle of the twentieth century (see, for instance, Allport 1978; Rokeach 1973; Vernon and Allport 1931). Research aimed at exploring the role of spirituality in business and economics has become prevalent since the end of the twentieth century (Balog et al. 2014; Poole 2009). This book (i) argues that Buddhism and Christianity are different worldviews that incorporate values that influence economic and business behavior, (ii) explores empirical data to refine and extend the theoretical knowledge that exists in the field of business spirituality, and (iii) determines and examines the practices of Buddhist and Christian entrepreneurs. Sarah D. Dodd and George Gotsis (2007) argue that this field of inquiry—namely, business spirituality—is often couched within the framework of business ethics studies. Louis W. Fry (2003) in a paper entitled “Toward a Theory of Spiritual Leadership” argues that spiritual leadership, which is identical to spiritually oriented entrepreneurship, is a field of inquiry within the broader context of business spirituality. He adds furthermore that findings in this area are mostly derived from Western religious theology and practice and leadership ethics and values. This book centers its argumentation around Buddhist philosophy and values, thereby broadening the perspective of the field of business spirituality with an Eastern approach. Angela M. Balog et al. (2014), in a paper entitled “Religiosity and Spirituality in Entrepreneurship: A Review and Research Agenda,” review the corresponding literature about the field of business spirituality, focusing on the issue of entrepreneurship. They refer to many pieces of work by numerous scholars when they argue that spirituality contributes to, inter alia, improved organizational performance and higher profit; greater organizational honesty; improved individual creativity and intuition; elevated psychological well-being, life satisfaction, physical health, and self-realization; and more effective decision-making. This book does not focus on the above-mentioned dimensions of business spirituality but examines primarily the value backgrounds of Buddhist and Christian entrepreneurs.

1.1

The Applied Research Methodology

The primary objective of this book is to present an analysis of the value orientations of Buddhist and Christian entrepreneurs. Moreover, the book explores how Buddhist and Christian entrepreneurs define the term

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G. KOVÁCS

“spirituality,” introduces the relationship between spiritual and material values in business as conceived by the respondents, and introduces the spiritually inspired ethical business practices of Buddhist and Christian entrepreneurs. Kathy L. Dean and Charles J. Fornaciari (2007), in a paper entitled “Empirical Research in Management, Spirituality and Religion during its Founding Years,” argue that the fact that spirituality is a primarily individual experience has contributed to the fact that much of the research which has explored the relationship between spirituality and management is qualitative and has largely involved analysis at the individual level. This book also introduces the findings of a qualitative study with the primary objective of exploring the value orientations of Buddhist and Christian entrepreneurs and revealing the business practices by which these businesspeople effectuate their spiritual value commitments in practice. The study of the value orientations of Buddhist and Christian entrepreneurs is interdisciplinary as it corresponds to the fields of management studies, religious studies, business ethics, and business spirituality. Thus, the argument of the book is informed by many disciplines, both methodologically and theoretically, which is one of the determining characteristics of empirical research in the field of management studies claim Dean and Fornaciari (2007). Christopher L. Shook et al. (2003), in a paper entitled “Venture Creation and the Enterprising Individual: A Review and Synthesis,” argue that accessing entrepreneurs to research their motivation is of utmost importance, and data gathered through direct contact with entrepreneurs are far preferable for investigating issues such as the value commitments of enterprising individuals. In line with these ideas, the data employed in the research for this book was collected primarily by conducting face-toface, semi-structured interviews with members of the research population, namely, Buddhist and Christian entrepreneurs, according to the guidelines of Nigel King (2004). Interviews were audio-taped and then transcribed. Besides conducting interviews, secondary data were gathered through an analysis of the documents of the sample enterprises (e.g., their mission statements, job descriptions, etc.) in line with the guidelines of Glenn A. Bowen (2009). Then, for the examination of the data, qualitative content analysis, document analysis, and qualitative comparative analysis were manually undertaken without the use of any computer program. The process of coding and data analysis was undertaken according to the guidelines of

1

INTRODUCTION

5

Matthew B. Miles and Michael A. Huberman (1994), Philipp Mayring (2000), and Jane Forman and Laura Damschroder (2007). The corresponding techniques of qualitative comparative analysis—according to the ideas of Charles C. Ragin (1987, 1994, 2000, 2008)—are introduced to the necessary extent in Chapter 6. The reliability of qualitative data analysis was ensured through intercoder agreement. The potential bias of the qualitative methodologies that were applied was assessed by having a second coder code a representative amount of raw data. Although there are many quantitative measures for measuring inter-coder agreement—for instance, the measures defined by Klaus Krippendorff (2004) and Kimberly A. Neuendorf (2017)—, the formula of Miles and Huberman (1994) was applied to measure reliability, according to which high levels of inter-rater agreement and reliability were achieved.

1.2

The Study Participants

A total of twenty-two entrepreneurs (eleven Buddhist and eleven Christian businesspeople) from Hungary participated in the study, who were selected by purposeful sampling in line with the prescriptions of Michael Quinn Patton (2015). Sandra King-Kauanui et al. (2008) argue in a paper entitled “Exploring Entrepreneurship through the Lens of Spirituality” that the most intrinsic motivational modality of entrepreneurship exists when spirituality and work are fully integrated. The respondent Buddhist and Christian entrepreneurs may be classified by this description as they fully integrate their personal spiritual lives and their business activities. Nabil A. Ibrahim et al. (1991), in a paper entitled “Characteristics and Practices of ‘Christian-based’ Companies,” use the term “selfdescribed Christian companies” for those organizations that declare that they merge biblical principles with business activities. Analogously, self-described Buddhist and Christian entrepreneurs are businesspeople who declare openly that they strive to infuse Buddhist and Christian values into business. The arguments and the findings of this book are based on the investigation of a research population consisting of eleven self-described Buddhist and eleven self-described Christian entrepreneurs from Hungary. In other words, the research population includes Hungarian businesspeople who openly describe themselves as Buddhist or Christian entrepreneurs due to their commitment to infusing and effectuating their respective spiritual values into business.

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This book focuses on how businesspeople instill and practice their spiritual values in business. Focusing on this aspect of entrepreneurship allowed me to include both owner-leader and nonowner, managerial respondents in the investigation. Thus, the research population includes both Buddhist and Christian entrepreneurs who are owner-leaders and nonowner managers of organizations. Put differently, a lack of ownership was not an excluding criterion in the selection of the research participants. Three Buddhist and four Christian entrepreneurs made the explicit request before participating in the research that their names be withheld. Thus, seven out of the twenty-two respondents requested anonymity beforehand, meaning roughly one-third of the research population. For the sake of consistency, the decision was thus made that all members of the research population should remain anonymous. Both research subpopulations of Buddhist and Christian entrepreneurs include eleven respondents. Each respondent is hereafter denoted with a code that comprises the letter B in the case of Buddhists, and the letter C in the case of Christian entrepreneurs, and an additional two-digit number ranging from 01 to 11. 1.2.1

Buddhist Entrepreneurs

Entrepreneur B01 is the founder and the owner-leader of a company that runs a call center for direct marketing purposes as its main profile, and offers system-development, database-building, and various off-line marketing services as secondary activities. The company was founded in 1998, and in 2018 was providing work to more than 60 employees. It has annual turnover of around two million USD. Entrepreneur B01 has been a Buddhist for more than 25 years, following and actively practicing Diamond Way Buddhism, which is one of the Tibetan Buddhist lineages. Entrepreneur B02 owns two underground fashion retail stores that sell skateboarder clothing, shoes, and accessories. The first store was founded in 1995, while the second was taken over in 2012. The entrepreneur has four employees in these two stores. The company had an annual turnover of around 0.5 million USD in 2018. Entrepreneur B02 has been a Buddhist since 1990 and practices Diamond Way Buddhism. Entrepreneur B03 is the owner-leader of a company established in 2000 whose main profile is designing, developing, and operating lowvoltage systems (e.g., security camera systems, computer networks, and alarm systems). The enterprise had eight employees and an annual

1

INTRODUCTION

7

turnover of around 0.5 million USD in 2018. Entrepreneur B03 has been a Buddhist for more than two decades and practices Diamond Way Buddhism. Entrepreneur B04 has worked as the CEO of an investment bank since 2005. The company was founded originally in 1888. The main profile of the institution is public-sector financing, and there are five employees under the entrepreneur’s directorship. The division managed assets worth forty million USD in 2018. Entrepreneur B04 has been a Buddhist since 1991 and follows Diamond Way Buddhism. Entrepreneur B05 has run a consultancy firm since 2005 with the main profile of organizational development and green technology transfer. The enterprise is a project company thus it has no employees but uses various subcontractors for its assignments. The company had an annual turnover of around 0.3 million USD in 2018. Entrepreneur B05 has practiced Zen Buddhism for more than two decades. Entrepreneur B06 is the owner-leader of a consultancy company which was founded in 2003. The main profile of the firm is environmental consulting for governmental and for-profit institutions. The company had three employees and an annual turnover of around 0.5 million USD in 2018. The entrepreneur has been a Buddhist practitioner since 1995 and is a member of the Diamond Way Buddhist Community. Entrepreneur B07 is the founder of a fashion retail store that sells men’s fashion products. The store was founded in 2001 and had 32 employees and an annual turnover of around two million USD in 2018. Entrepreneur B07 has practiced Buddhist meditation according to the Therav¯ada Buddhist tradition since 2004, but does not belong to a Buddhist community and considers himself a nonreligious Buddhist. Entrepreneur B08 is the founder and the owner of a one-man consultancy firm. The company was founded in 2012 with the main profile of executive coaching and project management. The company had no employees but an annual turnover of around 0.2 million USD in 2018. Entrepreneur B08 is a member of the Diamond Way Buddhist Community and practices Tibetan Buddhism. Entrepreneur B09 is the chief financial officer of a company which sells food products. The firm was founded in 1990 and had 150 employees in 2018, of whom six were under the direct leadership of entrepreneur B09, who has worked as the chief financial officer (CFO) at the company since 2012. The firm had an annual turnover of around twenty-three million USD in 2018. Entrepreneur B09 is a member of the Hungarian Arya

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Maitreya Mandala Order which is also one of the schools of Tibetan Buddhism. Entrepreneur B10 is the chief team leader at the regional headquarters of an international investment bank which founded a local office in Hungary in 2006. Entrepreneur B10 has worked for the organization since 2007. Eighteen employees work under her direct leadership and 23 more employees work remotely overseas but under the control of the entrepreneur. The division undertakes back-office work for the regional headquarters which had an annual turnover of around ten million USD in 2018. Entrepreneur B10 has been a Buddhist practitioner for more than 15 years and is a member of the Diamond Way Buddhist Community. Entrepreneur B11 is the cofounder of a start-up company that was founded in 2018. The main profile of the organization is content delivery, consultancy, and managing community funding. The company has two employees (the two founders) and started its activities at the time this book was being written. The entrepreneur considers himself a nonreligious Buddhist as he does not belong to any particular Buddhist community, although he practices Therav¯ada and Mah¯ay¯ana Buddhist meditation regularly. The Buddhist subpopulation of respondents include nine male (B01, B02, B03, B04, B05, B06, B07, B09, B11) and two female (B08, B10) respondents. Eight entrepreneurs are founders and owner-leaders of their enterprises (B01, B02, B03, B05, B06, B07, B08, B11), while three respondents work in managerial positions. One of the managers has worked for less than ten years as a chief financial officer (B09), but the other two have worked for more than ten years as CEO (B04) and chief team leader (B10). Five enterprises operate in the services sector (B01, B05, B06, B08, B11), three in the commercial sector (B02, B07, B09), one in the industrial sector (B03), and two in the financial sector (B04, B10). The Buddhist entrepreneurs possess varying levels of business experience. The subpopulation includes a start-up company (B11), and only two entrepreneurs have been engaged in business activities for less than ten years (B08, B09). Moreover, two respondents have run their enterprises for more than twenty years (B01, B02). The basic characteristics of Buddhist entrepreneurs are described in Table 1.1.

Sex

Male

Male Male

Male Male

Male

Male

Female Male Female

Male

B01

B02 B03

B04 B05

B06

B07

B08 B09 B10

B11

Yes

Yes No No

Yes

Yes

No Yes

Yes Yes

Yes

Owner

2018

2012 1990/2012 1935/2007

2001

2003

2005/2005 2005

1995 2000

1998

Year of foundation/ worked in the same position since

Services

Services Commercial Financial

Commercial

Services

Financial Services

Commercial Industrial

Services

Sector

Coaching Food retail Running back-office processes Content delivery Community funding Consultancy

Call center operations Fashion retail Development of low-voltage systems Investment Organizational development Technology transfer Environmental consultancy Men’s fashion retail

Main profile of enterprise

Basic characteristics of Buddhist entrepreneurs in the sample

Code

Table 1.1

2

1 6 19+23

32

3

6 1

5 8

64

Number of employees (interviewee included)

Start-up

0.1 23 10

2

0.5

40 0.3

0.5 0.5

2

Nonreligious Buddhist

Nonreligious Buddhist Tibetan Tibetan Tibetan

Tibetan

Tibetan Zen

Tibetan Tibetan

Tibetan

Annual Buddhist income orientation (m USD)

1 INTRODUCTION

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G. KOVÁCS

1.2.2

Christian Entrepreneurs

Entrepreneur C01 is the founder of a consultancy firm which was established in 2002. He has been the owner-leader of the company since its inception. The firm employed seven employees and had an annual turnover of around 0.5 million USD in 2018. Entrepreneur C01 is a member of the Roman Catholic Church. Entrepreneur C02 works for the regional branch of an international company that was founded in 1981. The main profile of the firm is conducting executive training, consultancy, and coaching. Entrepreneur C02 has worked for the company as the chief executive officer of the regional branch since it was established in 2006. The local office employed five employees (including the interviewee himself) and had an annual turnover of around 0.5 million USD in 2018. Entrepreneur C02 belongs to the Roman Catholic denomination. Entrepreneur C03 is the founder of a logistics company with river transportation as its main profile. The firm was founded in 1992 and had 52 employees and an annual turnover of around seven million USD in 2018. Entrepreneur C03 has been the owner-leader of the company since its foundation. He is a Roman Catholic. Entrepreneur C04 established a company in 1985 and has worked as its owner-leader since then. The main profile of the firm is bicycle rental. Besides this, the company runs a buffet and a bicycle maintenance shop. The firm had ten employees, and an annual turnover of around 0.5 million USD in 2018. Entrepreneur C04 is an adherent of the Roman Catholic religion. Entrepreneur C05 is the founder of a company whose main profile is tender writing and project management. The firm was established in 2008 and entrepreneur C05 has worked as its CEO since then. The organization had nine employees, and an annual turnover of around 0.5 million USD in 2018. Entrepreneur C05 is also a Roman Catholic. Entrepreneur C06 is the chief executive officer of the local division of an international company which operates in the construction industry. The division was established in 2004 and the interviewee has worked there as its CEO since then. The organization undertakes unique tasks in the field of quality control and engineering consultancy. It had 60 employees and an annual turnover of around two million USD in 2018. Entrepreneur C06 belongs to the Calvinist denomination. Entrepreneur C07 established a consultancy firm in 2010 and has worked as its owner-leader since then. The company has only two employees (including the entrepreneur himself), because as a project organization it works with numerous subcontractors. The annual turnover of

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INTRODUCTION

11

the company was around 0.5 million USD in 2018. Entrepreneur C07 is a Roman Catholic. Entrepreneur C08 has worked as the chief executive officer of a stateowned company since its foundation in 1987. The company provides information technology services mostly but not exclusively to the government. It had 70 employees and an annual turnover of around 11 million USD in 2018. Entrepreneur C08 is an adherent of the Roman Catholic Church. Entrepreneur C09 has worked as the owner-leader of a company since its establishment in 1990. The main profile of the firm is traffic engineering activity. The company had 60 employees and an annual turnover of around 13.5 million USD in 2018. Entrepreneur C09 is an adherent of the Calvinist Church. Entrepreneur C10 established a company in 2002 with the main profile of providing information-technology-related consultation. The firm had around 140 employees and an annual turnover of around five million USD in 2018. Entrepreneur C10 has been the owner-leader of the company since its establishment and belongs to the Roman Catholic denomination. Entrepreneur C11 has been working for the local office of an international IT company as its regional chief executive officer since 2002; that is, two years after the establishment of the local office in 2000. The division had around 120 employees and an annual turnover of around 33 million USD in 2018. Entrepreneur C11 is a Roman Catholic. The Christian subpopulation contains only male respondents. Seven entrepreneurs are the founders and the owner-leaders of their enterprises (C01, C03, C04, C05, C07, C09, C10), while four respondents work in managerial positions. All managers work as chief executive officers. One of them has filled the position for more than thirty years (C08), but the others have also worked for at least twelve years as CEOs (C02, C06, C11). Nine enterprises operate in the services sector (C01, C02, C04, C05, C06, C07, C08, C10, C11), one in the logistics sector (C03), and another one in the industrial sector (C09). Christian entrepreneurs possess high levels of business experience. Only one enterprise was established less than ten years ago (C07) but one firm has operated for almost thirty years (C09), and two other firms (C02, C04) have operated for more than three decades. The basic characteristics of Christian entrepreneurs are described in Table 1.2.

Sex

Male Male

Male Male Male

Male

Male

Male Male Male

Male

Code

C01 C02

C03 C04 C05

C06

C07

C08 C09 C10

C11

Table 1.2

No

No Yes Yes

Yes

No

Yes Yes Yes

Yes No

Owner

2000/2002

1987/1987 1990 2002

2010

2004/2004

1992 1985 2008

2002 1981/2006

Services

Services Industrial Services

Services

Services

Logistics Services Services

Services Services

Year of foundation/ Sector worked in the position since Consultancy Executive training Consultancy Coaching River transportation Bicycle rental Tender writing Project management Quality control Engineering consultancy Consultancy Project management IT services Traffic engineering IT services Consultancy IT services Business collaboration

Main profile of enterprise

Basic characteristics of Christian entrepreneurs in the sample

120

70 60 140

2

60

52 10 9

7 5

Number of employees (interviewee included)

33

11 13.5 5

0.5

2

7 0.5 0.5

0.5 0.5

Annual income (m USD)

Roman Catholic

Roman Catholic Calvinist Roman Catholic

Roman Catholic

Calvinist

Roman Catholic Roman Catholic Roman Catholic

Roman Catholic Roman Catholic

Christian denomination

12 G. KOVÁCS

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Ibrahim et al. (1991) argue that databases of Christian companies typically contain many small Christian enterprises with a workforce not exceeding two or three employees. The same is true for this research population of Buddhist and Christian entrepreneurs. There are two selfemployed entrepreneurs (B05, B08) in the Buddhist subpopulation, and the number of employees does not exceed ten in the case of eight entrepreneurs (B02, B03, B04, B05, B06, B08, B09, B11). The Christian subpopulation includes bigger organizations as there are only four cases in which the number of employees of entrepreneurs does not exceed ten (C01, C02, C05, C07). The enterprises in the research population do not always dispose of great financial and economic power, but, despite their size, they serve as role models for other companies and entrepreneurs with their value orientation and their business practices. There are fifteen owner-leaders and seven nonowner managers in the population, all of which strive to effectuate their Buddhist and Christian value orientations in business. The research population includes only two female respondents, both of which are members of the Buddhist subpopulation. The entrepreneurs come from a variety of professions, but the majority operate service-based organizations, as this is the main profile of fourteen companies out of twenty-two.

1.3

A Concise Preview of Chapters and Research Questions

The scope of this book is located at the intersection of economics, management studies, business ethics, and religious studies. The main argument pertains to the field of business spirituality as the book is devoted to introducing the value orientations of Buddhist and Christian entrepreneurs from a comparative perspective. Nevertheless, certain chapters investigate several other relevant issues too. Chapter 2 includes clarifications of basic concepts. First, it introduces the concepts of “value” and “value orientation” as they are interpreted in this book. Second, the chapter presents a review of the relevant economics and management literature to introduce the concept of spirituality. Furthermore, it presents how Buddhist and Christian entrepreneurs interpret the latter term, and addresses the question whether a standardized and substantive definition can be given to the term “spirituality” among Buddhist and Christian entrepreneurs. Still in the same section,

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the difference between the concepts of spirituality and religion is investigated. Third, the chapter introduces the concepts of “spiritual values” and “spiritual value orientation” to describe the relationship between spirituality and values and determine the place of spiritual values among other values. Last, the chapter introduces the concept of “entrepreneur” as it is interpreted throughout this book. Chapter 3 describes the most important features of business spirituality (known also as workplace spirituality, spirituality at work, or faith at work), a field of scholarship which is being given ever-increasing attention. First, the chapter presents a brief history of business ethics and describes the so-called “paradox of ethics management” which states that the instrumental use of ethics undermines intrinsic moral commitment, which increases uncertainty and decreases profitability, against which ethics as an instrument was originally introduced. Resolving this paradox necessitates a paradigm shift in business ethics by which intrinsic ethical commitment, supported by a spiritual value orientation, comes to the fore. Second, the chapter depicts the emergence of business spirituality in the field of management. Last, the chapter introduces the most important features and outcomes of business spirituality. Chapter 4 summarizes the relevant set of Buddhist values for business by providing a review of the conceptions of Buddhist economics. First, the chapter includes a short introduction which summarizes the corresponding teachings of Buddhism. The conceptions of Buddhist economics, beginning with the ideas of Ernst Friedrich Schumacher, are presented by introducing three distinct research tracks within the field in which the development of Buddhist economics has occurred. Finally, the chapter summarizes the relevant set of Buddhist values for business, namely: simplicity, nonviolence, compassion, moderation, wisdom, responsibility, well-being, mindfulness, interconnectedness, generosity, contentment, and genuine care. Chapter 5 summarizes the relevant set of Christian values for business by analyzing the social teachings of the Roman Catholic Church which has developed since the late nineteenth century through the publication of papal encyclicals and various documents of the Magisterium of the Holy See on economics. The constituent parts of Catholic Social Teaching (CST) are introduced together with its fundamental principles and values. The chapter includes an overview of the Vocation of the Business Leader, a booklet which summarizes the basic ideas of Christian teachings about entrepreneurship. Finally, the chapter summarizes

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the relevant set of Christian values for business, namely: human dignity, truth, justice, solidarity, subsidiarity, freedom, charity, fraternity, common good, frugality, and responsibility. Chapter 6 includes the comparative analysis of Buddhist and Christian value orientations in business. First, it briefly reviews the history of interreligious dialogue between Buddhism and Christianity. Then, the chapter depicts the typologies of the value orientations of Buddhist and Christian entrepreneurs by which their comparison is undertaken by means of qualitative comparative analysis. As a result of this inquiry, the last part of the chapter delineates the dimensions common to Buddhist and Christian value orientations in business, including values associated with their underlying visions of the world, values corresponding to the procedural dimension of business, and values that help create the “other directedness” of business practices. Chapter 7 presents the relationship between the two opposite value orientations, spirituality and materialism, in business. First, the chapter introduces the dispositions of Buddhist and Christian entrepreneurs towards profit and entrepreneurial income. “Beyondprofit” entrepreneurs consider profit and income to be the outcome of a spiritual value commitment in business, while “moderately materialistic” entrepreneurs consider profit and income to be a requirement, but not the ultimate goal of business. Second, the chapter analyzes the relationship between spirituality and materialism in business. The spiritual value orientations of Buddhist and Christian entrepreneurs dominate their professional work, leadership practices, and business decisions in most cases. There are only a few entrepreneurs who, influenced by the ownership structures of their firms or by the characteristics of their industries, make compromises and effectuate their spiritual values only within a limited set of opportunities. Chapter 8 gives an overview of the spiritually inspired business practices of Buddhist and Christian entrepreneurs which reflect their spiritual value orientations. Before this, the chapter summarizes the general reflections of Buddhist and Christian entrepreneurs about spirituality in business, and their ideas about the temporal perspectives of business. Then, the chapter also describes the various business practices by which Buddhist and Christian entrepreneurs effectuate committed stakeholder management practices. Finally, the chapter reviews how Buddhist and Christian entrepreneurs set an example for their organizations based on their spiritual values.

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The concluding chapter reviews the key findings of the book and discusses the implications thereof, identifies the limitations of the work, discusses the generalizability of the findings, and highlights some future research opportunities.

1.4

Some Concluding Remarks

The subject matter of this book pertains to the field of business spirituality. Balog et al. (2014) argue that, in general, business spirituality is a relatively new and exploratory field of inquiry. In line with this assertion, this book defines the intention of exploring and creating a foundation for further research rather than making conclusions. Nevertheless, the monograph strives to make a niche contribution as it addresses a less well-researched area, according to the argumentation of Balog et al. (2014), who assert that studies aimed at comparing the value structures of spiritually oriented entrepreneurs could be an important future research direction within the field of business spirituality. The research, the outcomes of which can be read in the pages of this book, started in 2010 with the purpose of investigating the similarities and differences in the value orientations of Buddhist and Christian entrepreneurs so as to widen the knowledge in the field of business ethics in general, and regarding business spirituality in particular. The content of the book is based on the insights of eleven Buddhist and eleven Christian entrepreneurs from Hungary, all of whom are businesspeople that are striving to effectuate their spiritual value orientations in business. To cite the words of Peter Pruzan et al. (2007) contained in their book Leading with Wisdom, Spiritual-Based Leadership in Business, the participants’ stories tell of their efforts to live and lead in harmony with their spiritual values. The aim of this book is to inspire readers—be they business leaders, scholars, teachers, students, or anyone interested in business spirituality—with examples of Buddhist and Christian entrepreneurs who have achieved success by effectuating spiritually inspired, genuine ethics in business.

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References Allport, G. W. (1978). The Individual and His Religion: A Psychological Interpretation. London: Macmillan. Balog, A. M., Baker, L. T., & Walker, A. G. (2014). Religiosity and Spirituality in Entrepreneurship: A Review and Research Agenda. Journal of Management, Spirituality & Religion, 11(2), 159–186. https://doi.org/10.1080/ 14766086.2013.836127. Bowen, G. A. (2009). Document Analysis as a Qualitative Research Method. Qualitative Research Journal, 9(2), 27–40. https://doi.org/10.3316/QRJ 0902027. Dean, K. L., & Fornaciari, C. J. (2007). Empirical Research in Management, Spirituality & Religion During Its Founding Years. Journal of Management, Spirituality & Religion, 4(1), 3–34. https://doi.org/10.1080/147660807 09518644. Deane, P. (1978). The Evolution of Economic Ideas (1st ed.). Cambridge: Cambridge University Press. https://doi.org/10.1017/CBO978051160 7943. Dodd, S. D., & Gotsis, G. (2007). The Interrelationships Between Entrepreneurship and Religion. The International Journal of Entrepreneurship and Innovation, 8(2), 93–104. https://doi.org/10.5367/000000007780808066. Forman, J., & Damschroder, L. (2007). Qualitative Content Analysis. In Advances in Bioethics (Vol. 11, pp. 39–62). Elsevier. https://doi.org/10. 1016/S1479-3709(07)11003-7. Fry, L. W. (2003). Toward a Theory of Spiritual Leadership. The Leadership Quarterly, 14(6), 693–727. https://doi.org/10.1016/j.leaqua.2003.09.001. Ibrahim, N. A., Rue, L. W., McDougall, P. P., & Greene, G. R. (1991). Characteristics and Practices of “Christian-Based” Companies. Journal of Business Ethics, 10(2), 123–132. https://doi.org/10.1007/BF00383615. King, N. (2004). Using Interviews in Qualitative Research. In Essential Guide to Qualitative Methods in Organizational Research (pp. 11–22). London, UK: Sage. https://doi.org/10.4135/9781446280119.n2. King-Kauanui, S., Thomas, K. D., Sherman, C. L., Waters, G. R., & Gilea, M. (2008). Exploring Entrepreneurship Through the Lens of Spirituality. Journal of Management, Spirituality & Religion, 5(2), 160–189. https://doi.org/10. 1080/14766080809518698. Krippendorff, K. (2004). Measuring the Reliability of Qualitative Text Analysis Data. Quality & Quantity, 38(6), 787–800. https://doi.org/10.1007/s11 135-004-8107-7. Mayring, P. (2000). Qualitative Content Analysis. Forum Qualitative Sozialforschung/Forum: Qualitative Social Research, 1(2). Qualitative Methods in Various Disciplines I: Psychology. https://doi.org/10.17169/FQS-1.2.1089.

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Miles, M. B., & Huberman, A. M. (1994). Qualitative Data Analysis: An Expanded Sourcebook (2nd ed.). Thousand Oaks: Sage. Neuendorf, K. A. (2017). The Content Analysis Guidebook (2nd ed.). Los Angeles: Sage. Patton, M. Q. (2015). Qualitative Research & Evaluation Methods: Integrating Theory and Practice (4th ed.). Thousand Oaks, CA: Sage. Poole, E. (2009). Organisational Spirituality—A Literature Review. Journal of Business Ethics, 84(4), 577–588. https://doi.org/10.1007/s10551-0089726-z. Preece, G. R. (1999). Business as a Calling and Profession: Towards a Protestant Entrepreneurial Ethic. In Christianity and Entrepreneurship: Protestant and Catholic Thoughts (pp. 1–51). St Leonards, NSW, Australia: Centre for Independent Studies. Pruzan, P., Mikkelsen, K. P., Miller, D., & Miller, W. (2007). Leading with Wisdom: Spiritual-Based Leadership in Business. Sheffield: Greenleaf. Ragin, C. C. (1987). The Comparative Method: Moving Beyond Qualitative and Quantitative Strategies. Berkeley: University of California Press. Ragin, C. C. (1994). Constructing Social Research: The Unity and Diversity of Method. Thousand Oaks, CA: Pine Forge Press. Ragin, C. C. (2000). Fuzzy-Set Social Science. Chicago: University of Chicago Press. Ragin, C. C. (2008). Redesigning Social Inquiry: Fuzzy Sets and Beyond. University of Chicago Press. https://doi.org/10.7208/chicago/978022670 2797.001.0001. Rokeach, M. (1973). The Nature of Human Values. New York and London: Free Press and Collier-Macmillan. Shook, C. L., Priem, R. L., & McGee, J. E. (2003). Venture Creation and the Enterprising Individual: A Review and Synthesis. Journal of Management, 29(3), 379–399. https://doi.org/10.1016/S0149-2063_03_00016-3. Smart, N. (1993). Buddhism and Christianity: Rivals and Allies. Honolulu: University of Hawaii Press. Vernon, P. E., & Allport, G. W. (1931). A Test for Personal Values. The Journal of Abnormal and Social Psychology, 26(3), 231–248. https://doi.org/10. 1037/h0073233.

CHAPTER 2

Basic Concepts

This chapter introduces the basic concepts employed in the book and is designed to familiarize the reader with its main subject. In doing so, it provides an overview of the concepts of value, spirituality, spiritual values, spiritual value orientation, and entrepreneur, thus introducing the basic conceptions used in the discussion and establishing the starting points for the analysis of the value orientations of Buddhist and Christian entrepreneurs. In order to facilitate smoother argumentation, the definitions identified here are deliberately as broad and inclusive as possible.

2.1

Value and Value Orientation

Value is a central concept in the book, but not in the sense of the exchange value of goods, nor in its utilitarian interpretation, which is the backbone theory of business and the basis of materialism. The following sections introduce value rather as a fundamental constituent of personality. The word value originates from the Latin expression for “being good” or “being strong.” The concept is applied to many segments of life. Nevertheless, at an early stage of scientific inquiry it was studied only in the field of philosophy. Research into the concept became the focus of scientific interest in many fields of social science only after the 1950s: © The Author(s) 2020 G. Kovács, The Value Orientations of Buddhist and Christian Entrepreneurs, Studies in Buddhist Economics, Management, and Policy, https://doi.org/10.1007/978-3-030-46703-6_2

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in sociology, anthropology, psychology, theology, political science, and economics (Bem 1973; Kluckhohn 1951; Kluckhohn and Strodtbeck 1961; Rokeach 1989). The definition of value varies among the scientific disciplines, but understanding the complex nature of the concept requires interdisciplinary collaboration. It is not just a bridging concept which can link together many diverse scientific fields, but, as Robin M. Williams (1979) notes, the study of values can hardly be confined to a single discipline or a narrow range of research methods. As Milton Rokeach asserts, as cited by Shalom H. Schwartz (1992), “[t]he value concept, more than any other… [is] able to unify the apparently diverse interests of all the sciences concerned with human behavior” (Rokeach 1973, p. 3). Bruce M. Meglino and Elizabeth C. Ravlin (1998) draw attention to the fact that because of the aforementioned complexity, the concept of value had become one of the most important and widely studied constructs in the social sciences by the turn of the millennium. The argumentation of this book also capitalizes on the multidimensional nature of the concept as it investigates the value orientations of Buddhist and Christian entrepreneurs, a topic which is located at the intersection of economics, management studies, business ethics, and religious studies. Numerous researchers have been involved with value theory and with defining the concept of value. Steven Hitlin and Jane A. Piliavin (2004) claim that the many different concepts and definitions that have emerged in the history of scientific inquiry are not yet synthesized. Thus, this section reviews some of the most important definitions of value and approaches to the theory of value to clarify the term for further discussion. Clyde Kluckhohn (1951) was one of the first scholars to define the concept of value at the beginning of the 1950s as a standard which persists in time and organizes a system of action. According to the author, “[a] value is a conception, explicit or implicit, distinctive of an individual or characteristic of a group, of the desirable which influences the selection from available modes, means, and ends of action” (Kluckhohn 1951, p. 395). Raymond Firth gave a broader, anthropological definition of the concept which is very similar to that of Kluckhohn’s: Values involve a grading of things and actions in terms of their relative desirability. The emphasis is positive… It also implies systematic behaviour, not simply random choice… Values are important for the exercise of choice

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among alternatives to action, and provide the force and integration for action. (1953, p. 231)

Harold Fallding introduced another dimension of the concept when he defined value in terms of the satisfaction of individuals: “a generalized end that guides behavior toward uniformity in a variety of situations, with the object of repeating a particular self-sufficient satisfaction” (1965, p. 224). Rokeach was one of the first scholars to investigate the concept of value together with the concepts most closely connected to it. Similarly to Daryl J. Bem (1973), Rokeach (1973), in a seminal piece of work entitled The Nature of Human Values, distinguished between beliefs, attitudes, and values—three separate but closely interacting components that together create the cognitive system. These three components are logically connected, but there is a clear-cut distinction among them. Beliefs, attitudes, and values are referred to when people tend to describe or elucidate behavior. Out of these three components, values are especially important, and have a central role in shaping our self and personality. They are the basis of the cognitive system. Bem (1973), in a seminal work entitled Beliefs, Attitudes, and Human Affairs, also emphasizes the primacy and centrality of values as premises, from which many beliefs and attitudes are derived. Rokeach (1989) in a book entitled Beliefs, Attitudes, and Values takes a similar position. He confirms that values relate to individuals’ dispositions, and are thus more fundamental elements than attitudes. Rokeach defines the concept of value as: [A] type of belief, centrally located within one’s total belief system, about how one ought or ought not to behave, or about some endstate of existence worth or not worth attaining… [Values] transcendentally guide actions and judgments across specific objects and situations. (1989, pp. 124–160)

Bem defines the concept from the perspective of the relationship between values and attitudes: A value is a primitive preference for or a positive attitude toward certain end-states of existence (like equality, salvation, self-fulfillment, or freedom) or certain broad modes of conduct (like courage, honesty, friendship, or chastity). (1973, p. 16)

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To summarize, values are considered to be positive or negative abstract ideals, cognitive in nature. Once internalized, they become standards for guiding action. According to Raymond Boudon (2013), values are, in a Kantian sense, imperatives that contribute to a consistent behavior. Values contribute to building up our world fundamentally and organize our systems of action as standards for consistent behavior. Hereafter, this definition is applied in the discussion of the value orientations of Buddhist and Christian entrepreneurs. It is important to note that the definition of value discussed above is not identical with the concept of economic, exchange, or market value used in economic and management studies. Although the value orientations of Buddhist and Christian entrepreneurs are part of the subject matter of management studies, a description of theories about economic value is not a part of this book. A detailed overview that focuses on the evolution of value theory in economics can be found in the book The Evolution of Economic Ideas by Phyllis Deane (1978). A subject more closely related to the value orientations of Buddhist and Christian entrepreneurs is discussed in the book Value in Ethics and Economics by Elizabeth Anderson (1995), which offers a new theory of value and rationality for assessing the ethical limitations of the economic approach. Although ethics in economics are closely related to the entrepreneurial value orientation, there is no need to define or investigate the concept of economic value in detail here to understand the value orientations of Buddhist and Christian entrepreneurs. Similar inquiries into the concept of value, as it is defined above, that lack an investigation of the concept of economic value are not exceptions in the field of management studies. As András Ócsai (2018) summarizes in a PhD dissertation entitled “Value Orientation of Ecologically Conscious Businesses,” the concept of value interpreted not as economic value but as a standard for guiding action toward consistent behavior has become a popular research subject in the fields of corporate culture, leadership behavior, the ethical organizational climate, ethical decision-making, social and ecological enterprises, and environment-oriented behavior. Values are defined as positive or negative abstract ideals that organize our systems of action as standards for consistent behavior. These abstract ideals represent either ideal modes of conduct or ideal terminal goals. According to this categorization, two main types of values can be distinguished. On the one hand, values that correspond to ideal terminal goals may be specified as terminal or end values. These describe ultimate

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goals or end states that are worthy of striving for. On the other hand, values that correspond to ideal modes of conduct are instrumental or means-related values. These describe desirable modes of behavior. The distinction between terminal and instrumental values has been recognized by many scholars, although the related terminology has not been unified. Arthur O. Lovejoy (1950) and Nicholas Rescher (1969) distinguished between noun and adjectival values, while Kluckhohn (1951) used the terms goal and operational values to define terminal and instrumental values. It is important to note that it is not always possible to make a sharp distinction between these two types of values. It may happen that one person’s terminal value is another person’s instrumental value. Wisdom, for instance, can be a goal that one person aspires to, but wise behavior may be a means to a higher end for someone else. The theory that distinguishes terminal and instrumental values was further elaborated by Rokeach (1973, 1979, 1989), who developed and applied the Rokeach Value Survey for more than 30 years to measure terminal and instrumental values. 2.1.1

Value System and Value Orientation

An adult probably has ten or a dozen values (Rokeach 1989). Donald E. Vinson et al. (1977) claim that these values do not exist as sharply separated and unconnected elements, but rather coexist in a hierarchical structure. Accordingly, individual values can only be meaningfully understood when considered as part of a larger value system (Rokeach 1973; Schwartz 1992). Based on the work of their predecessors, Schwartz (1992, 1994) and Schwartz and Wolfgang Bilsky (1987, 1990) highlighted five features of values. A value: (i) is a belief; (ii) pertains to desirable end states or modes of conduct that motivate actions; (iii) transcends specific situations, and is relevant to specific areas of life, and overrides everything; (iv) is a criterion that guides selection between good or bad or an evaluation of behavior, people, and events; and (v) is ordered by importance (hierarchy) relative to other values to form a system of value priorities. The fifth feature of values affirms the necessity of interpreting values not as standalone components, but as parts of an interconnected hierarchical structure. A value system is thus a hierarchical arrangement; a rank ordering of values in terms of their importance. Value hierarchies vary in terms of how strongly specific values are held. Williams (1979)

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designates this phenomenon as an organized set of preferential standards. Rokeach uses the wider expression “belief” instead of values, but defines a value system as: “an enduring organization of beliefs concerning preferable modes of conduct or end-states of existence along a continuum of relative importance” (1973, p. 5). Buddhism and Christianity are considered two different value systems that include various Buddhist and Christian values. These systems and their constituent values are the central subject of this book. Geoffrey Vickers (1970) also draws attention to the fact that the inner world of the individual is fundamentally structured by a dynamic array of human values which can be considered a configuration of forces. There may be central or dominant, and peripheral or variant values in this hierarchical structure (Kluckhohn 1951; Kluckhohn and Strodtbeck 1961). Basically, all values coexist in harmony, but if a value conflict arises, then the dominant value(s) prevail. Complex decisions are part of everyday life, and all of them assume the consideration of more than one value at once. A value orientation represents a working model of the value system. A value orientation based on different values identifies desirable and avoidable goals for individuals, communities, and societies, thereby defining and controlling human behavior (Rokeach 1973). Kluckhohn focuses on human relationships when he defines a value orientation as: [A] generalized and organized conception, influencing behavior, of nature, of man’s place in it, of man’s relation to man, and of the desirable and nondesirable as they may relate to man-environment and interhuman relations. (1951, p. 411)

Based on earlier work by Clyde Kluckhohn (1951), his wife Florence Kluckhohn and Fred Strodtbeck defined value orientations with a focus on their directive elements as: [C]omplex but definitely patterned (rank-ordered) principles, resulting from the transactional interplay of three analytically distinguishable elements of the evaluative process – the cognitive, the affective, and the directive elements – which give order and direction to the ever-flowing stream of human acts and thoughts as these relate to the solution of “common human” problems. (1961, p. 4)

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Michael D. Hills (2002) asserts that while this definition utilizes the constituent elements of values, the value orientation theory of Kluckhohn and Strodtbeck (1961) brings us closer not only to understanding value orientation but also to understanding values themselves. Hills draws attention to the fact that the related theory has inspired many scholars’ inquiries into values and value orientations. Based on the work of the former, Rokeach (1973), for instance, acknowledges the influence of social processes on value formations and considers them as one of the many features of the formation of value orientations. Vickers (1970) attributes much greater significance to social, cultural, and religious features in the formation of value orientations, which fact is of central importance in the discussion about how Buddhism and Christianity influence the value orientations that affect and determine entrepreneurial activities. According to Talcott Parsons et al. (1951), the orientation of an actor in relation to a given situation depends on their value orientation, which means the observance of certain norms, standards, and the application of criteria of selection. The attitude of individuals to given situations depends on their value orientation or value commitment, which guides selection from the available alternatives. A value orientation thus determines the values that become dominant or peripheral in decision-making processes. According to Schwartz (1992), general value orientations can be identified for each individual, for human groups, and for communities. These value orientations have fundamental implications for people’s lives and coexistence. One potential means of aligning values is differentiating them by scope. The personal values of an individual can influence others and their organizations. Although values are connected to individual people, they can be shared by large segments of the population and become standard guides for action for organizations (Bem 1973; Boudon 2013). Yazdi Jehangir Bankwala (2011) asserts that every organization possesses core values that describes the given organization and which stem from its activities or from the personal value commitment of its leader. This book investigates how Buddhist and Christian entrepreneurs infuse and effectuate their spiritual values into their organizations and explores the constituent values of their corresponding spiritual value orientations.

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2.2

Spirituality

Spirituality is also a key concept in this book, because the constituent values of both the Buddhist and the Christian value orientations originate from spirituality, as Buddhism and Christianity are both ancient spiritual traditions. Hence, this section of the book offers a review of the spirituality literature and gives a tentative definition of the concept. This section also introduces how Buddhist and Christian entrepreneurs interpret the term and shows that a standardized and substantive definition cannot be given either in the case of Buddhist or Christian entrepreneurs. Religion and spirituality have similar or sometimes identical meanings for many people, although there is a distinction between them. This section defines the concept of religion and introduces its relationship to spirituality. The main argument of the book necessitates making this distinction, as Buddhism and Christianity are fundamentally different spiritual traditions and cannot, or can only with difficulty, be categorized under the same umbrella concept of religion. The word spirituality originates from the Latin expression for “breath” or “breathing,” but the words “spirit” and “soul” also describe an experienceable phenomenon which is closely connected to the meaning of spirituality. In The Palgrave Handbook of Spirituality and Business , Luk Bouckaert and Laszlo Zsolnai (2011a) emphasize that spirituality was for a long time an exclusive area of interest only within the context of religion, but in recent years it has clearly moved outside the boundaries of institutional religion. The concept of spirituality is approached from the standpoint of the economics and management literature in this section because the main argument of the book concerns the role of spirituality in business. The question may arise if there is any connection between these two fields of inquiry—economics and management studies, and spirituality— as they are seemingly quite dissimilar. Sporadic scientific inquiry into the field of spirituality and management has been undertaken since the 1990s, about which precedents Eve Poole (2009) gives a comprehensive overview. A pioneering book by Ian I. Mitroff and Elizabeth A. Denton (1999), A Spiritual Audit of Corporate America: A Hard Look at Spirituality, Religion, and Values in the Workplace, represents another cornerstone of the field. Since then, scientific interest in the influence of spirituality on management practices has grown, and several eminent business ethicists and management scholars have become engaged with

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the subject of spirituality from the standpoint of their own scholarship— namely, economics and management. The scope of this book is also the field of spirituality in business as it investigates the influence of Buddhist and Christian values on entrepreneurship. Thus, the book approaches the concept from the standpoints of economics and management studies, although Kaien C. Cash and George R. Gray (2000) draw attention to the fact that those who discuss the issue of spirituality in relation to the workplace (e.g., management) consider it differently than those who discuss it within religion. Skeptics question the viability of using a scientific approach to construct a definition of spirituality. Andrew B. Newberg and Daniel Monti (2011) assert that as spirituality involves the merger of human beings with something supernatural, then the scientific approach may only be able to measure and describe the effects of spirituality rather than spirituality itself. Nevertheless, numerous attempts have been made in the economics and management literature to define spirituality, or at least to determine its descriptive characteristics. What made these attempts difficult, according to Judi Neal (1997) and Jutta König (2010), is that spirituality is a term that is hard to define. Neal (1997) further warns that many people who write about spirituality in management do not even try to define the concept. Another issue is that existing definitions are very different from one another, as they try to objectify and categorize an experience that is at the core very subjective and thought by some to be beyond categorization. What makes this task even more difficult is that for most people spirituality is a rather vague concept (Bouckaert 2007). Despite these difficulties, the following part of the book summarizes attempts to define spirituality since the beginning of the 2000s. Three edited handbooks about spirituality and management have been published, involving many different approaches. None of them includes similar definitions, and there are significant differences between the interpretations within each volume, a fact which also highlights the complexity of the concept. The Palgrave Handbook of Spirituality and Business, edited by Bouckaert and Zsolnai (2011a), summarizes a number of common elements shared by most definitions of spirituality. These include: (i) reconnection to the inner self; (ii) a search for universal values that lift the individual above egocentric striving; (iii) deep empathy with all living beings; and (iv) a desire to keep in touch with the source of life (whatever name we give to this). According to this handbook, spirituality is a search for inner identity, connectedness, and transcendence. Neal (2013), in the

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Handbook of Faith and Spirituality in the Workplace: Emerging Research and Practice, intentionally uses the phrase “faith and spirituality” when describing the phenomenon so as to be as inclusive as possible of all religious traditions, as well as of those who see themselves, for instance, as “spiritual but not religious.” The phrase is used throughout the book to ensure the largest possible scope of interpretation concerning basic ideas about integrating spirituality into everyday life and work. In the book entitled The Palgrave Handbook of Workplace Spirituality and Fulfillment , editors Gary E. Roberts, and Joanna Elizabeth Crossman (2018) do not strictly define the term spirituality, but only acknowledge that it is a vague concept. Their book is engaged with workplace spirituality. Thus, they strive to define only this concept, intentionally avoiding attempts to define the term spirituality per se. The empirical research that defines the concept of spirituality in the field of management studies shows similar divergence. In a research conducted by Mitroff (2003), every participant employed some variant of the same definition when asked for definitions of spirituality: spirituality is not only the intense feeling of being totally integrated as a whole person, but also the feeling of being totally connected with everything else in the universe. A research project by Peter Pruzan et al. (2007), which included 31 business leaders from 15 countries and six continents told of participants’ efforts to live and lead in harmony with their spiritual values, although they came from a wide variety of religious and nonreligious backgrounds. Some of the leaders had no traditional religious affiliation, while others came from a range of fields of religion, including Christianity (Catholics, Protestants, and Mormons) Hinduism, Buddhism, Judaism, and Islam. The respondents’ definitions of spirituality included, “knowing the true core of being,” “the essence of being,” “our deep connection with a force greater than ourselves,” and “being so in tune with … a universal spirit … that you are not acting from a place of ego or desire or greed, but … on behalf of the welfare of the totality.” In a paper entitled “Spirituality and Business” Sharda Nandram (2010) draws the conclusion that spirituality is an umbrella concept under which various interpretations and approaches fit; for instance, spirituality could mean the source of good, interpersonality, or connectedness, or association with a higher being. Caroline H. Liu and Peter J. Robertson (2011) propose a new theoretical conceptualization of spirituality, based on which a measurement of spirituality that can be used in management research was created, validated, and cross-validated using independent

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samples. The 2455 survey respondents involved in this piece of quantitative research were either full-time or part-time employees working in an organization. Findings show that the concept of spirituality, defined as interconnection, can be measured by three correlated yet distinct factors: (i) interconnection with a higher power; (ii) interconnection with human beings; and (iii) interconnection with nature and all living things. This empirical research highlights the wide variation of interpretations and affirms the difficulties associated with creating a standardized definition of spirituality, although it also highlights some of the features of spirituality emphasized by Bouckaert and Zsolnai (2011a) in their handbook: namely, inner identity, connectedness, and transcendence. There have been further attempts to define spirituality from theoretical and religious perspectives. Sukumararakurup Krishnakumar and Christopher P. Neck (2002) reviewed numerous definitions of the concept and identified their three broad categories. The first category is the intrinsic-origin view, in which spirituality is considered to be something that originates from the individual and which is closely connected to the development of inner consciousness. The second category comprises the religious views of spirituality that are specific to every religion. The third category is the existentialist view, according to which spirituality is the search for meaning in life. Josep M. Lozano and Raimon Ribera (2004) offer a complex definition as they understand spirituality as: (i) an opening, a journey, or a process; (ii) to a domain of experience and knowledge beyond rationality that embraces the totality of human experience; (iii) involving the removal of the ego from its central position in human life as its key feature; (iv) which allows its replacement by a powerful, indefinable, and fulfilling experience, an unshaped ground; and (v) historically expressed through different and complementary images and symbols (Unity, Absolute, Void, God, Silence, Love, Wisdom, Energy, Mystery, and so on). According to S. K. Chakraborty (2011), spirituality means the acceptance of the principle that all beings are, in essence, more permanent than their “body-life-mind” combination. Mike J. Thompson (2011) considers spirituality to be the search for purpose and meaning. Alpar Losoncz (2004) identifies the concept with connectedness to the transcendent, withdrawal from the ego, and participation in something that overcomes oneself. Sanjoy Mukherjee (2008) defines spirituality as an all-embracing approach that advocates the harmonious pursuit of the dimensions of existence, and a deeply felt connectedness with all things and beings. According to Anjali Roy (2012), spirituality is the quest for

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universal truth and the basis of self-realization, the discovery of the inner self, and the realization of the supreme existence or the essence beyond physical phenomena, which is global oneness. König (2010) considers spirituality a sense of belonging to the One that we are all part of: a connection between our core essence and the environment around us. This implies a personal process of making sense and meaning out of many congruent and incongruent life experiences through which we develop an awareness of our personal talents and purpose in life. Finally, Paul de Blot (2011) defines spirituality as a multiform search for a transcendent meaning of life based on the reflection of our human experience on the level of being that makes possible a conscious response to our connection with all beings and with the whole of creation. He further adds that spirituality is also a theoretical approach and rational formulation of the above-described spiritual experience. Other authors have engaged in defining the fundamental features, functions, and descriptive characteristics of spirituality. Robert A. Giacalone and Carole L. Jurkiewicz (2003) emphasize that spirituality may be an important factor in determining how individuals perceive the ethicality of a situation. Mitroff (2003) characterizes spirituality as the fundamental source from which meaning and purpose, faith and will power, a feeling of sacredness, inner peace and calm, the awe we feel in the presence of the transcendent, and the feeling of interconnectedness originates. As Nandram (2010) asserts, spirituality can be experienced and expressed both outwardly and inwardly. Outer spirituality refers to our relationships to others and the world, while inner spirituality reflects an inner, transformative process that involves the transcendence of our habitual state of being and expanding our consciousness. Newberg and Monti (2011) confirm this idea. They assert that although there are a wide variety of (inner and outer) spiritual experiences which are fundamentally different, all of them may be located on a similar continuum within which the realization of a feeling of unity plays a crucial part. Besides these features, Bouckaert and Zsolnai (2011b) classify five functions of spirituality that apply to both believers and nonbelievers. According to them, spirituality is: (i) a suitable platform for interreligious dialogue that can help go beyond the idea of a clash of religions and cultures; (ii) a vulnerable public good which requires an appropriate form of public management; (iii) a profane good that does not delimit the spiritual to a separate level but integrates it as a component of political, social, economic, and scientific activities; (iv) an experience-based good that is

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accessible to each human being through reflection on the inner experiences of life; and (v) a source of inspiration in the human and social quest for meaning. One could argue that there have been many more attempts to define spirituality in the management literature, and this list of definitions is not exhaustive. It is thus intended as a brief overview and has been included with the aim of highlighting the most important trends, ideas, and frameworks of interpretations of spirituality in the field of management studies. Eric B. Dent et al. (2005) also confirm what is obvious from the earlier review: that readers of the original articles will quickly observe that the various definitions of spirituality are sometimes distinct, sometimes overlapping, sometimes contradictory, and sometimes quite expansive and personal. Being fully aware of the plurality of spiritual experiences and thus the plurality of definitions and approaches, Bouckaert (2007) concludes that the idea of creating a standard definition of the concept is impossible. Moreover, Bouckaert and Zsolnai (2011b) warn that if we seek to maintain the notion of experience-based spirituality, we should accept that spirituality is a rich, intercultural, and multilayered concept with an impressive list of inspiring and complementary definitions. Val M. Kinjerski and Berna J. Skrypnek (2004) take a radical position about this issue. They argue that the lack of a clear and commonly accepted definition has delayed research that would advance our understanding of the conditions and characteristics of spirituality at work. Krishnakumar and Neck (2002) see this issue in quite the opposite way, as they consider the variety of definitions to be a positive feature of spirituality that permits the more extensive interpretation of the concept. I identify with this latter approach, and do not believe that the lack of a standardized definition of spirituality is necessarily a hindrance. Thus, I give only a tentative definition here that can facilitate further discussion of the value orientations of Buddhist and Christian entrepreneurs. This approach is also shared by Mitroff (2003), who warns that although definitions are important, they are not a complete substitute for the immense feelings and tremendous passions which are an essential part of spirituality. Mitroff considers overly concrete definitions to be too cold, too abstract, and too unfeeling to do proper justice to the phenomenon they are designed to elucidate. Bouckaert (2007) suggests that, based on the plurality of spiritual experiences, it would be more realistic to speak about “spiritualities” than spirituality. Adopting this idea, the tentative definition included here

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incorporates the four main ideas or elements from the review of definitions of the concept. Accordingly, spirituality is an umbrella concept that describes a phenomenon that includes: (i) meaning-making (searching for a purpose in life, or for the ultimate truth); (ii) the search for an inner identity (involving the wholeness of the person, or the development of self-consciousness); (iii) the experience of connectedness (accompanied by the dissolution of ego); and (iv) transcendence (which is “beyond rationality,” or involves the reference to a higher being). According to the tentative definition above, spirituality is a concept under which the traditions of Buddhism and Christianity may be categorized. 2.2.1

An Entrepreneurial Interpretation of the Term Spirituality

Angela M. Balog et al. (2014) argue that one of the most important tasks corresponding to spirituality is related to its definition. The authors are aware of the fact that there are relatively few agreed-upon definitions of spirituality and religiosity, a situation which has contributed to the lack of the consistent operationalization of research constructs. Kinjerski and Skrypnek (2004) also fail to develop a clear definition of the term and argue that this may hinder research that could advance the understanding of spirituality at work. This section investigates how Buddhist and Christian entrepreneurs define spirituality to ascertain whether a standardized and substantive definition can be construed from their perspective. The term spirituality is understood in radically different ways in various traditions, including in Buddhism and Christianity. One of the most wellknown Buddhist leaders, His Holiness the Dalai Lama (2012), identifies spirituality with the study of the internal dimensions of the human mind. On the other hand, according to the Christian-Catholic approach, spirituality is a phenomenon pertaining to the soul (Pope Francis I 2013; Pope John Paul II 1981; Pope John XXIII 1961). Sharda Nandram (2010) reports on the findings of two qualitative pieces of research conducted with a group of businesspeople to define the term spirituality, or to express what it means to them. One of the studies included five entrepreneurs, and the other 50 entrepreneurs. The research resulted in the identification of a wide variety of definitions, and Nandram draws the conclusion that spirituality is an umbrella concept under which various interpretations and approaches fit. Margaret Benefiel (2005), in a paper entitled “The Second Half of the Journey: Spiritual Leadership for Organizational Transformation,” reports

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on a similar empirical inquiry that aimed at clarifying the term spirituality. She refers to the work of Gilbert W. Fairholm (2000) who conducted informal research on a sample of nineteen graduate students in order to describe the concept and its definitional characteristics from their perspective. These characteristics include, for example, inner conviction about the existence of a higher, more intelligent force; the identification of the essence of a self that distinguishes humans from other animals; and the source of personal meaning and values. Another similar piece of empirical research was conducted by Sandra King-Kauanui et al. (2005) who undertook a qualitative exploratory study of spirituality based on interviews with 35 entrepreneurs to investigate how businesspeople define the term. Although the definitions varied greatly, the researchers found that the participants spoke of spirituality in terms of “seeking meaning and purpose,” and that this theme presented itself in nearly all responses. Following qualitative content analysis of the ideas of Buddhist and Christian entrepreneurs, two types of definitions may be constructed. The first describes spirituality using ideas that correspond to “interconnectedness .” One-quarter of all respondents (both Buddhist and Christian entrepreneurs) defined spirituality by referring to this phenomenon. Their answers identified spirituality with people’s interconnectedness with the world, or with living in harmony with nature. The second type of definition includes the “beyond-material ” dimension, which corresponds to the idea that spirituality may be defined directly as the antithesis of materialism. Furthermore, two subsets of ideas that underlie the material definition may be identified which comprise the more indirect relationship of spirituality with materialism. These involve describing spirituality as a “transcendent ” phenomenon, and as a “mental ” phenomenon. Transcendental definitions describe spirituality by connecting it to transcendental entities such as the souls of individuals, God, or angels. This category of definitions is mainly applied by Christian entrepreneurs. Mental definitions involve describing spirituality by connecting it to mental phenomena, mental development, and meditation. This approach is followed only by Buddhist entrepreneurs. Definitions that identify spirituality with transcendental and mental phenomena belong to separate categories, but on the other hand both may be subsumed under the more comprehensive “beyond-material definition.” Definitions corresponding to interconnectedness identify spirituality with the interconnectedness of people and the world, and with an indefinable harmony with nature (B01, B05, B07 and C02, C11). Ideas of

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Buddhist and Christian entrepreneurs who define spirituality as interconnectedness include the following: Spirituality is an aspect of life that corresponds to interconnectedness, and totally permeates the life of indigenous people. (B01) Spirituality means thinking in structures; when people comprehend life as their relationship to the natural environment and to other human beings. It is a kind of fulfillment, the eradication of delusion; when people comprehend that they are part of a bigger whole. (B05) I can say that I am also that which I am not. This means that it is not unequivocally definable whether I am something, or I am not something. (B07) It is the harmony that connects us with each other. (C02) It is something beyond the individual, and the time span of the individual. It means that we are part of a superior whole. (C11)

Beyond-material definitions identify spirituality as a dimension of existence which is beyond the material sphere and is often understood as its opposite (B02, B04 and C01, C07, C10). Beyond-material definitions include the following: It is the life that exists between materialism and annihilation. (B02) It is the opposite of materialism. (B04) Spirituality is everything that is beyond the material sphere. (C01) Spirituality means that human beings are fundamentally not material beings. (C07) Spirituality is an interest in non-material things. It means everything that cannot be regarded as something in the physical world. (C10)

Definitions that belong to the transcendent category connect spirituality to souls of individuals, God, or angels, and to people’s faith in these entities (B09 and C01, C03, C04, C05, C06, C08, C09). All these definitions

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are categorized as beyond-material definitions as they correspond indirectly to immaterial phenomena. Respondents’ ideas about spirituality as transcendence are as follows: Spirituality pertains to the otherworld. I use the words angels, God, soul, and so on to designate these phenomena. (B09) It is a broad concept that deals with values related to the soul. (C01) Spirituality entails every phenomenon that corresponds to the soul. (C03) It is faith in God. (C04) Spirituality means following Jesus, who is the son of God. (C05) It is a comprehensive conception which corresponds to the values that stem from people’s souls. (C06) It is commitment to the sphere of existence, where the soul belongs. (C08) It means that I am a theist, and I believe in God. (C09)

Definitions that are classified as belonging to the mental category describe spirituality as a mental phenomenon, or identify it with mental development or meditation (B03, B06, B08, B10, B11). It is not surprising that these definitions are offered only by Buddhist entrepreneurs, as Buddhism devotes great importance to meditation practice. Definitions which identify spirituality with mental phenomena are also categorized as beyond-material definitions as they also indirectly describe immaterial phenomena. The definitions of Buddhist entrepreneurs of spirituality as a mental phenomenon are as follows: Spirituality is meditation and the fruits of meditation. (B03) Spirituality is mental development, the development of consciousness. (B06) It is the mental or the meditative quest for the meaning of life. (B08)

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It is a new-age umbrella concept for every mental phenomenon. (B10) It is a mental essence that pervades everything. (B11)

Buddhist and Christian entrepreneurs interpret the term spirituality in two ways. On the one hand, spirituality refers to interconnectedness, which reflects the notion that we as human beings constitute inseparable parts of a greater whole which includes the concept of harmony. The pursuit of interconnectedness is an integral part of spirituality. Sulak Sivaraksa (2014) argues that in most of the religious traditions the essence of spirituality is transmitted through the teaching of interconnectedness between all living beings in the world. Bouckaert and Zsolnai (2011b) also assert that spirituality is the inner experience of deep interconnectedness with all living beings. In a paper entitled “Spirituality and Rationality,” Bouckaert (2011) defines a type of human, homo spiritualis , who is characterized by their degree of awareness of being related to the others. The work of both Mukherjee (2008) and Blot (2011) also affirms the importance of the idea of interconnectedness in defining spirituality, as included in the preceding sections. Moreover, Newberg and Monti (2011) also argue that a unitary feeling is a crucial part of every spiritual experience to a varying degree. These ideas are underpinned by Stanislav Grof (1998), whose forty years of work in the field of consciousness studies are summarized in a book entitled The Cosmic Game: Explorations of the Frontiers of Human Consciousness . Grof conducted more than thirty-six thousand experimental studies of mystical states of consciousness using the term “holotropic states of consciousness” to refer to experiences oriented toward wholeness or feelings of oneness with other people, nature, the universe, and God. Moreover, as also argued in the preceding sections, the empirical investigations of both Mitroff (2003) and Liu and Robertson (2011) came to the conclusion that interconnectedness tend to play an important role in businesspeople’s definitions of spirituality. On the other hand, Buddhist and Christian entrepreneurs give definitions that highlight the beyond-material characteristics of spirituality. Attempts to identify the term in relation to materiality also exist in the literature. In a paper entitled “The Practice of Spiritual Dynamics in Business” Thompson (2008) argues that spirituality is antithetical to the rational-material realities of life. Moreover, as argued in the previous

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sections of this chapter, one of the main elements of the complex definition of Lozano and Ribera (2004) is the claim that spirituality leads us to a domain of experience and knowledge that is beyond rationality. In a paper entitled “Spirituality and Management,” Donald W. McCormick (1994) refers to Walter H. Clark (1958), who also uses the word “beyond” in a definition of religion and spirituality. McCormick argues that the idea of “beyond” captures spiritual phenomena very clearly, as this is a suitable term for specifying all those spiritual phenomena which are, by definition, outside (“beyond”) the material sphere. In the case of Buddhist and Christian entrepreneurs, beyond-material definitions incorporate two categories of answers. The first category includes the definitions of mostly Christian entrepreneurs who tend to identify spirituality with transcendental entities such as God, angels, and the souls of individuals. The second category of beyond-material definitions includes the definitions of solely Buddhist entrepreneurs who tend to identify spirituality with mental phenomena such as mental development and meditation. The findings show that Buddhist and Christian entrepreneurs define spirituality as interconnectedness or by referring to beyond-material phenomena. As already concluded in the previous sections, the approach of Roy (2012) also synthesizes, inter alia, the essence that is beyond physical phenomena, and global oneness, in a single definition of spirituality. Moreover, the findings confirm what Jerry Biberman and Len Tischler (2008) claim in the introduction to their book Spirituality in Business: Theory, Practice, and Future Directions —that for most people, spirituality is a process which moves them either or both: (i) inwards into a deeper, broader experience, toward a “transcendent universality,” or (ii) toward being interconnected with the entire universe and everything or everyone in it. Krishnakumar and Neck (2002) argue that the fact that multiple views and definitions of spirituality exist is not a problem due to the strong personal nature of the phenomenon. I also assert that the term spirituality cannot be captured with a standardized and substantive definition neither in the case of Buddhist or Christian entrepreneurs, because both define spirituality either by referring to interconnectedness or by phenomena that are beyond the material sphere. Every fourth sample respondent defines spirituality as a form of interconnectedness, regardless of their spiritual background. On the other hand, the vast majority of the respondent Buddhist and Christian entrepreneurs identify the term with beyond-material phenomena.

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2.2.2

The Relationship Between Spirituality and Religion

This section introduces the relationship between the concepts of religion and spirituality based on a review of the literature of spirituality in management, as the argument of the book and the previous empirical evidence necessitates making this conceptual distinction. On the one hand, Cash and Gray (2000) argue that spirituality and religion are different concepts in the workplace, as the main focus of formal religions is only the applicability of their specific rites into business organizations. On the other hand, Buddhism and Christianity are fundamentally different spiritual traditions and cannot (or can hardly) be categorized using the same concepts (see more on this subject in Chapters 4 and 5). Keiko Krahnke and Lynn Hoffman (2016) are also aware of this fact as they acknowledge the disparity between the Christian religion of the West and the philosophies or value systems of the East, such as Buddhism. We face the same difficulty here as in the earlier section of the book in terms of defining spirituality: the difference between spirituality and religion is not clear because the concepts involve addressing the same reality through a different lens (Blot 2011). Research into religion has an older tradition than research concerning spirituality. Some say that the word religion originates from the Latin expression for “reunion.” According to the original meaning, this indicates the search for God, the intensification of the relationship between God and humankind, and their reunion. Religion and spirituality can have similar and sometimes identical meanings for many people. Some see religion and spirituality as “the same thing” (Pruzan et al. 2007) or use the terms synonymously (Pruzan 2011). Others consider that, in practice, expressed spirituality may be hard to differentiate from expressed religion (Poole 2009). Another viewpoint is that religion is totally different from spirituality. In the 1950s Gordon W. Allport (1961) inquired into whether there is a single basic form of experience that is inevitably part of every religion, and concluded that there is not. Religions are rather divergent set of experiences without any common origins. This fact is also confirmed by contemporary psychology which treats spirituality as the experiential and personal side of our relationship to the transcendent or sacred, and the living reality of religion as that experienced by an adherent of a tradition (Nelson 2009). Today, making a distinction between the two concepts in the field of spirituality in management is the predominant approach.

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In a paper entitled “Taking Spirituality Seriously,” Zsolnai (2011) argues that “spiritual” does not mean the same thing as “religious.” Based on a review of various empirical studies, Kathy L. Dean and Charles J. Fornaciari (2007) emphasize that the two concepts are conceptually distinct and call for a distinction to be maintained between them in the field of spirituality in management. Pruzan (2011) further adds that a person can be spiritual (i.e., follow a spiritual path) without adhering to any particular religion; and a person who as a matter of social convention follows the rules and traditions of a particular religion can appear to be religious without in fact being spiritual. As Kelly Phipps and Margaret Benefiel (2013) emphasize, the development of conceptual boundaries between spirituality and religion is a necessary step in the field of research into spirituality and management. In a paper they distinguish between three interpretations for describing the relationship between the concepts of spirituality and religion in the workplace: (i) mutual exclusivity (in favor of spirituality and against religion in the workplace, based on the belief that the two can be clearly separated); (ii) overlapping (arguing that efforts to decouple spirituality and religion in the workplace are naïve and ineffective); and (iii) identity (arguing that the distinction between spirituality and religion is one to avoid). The authors conclude that the desire to differentiate between the two concepts is less prevalent among those who are highly religious; nevertheless, those individuals who identify as spiritual but not religious see less overlap in the terms. Phipps and Benefiel (2013) articulated six propositions about the juxtaposition of spirituality and religion in management studies, all of which have influenced the argumentation in this book. Namely, that the juxtaposition of spirituality and religion in management studies: (i) must allow the field to speak of spirituality without speaking about religion, when necessary; (ii) should allow for and protect various expressions of spirituality and religion; (iii) should allow researchers to explore spirituality and religion in a variety of cultural contexts and foster dialogue between those who see the relationship of work and faith in differing ways; (iv) should open avenues for research in ways that mirror the world of work as it currently exists; (v) should treat religion and spirituality as distinct but overlapping constructs; and (vi) should allow researchers to specify whether they are studying spirituality, religion, or both. As the main subject of the book is a comparative analysis of the value orientations of Buddhist and Christian entrepreneurs, it is necessary to clarify

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the concepts of spirituality and religion in line with the third proposition, which asserts that the juxtaposition of spirituality and religion should foster dialogue between those who see the relationship of work and faith in differing ways. There are two main dimensions along which the concepts of religion and spirituality are differentiated in the management literature. Some work investigates the subject from the perspective of institutionalization, while other work analyzes the positions of spirituality and religion comparatively. It is common in religious studies that a distinction between religion and spirituality is made by approaching the subject from the extent of the institutionalization of the concepts (Saroglou and Muñoz-García 2008). Every religion has an institutional system associated with its own set of beliefs, rituals, and codes of conduct (Miller 2011; Zamagni 2011). To endow spirituality with more substance it is thus often reduced to religious practices such as participating in ritual ceremonies, going to church, or doing charitable work. However, the genuine meaning of spirituality, despite some possible overlap, differs from that of religion (Bouckaert 2007). Based on empirical evidence, Mitroff (2003) asserts that in contrast to conventional religion, spirituality is perceived as nonformal or non-organized. Organizations and formal structures are not critical ingredients of spirituality. Although spirituality is often associated with specific religions, and is hence realized through the related rituals and dogmas, it is not inherently part of any formal, organized religion. It is inclusive in the best possible sense of the term. Thus, in differentiating religion and spirituality we must juxtapose the more institutionalized character of religion with the more personal and subjective character of spirituality. Religion pays attention to the social and mediating instruments involved in humans’ relations with the sacred (e.g., collective rituals, scriptures, authority, liturgy, dogmas, etc.) while spirituality is more focused on an immediate experience of our relation to the sacred (Bouckaert 2007). Balog et al. (2014) and King-Kauanui et al. (2005) also draw attention to the fact that religion defined as a “codified set of beliefs” is sometimes seen as divisive due to its association with exclusive rituals, doctrine, and its emphasis on formal structure that creates more division between “believers” and “nonbelievers” than unity. Nevertheless, they also emphasize that spirituality, on the other hand, is viewed as both personal and universal, and perceived as tolerant of heterogeneity and open-minded.

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Concerning their relation to each other, spirituality tends to be the essence that underlies religion. As mentioned earlier, Liu and Robertson (2011) appraised spirituality as a form of interconnection and suggested that interconnection with a higher power, which corresponds to religiousness, should be considered a dimension of spirituality. Thus, according to this interpretation, spirituality incorporates and transcends religiousness. According to Pruzan (2011), spirituality is the basis of religious beliefs and traditions. While a religion is typically based on a set of tenets that are shared by its members, spirituality is the context for all religious beliefs. To put it differently, Biberman and Tischler (2008) assert that all religions began with spirituality, and all of them have a spiritual component. Thompson (2008) also emphasizes that religion is just a framework for spiritual dynamics in business, and religions offer different accounts of human spirituality. Louis W. Fry (2003) expounds that spirituality is necessary for religion, but religion is not necessary for spirituality. To summarize, religions evoke the spiritual essence through an institutionalized set of collectively shared beliefs and rituals. For some, spirituality is found through organized religion, but for others spirituality is a more personal affair (Zsolnai 2004). Spirituality is thus the deeper and more mysterious side of human existence, while religion is a formal system of attitudes and beliefs institutionalized in service and worship (Cash and Gray 2000). Therefore, one may feel a spiritual calling, but not link this with any involvement in church or religion (Bouckaert 2007); furthermore, spiritual activity can also be undertaken by nonreligious people as spirituality does not imply doctrinal belief. Nevertheless, from a religious perspective, the search for spirituality coincides with the inner search for God, as for religious people every spiritual movement is the result of a conversation with God at the deepest level of being (Blot 2011). This book considers religion to be a phenomenon that is different from spirituality. Spirituality encompasses personal experiences, while religion functions primarily in an organizational format and involves inclusion in an institutional structure, the following of rites, and a search for the transcendent through connection to God. Spirituality thus often becomes institutionalized as religion. Furthermore, spirituality is the essence behind religions as, in line with the tentative definition provided earlier, transcendence, or a connection to God, is only one of the four main elements of spirituality.

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2.3 Spiritual Values and the Spiritual Value Orientation First, this section introduces the relationship between spirituality and values. Spirituality is considered a source of values because certain values stem directly from spirituality. Furthermore, the section presents some examples of spiritual values and introduces the concept of a spiritual value orientation. It then concludes with an exploration of the place of spiritual values, among other values, by introducing a circumplex model of values. 2.3.1

The Relationship Between Spirituality and Values

The relationship between spirituality and values is one of the many topics of research within the field of the scientific inquiry of values. In a book entitled Types of Men, Eduard Spranger (1928) claimed that religion is one of the most important factors in determining a value orientation, and one that can represent an inclusive solution to life’s puzzles. Religion is the source of those values that are ends in themselves and have strong, comprehensive, and integrative characteristics. Kluckhohn (1951) also confirms this notion as he stresses that the main questions related to human existence—the area of interest of religions—, and the most fundamental values of people are closely related and interdependent. In a book entitled Varieties of Human Values, Charles Morris (1956) examined the most important determinants of values using a worldwide sample of college student data. He arrived at the conclusion that there are social, psychological, and even biological determinants of values and value orientations. He classified cultural traditions, religious traditions, and economic circumstances as the social determinants fundamental to the emergence of values. Rokeach (1989) assumes that religion has a causative impact on values. Furthermore, his value definition also includes the idea that values transcendentally guide actions and judgments, which highlights the claim that values have transcendental sources (Rokeach 1973) as transcendental is one of the main ideas associated with spirituality, according to the tentative definition provided earlier. In a book entitled The Genesis of Values, Hans Joas (2000) investigates how values and value commitments arise by analyzing the ideas of eminent philosophers and social theorists. Starting with the ideas of Friedrich Nietzsche, he reviews the work of William James who associates the genesis

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of values with religion, although for James religion is based on experiences of self-surrender, which is more similar to the concept of spirituality applied in this book than to that of religion. Joas further explores how, in opposition to William James’s individualism, Émile Durkheim attributes the emergence of values to radical collectivism, or to the ecstatic states of collectives. To explain the genesis of values Georg Simmel attempted to grasp the self-transcendence of life, while John Dewey reflected on intersubjective experiences in which the boundaries of one’s self open up in relation to others, to oneself, to nature, and to God. After reviewing these ideas, Joas draws the conclusion that values arise through experiences of self-formation and self-transcendence, both of which are parts of the four main elements of the concept in the tentative definition of spirituality applied in this book. Many pieces of work in the field of economics and management studies arrive at the conclusion that there is an inevitable connection between spirituality and values. There are various interpretations of this connection, although they tend to point in the same direction. Cash and Gray (2000) hold the view that values are constituent parts of spirituality. They assert about their relationship that values are intrinsically woven into religious (e.g., spiritual) faith and training. Thus, separating spirituality from moral values might well be impossible, as values are an intrinsic part of faith. King-Kauanui et al. (2008) conclude that the causal connection between values and spirituality can be described in the sense that values are the source of spirituality. This holds that an individual’s spirituality emerges from a deep connection with their values. Nevertheless, this approach is an exception in the field due to the inverse causal connection. Other scholars, including McCormick (1994) and Martyn Percy (2015), emphasize the opposite causal connection between spirituality and values, in which spirituality is seen as the source of values, not the other way around. Mitroff (2003) also affirms that their research findings with businesspeople show that spirituality is universal and timeless, and more general and universal than the particular individual values which originate from spirituality. Losoncz (2004) declares that on the one hand spiritual practice develops the capability of being receptive to values, and on the other hand contributes to returning to oneself, which is in a sense a requirement for the embedment of values. Lozano and Ribera (2004) also affirm the causal connection between spirituality and values in their findings about spiritually enhanced values. Benefiel (2005) refers to the research of Fairholm (2000), which also confirms that spirituality is both

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the background and the source of values, while, according to Fairholm, one of the many definitional characteristics of spirituality is “the source of personal meaning, values, life purposes” (2000, p. 29). Thompson (2008) holds that there is a causal connection between spirituality and values as he asserts that spirituality promotes the practice and the observance of universally accepted values. Furthermore, Pruzan (2009) also adopts the same standpoint as he talks about spiritually inspired values that are existential-level ends in themselves. It has become clear that theory deals with the relationship between spirituality and values using various interpretations. This book advances the view that there is some causal connection between spirituality and values, as spirituality is one of the sources of values because certain values stem directly from spirituality. Grof (1998) arrived at the conclusion that love, compassion, reverence, and interconnectedness are the most important, universal spiritual values. Spirituality thus appears as one of the determining factors of values and value orientations, but not the sole source of values. Certain values or value orientations can be formed without any spiritual background. However, according to Allport (1961), spirituality is one of the most important sources of values and value orientations and can represent an inclusive solution to life’s puzzles with its comprehensiveness and integrity. Value orientations influence human behavior, and spirituality is an important source of values. Thus, a spiritual value orientation determines desirable goals based on deeply rooted spiritual values. In a spiritual value orientation, spiritual values become dominant in decision-making and determine human behavior in relation not only to day-to-day life but also to business and economic activities. 2.3.2

The Place of Spiritual Values Among Other Values

Rokeach (1973) asserts that values play a central role in shaping self and personality. Eduard Spranger (1928) was also aware of this fact and proposed six basic types of individuality in his psychological classification of personality, with which a specific ethical system and a specific central value or value direction is associated: (i) the theoretical type of individual engages themselves with the discovery of truth and has a cognitive attitude toward life with knowledge as the central value; (ii) the economic type of individual is interested in usefulness and strives for wealth with the

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central value of utility; (iii) the esthetic type of individual engages themselves with beauty due to the central value of harmony; (iv) the social type of individual is selfless and loves people with the central value of altruistic love; (v) the political type of individual strives for leadership with the central value of power; and (vi) the religious type of individual strives for mystical experiences with the central value of unity. The six basic types of individuality are ideal types, thus individuals may not be classified exclusively as single types. Rather, they represent mixed types in which the six value types appear to varying degrees. Spranger’s interpretation of the religious type of individual and the central importance they attach to the value of unity confirms the relationship between spirituality and religion as it is interpreted in a previous section of this chapter. One of the most influential contemporary researchers of values and value types is Schwartz (1992, 1994, 2012) who created a theory of basic human values as the result of an intercultural quantitative empirical investigation of 97 samples from 44 countries involving of more than 25,000 respondents. His theory delineates basic values that people in all cultures recognize. Schwartz identifies ten motivationally distinct types of values and specifies the dynamic relations among them. The ten value types are: (i) self-direction (encompassing independent thought and action that facilitates choosing, creating, exploring); (ii) stimulation (encompassing excitement, novelty, and challenge in life); (iii) hedonism (encompassing pleasure or sensuous gratification, and self-indulgence); (iv) achievement (encompassing personal success through demonstrating competence according to social standards); (v) power (encompassing social status and prestige, control or dominance over people and resources); (vi) security (encompassing safety, harmony, and the stability of society, of relationships, and of self); (vii) conformity (encompassing restraint of actions likely to harm others and violate social norms); (viii) tradition (encompassing respect of the ideas that one’s culture or religion provides); (ix) benevolence (encompassing enhancing the welfare of those with whom one is in frequent personal contact); and (x) universalism (encompassing appreciation and protection for the welfare of all people and of nature). Schwartz’s research findings show that these ten basic values are structured in similar ways across culturally diverse groups, which suggests that human motivations are organized in a universal form. Although the nature of values and their structure may be universal, individuals and groups differ substantially in terms of the relative importance

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they attribute to values. That is, individuals and groups have different value “priorities” or “hierarchies” (Schwartz 2012). Schwartz’s circumplex model of values (see Fig. 2.1) situates the above-described ten values on a circular surface in relation to two continuums: (i) self-enhancement and self-transcendence; and (ii) openness to change and conservation (Schwartz et al. 2001). Values of power, achievement, and hedonism are related to self-enhancement, whereas values

Self-direction Universalism Stimulation Benevolence Hedonism

Conformity Tradition

Achievement Security Power

Fig. 2.1 The circumplex model of values (Reprinted from Advances in Experimental Social Psychology, 25, Schwartz, Shalom H. [1992]. Universals in the Content and Structure of Values: Theoretical Advances and Empirical Tests in 20 Countries [p. 45], with permission from Elsevier)

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of universalism and benevolence are associated with self-transcendence. Values of self-direction, stimulation, and hedonism are associated with openness to change, whereas security, conformity, and tradition are related to conservation. The circumplex model illustrates the dynamics of the constituent values. Values that conflict are situated on opposite sides of the circle (e.g., benevolence and achievement). There is a tradeoff among these conflicting or competing values. Compatible values are positioned closer to each other (e.g., conformity and security) which highlights the congruence between them. The “structure” of values refers to these relations of conflict and congruence among values. As is obvious, spirituality is not an independent value type in the circumplex model of values. An early version of the theory of basic human values raised the possibility that spirituality, defined as endowing life with meaning and coherence and inner harmony that transcends everyday reality, might constitute another near-universal value. Values that represent the goal of finding meaning in life fulfill the definitional requirements for being classified as an eleventh value type. However, findings suggest that this value type, at least as operationalized here, does not appear to be universal; that is, spirituality is not a value that has a consistent and broad meaning across cultures (Schwartz 1992). The complexity of spirituality is acknowledged by Schwartz, who arrived at the conclusion that spirituality is expressed through attributes other than a universal value type. Data suggest two alternative ways in which the need for spirituality may be expressed other than through a universal type. First, spirituality emerges frequently in proximity to the value types of universalism, benevolence, conformity, tradition, and security, which supports the idea that people may satisfy their need for meaning and coherence through pursuing these various types of values. Second, rather than a single, universal spirituality type, there may be a number of distinct types of spirituality. It is most likely that spirituality is represented by different values by different groups. An examination of literature about the major Eastern and Western religions and philosophies reveals that spiritual values take widely varying forms. Thus, meaning or coherence may be found, for example, through contact with the supernatural, unity with nature, social action on behalf of one’s group, detachment from material cares and personal desires, or discovering one’s “true” self (Schwartz 1992, 1994). These findings about the theory of basic human values tend to be consistent with Luk Bouckaert’s (2007) idea that we cannot talk about

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a “universal spirituality”; instead, we should talk about many forms of spiritualities, as mentioned earlier. Furthermore, it is hard or even impossible to define these spiritualities exactly, thus we use a tentative definition of the concept according to which spirituality is considered an umbrella concept with four main ideas or elements; namely, (i) meaning-making; (ii) the search for an inner identity; (iii) an experience of connectedness; and (iv) transcendence.

2.4

Entrepreneur

This book includes a comparative analysis of the value orientations of Buddhist and Christian entrepreneurs. The findings stem from a qualitative explorative study conducted with spiritually oriented businesspeople, thus the third central conception of the book is the term “entrepreneur.” The most important trait of Buddhist and Christian entrepreneurs from the viewpoint of this investigation is that they infuse their spiritual values into business as part of their entrepreneurial activity. In a book entitled Entrepreneurship in the Catholic Tradition, Anthony G. Percy (2010) refers to the work of Paul H. Wilken (1979) who argued that entrepreneurs play a crucial role in economic development. Wilken emphasized that without such businesspeople there would hardly be any real economic development. Kevin D. Dougherty et al. (2019) share the same view, arguing in their paper “Prosperity Beliefs and Value Orientations: Fueling or Suppressing Entrepreneurial Activity” that entrepreneurial activities are critical to ensuring a vibrant economy. William B. Gartner (1988) in a paper entitled “Who Is an Entrepreneur?” reviews the entrepreneurship literature and argues that giving an exact definition of the term “entrepreneur” is rather difficult. He draws attention to the difference between behavioral- and traitbased approaches in the field of entrepreneurship studies. According to the behavioral approach, entrepreneurs may be described in terms of what they do, rather than by the characteristic traits they share, which is the focus of the trait approach. In a paper entitled “Who Is the Good Entrepreneur? An Exploration Within the Catholic Social Tradition,” Jeffrey R. Cornwall and Michael J. Naughton (2003) argue that the commonly accepted approach that dominates entrepreneurship studies is behavioral, although they also urge the application of the trait approach in the study of the personal characteristics and the internal life

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of entrepreneurs in order to describe entrepreneurship. This book investigates the subject of entrepreneurship using both approaches. On the one hand, in line with the trait approach it explores the relevant Buddhist and Christian values for business which make entrepreneurs spiritually oriented entrepreneurs according to their respective spiritual traditions. On the other hand, in line with the behavioral approach the book introduces those business activities and behavioral patterns that characterize spiritually oriented Buddhist and Christian entrepreneurs. Gartner (1988) followed the behavioral approach in his work, arguing that one of the most distinctive characteristics of entrepreneurs is the fact that they create organizations. According to this interpretation, an entrepreneur may be described by a set of activities related to organization creation. Still according to the behavioral approach, Cornwall and Naughton (2003) argue that commonly accepted definitions depict entrepreneurs as businesspersons who identify, evaluate, and seize opportunities, and bring together the necessary resources for success. Christopher L. Shook et al. (2003) emphasize the interaction of entrepreneurs with their environment as the most important element of the definition, which may be considered an inherently embedded part of the process of entrepreneurship. Dave Valliere (2008) argues that entrepreneurs are actors who strive to innovate as they do not accept the status quo. The author distinguishes two types of definitions of entrepreneurs: (i) the Schumpeterian, economics-centered type that focuses on economic gain through innovation; and (ii) the opportunity-centered type that focuses on achieving personal or social goals through innovation. Léo-Paul Dana (2010) argues that, besides a penchant for innovation, the corresponding literature seems to emphasize entrepreneurs’ willingness to work hard. Percy (2010) draws attention to the fact that entrepreneurial behavior can be described by high levels of intelligence and focus, both of which are components of an alertness to creative knowledge which leads to risk-taking and creation. In line with the trait approach, Percy (2010) argues that people share specific personality types and values which can find an outlet in a variety of activities such as business. Shook et al. (2003) constituted an “organizing model of enterprise.” Their model includes values among the most important personal traits. These not only play a major role in creating and maintaining a business venture but shape all its activities. In a paper entitled “The Value Orientations of Minority and Non-minority Small Business Owners” Cathy A. Enz et al. (1990) also argue that

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entrepreneurs’ value orientation might be an important component of their behavior, which determines their activity. Wojciech W. Gasparski (2011) holds that self and identity are related to any kind of human action (e.g., managerial) through the values of agents, for one’s self and identity is defined axiologically by the interrelated values one believes are one’s own. In a paper entitled “Building Values, Business Ethics and Corporate Social Responsibility into the Developing Organization” Brenda E. Joyner et al. (2002) summarize a piece of research about ten entrepreneurial organizations into which the values of entrepreneurs have been inculcated. These findings show that, according to the trait approach of entrepreneurship studies, personal values play a significant role in influencing the business activities of entrepreneurs. This phenomenon is the most important feature of entrepreneurship in the light of the main argumentation of the present book about the value orientations of Buddhist and Christian entrepreneurs. As outlined in the Introduction, the research population includes both Buddhist and Christian entrepreneurs in their roles as owner-leaders and nonowner managers of organizations. The entrepreneurship literature makes a distinction between entrepreneurs and managers. Heinz Hartman (1959) differentiates between the former and latter according to their relationship to the formal authority in an organization. He argues that entrepreneurs justify their formal authority independently, as they are alone the source of all formal authority, but managers are not the source of authority at all. Wayne H. Stewart et al. (1999) in a paper entitled “A Proclivity for Entrepreneurship: A Comparison of Entrepreneurs, Small Business Owners, and Corporate Managers” argue that entrepreneurs differ from managers in their achievement motivation, risk-taking propensity, and preference for innovation. From the behavioral point of view, an entrepreneur is a person who has a greater willingness to assume risk and to innovate than a manager. On the other hand, from the trait perspective, Dougherty et al. (2019) argue that entrepreneurs are those individuals whose value orientations are most likely to include an openness to change and self-enhancement, according to the Schwartz model of value typologies. David H. Holt (1997) also used the ten value types of Schwartz’s framework to compare entrepreneurs with managers and concluded that Chinese entrepreneurs have higher scores for values that belong to the “openness to change” dimension than Chinese managers. Thus, the entrepreneurship literature tends to make a distinction between owner-leader entrepreneurs and managers. However, applying

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the trait approach shows that the difference is not so obvious. Nabil A. Ibrahim et al. (1991) acknowledge that it is not only the leader’s behavior that shapes the values of an organization, but that managers are also able to infuse their personal values into organizations. The scholars argue that organizational cultures are a reflection of the personal values of chief executives, managers, and owners. Peter G. Northouse (2001) in a book entitled Leadership: Theory and Practice also affirms that leaders, including both managers and owner-leader entrepreneurs, have a significant influence on establishing and reinforcing organizational values. Furthermore, the works of Christine A. Hemingway and Patrick W. Maclagan (2004), as well as Christine A. Hemingway (2005), affirm that the values of founders, owners, and leaders have a great influence on organizational values. Yuanmei Elly Qu et al. (2019) also argue that one of the most important characteristics of leaders is their ability to infuse their personal values into their organizations. Taking into consideration the fact that there is no difference between owner-leaders and managers from the perspective of the trait approach to personal values, this book considers both managers and owner-leaders to be entrepreneurs who share the characteristic of striving to infuse their spiritual values into business. It is not a new idea that managers and owner-leaders of organizations should represent the same category regarding the examination of the relationship between spirituality and entrepreneurship. In a paper entitled “Religion and Enterprise: An Introductory Exploration” Sarah D. Dodd and Paul T. Seaman (1998) argue, for instance, that entrepreneurs cannot be distinguished from managers on the basis of their religious beliefs and behavior. Valliere (2008) in a paper entitled “Exploring Buddhist Influence on the Entrepreneurial Decision,” also draws conclusions about spiritually oriented entrepreneurs by investigating both managers and owner-leaders of organizations. Fraya Wagner-Marsh and James Conley (1999) also argue that both members of organizations’ top management and the owners who run their own companies can shape organizations in their own image, which may be considered a specific case of the infusion of spirituality into entrepreneurship. This book focuses on how entrepreneurs instill and practice their spiritual values in business. Entrepreneurs are defined as businesspeople who willingly infuse their spiritual values into business as part of their entrepreneurial activity. Focusing on only this aspect of entrepreneurship makes it possible to include both owner-leader and nonowner manager

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Buddhist and Christian entrepreneurs into the investigation. A lack of ownership is not an excluding criterion in the selection of the units of analysis.

2.5

Summary

This chapter has summarized the definitions of the basic concepts employed in the book. The accepted definitions are deliberately kept as broad and inclusive as possible to facilitate a smoother analysis of the value orientations of Buddhist and Christian entrepreneurs. Values are defined as abstract ideals that organize our systems of action as standards for consistent behavior. A value orientation represents a working model of a value system as it is associated with the identification of desirable goals and the determination of those values that become dominant in decision-making processes. The definition of spirituality incorporates four main elements. Spirituality is an umbrella concept that includes: (i) meaning-making (searching for a purpose in life, or for the ultimate truth); (ii) the search for an inner identity (involving the wholeness of the person, or the development of self-consciousness); (iii) the experience of connectedness (accompanied by the dissolution of ego); and (iv) transcendence (which is “beyond rationality,” or involves the reference to a higher being). Buddhist and Christian entrepreneurs define spirituality as interconnectedness, or contrast spirituality with materiality by referring to the “beyond-material characteristics” of the phenomenon. Spirituality is considered an important source of values because certain values stem directly from spirituality. A spiritual value orientation is a concept that refers to the determination of desirable goals based on deeply rooted spiritual values. With a spiritual value orientation, spiritual values become dominant in decision-making. A spiritual value orientation also influences decision-making and behavior in business and economic activities. The most important trait of Buddhist and Christian entrepreneurs from the viewpoint of this investigation is that such entrepreneurs willingly infuse their spiritual values into business as part of their entrepreneurial activity. Accordingly, the research sample includes both Buddhist and Christian entrepreneurs who are owner-leaders and nonowner managers.

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Percy, A. (2010). Entrepreneurship in the Catholic Tradition. Lanham: Lexington Books. http://public.ebookcentral.proquest.com/choice/public fullrecord.aspx?p=1032035. Accessed 20 February 2020. Percy, M. (2015). Christianity and Social Flourishing: Theology, Politics, and Economics. In J. Kidwell & S. Doherty (Eds.), Theology and Economics (pp. 219–238). New York: Palgrave Macmillan. https://doi.org/10.1057/ 9781137536518. Phipps, K., & Benefiel, M. (2013). Spirituality and Religion: Seeking a Juxtaposition That Supports Research in the Field of Faith and Spirituality at Work. In J. Neal (Ed.), Handbook of Faith and Spirituality in the Workplace (pp. 33–43). New York, NY: Springer. https://doi.org/10.1007/9781-4614-5233-1_3. Poole, E. (2009). Organisational Spirituality—A Literature Review. Journal of Business Ethics, 84(4), 577–588. https://doi.org/10.1007/s10551-0089726-z. Pope Francis I. (2013). Evangelii Gaudium. http://www.vatican.va/holy_f ather/francesco/apost_exhortations/documents/papa-francesco_esortazioneap_20131124_evangelii-gaudium_en.html. Accessed 20 February 2020. Pope John Paul II. (1981). Laborem Exercens. http://www.vatican.va/holy_f ather/john_paul_ii/encyclicals/documents/hf_jp-ii_enc_14091981_laboremexercens_en.html. Accessed 20 February 2020. Pope John XXIII. (1961). Mater et Magistra. http://w2.vatican.va/content/ john-xxiii/en/encyclicals/documents/hf_j-xxiii_enc_15051961_mater.html. Pruzan, P. (2009). Rational, Ethical, and Spiritual Perspectives on Leadership: Selected Writings. Oxford: Lang. Pruzan, P. (2011). Spirituality as the Context for Leadership. In L. Zsolnai (Ed.), Spirituality and Ethics in Management (Vol. 19, pp. 3–21). Dordrecht: Springer Netherlands. https://doi.org/10.1007/978-94-007-1153-2_1. Pruzan, P., Mikkelsen, K. P., Miller, D., & Miller, W. (2007). Leading with Wisdom: Spiritual-Based Leadership in Business. Sheffield: Greenleaf. Qu, Y. E., Dasborough, M. T., Zhou, M., & Todorova, G. (2019). Should Authentic Leaders Value Power? A Study of Leaders’ Values and Perceived Value Congruence. Journal of Business Ethics, 156(4), 1027–1044. https:// doi.org/10.1007/s10551-017-3617-0. Rescher, N. (1969). Introduction to Value Theory. Englewood Cliffs, NJ: Prentice-Hall. Roberts, G. E., & Crossman, J. E. (Eds.). (2018). The Palgrave Handbook of Workplace Spirituality and Fulfillment. Cham: Springer International Publishing. https://doi.org/10.1007/978-3-319-62163-0. Rokeach, M. (1973). The Nature of Human Values. New York and London: Free Press and Collier-Macmillan.

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Rokeach, M. (1979). From Individual to Institutional Values: With Special Reference to the Values of Science. In M. Rokeach (Ed.), Understanding Human Values: Individual and Societal (pp. 47–70). New York: The Free Press. Rokeach, M. (1989). Beliefs, Attitudes and Values: A Theory of Organization and Change (1. ed., 9 print). San Francisco, CA: Jossey-Bass. Roy, A. (2012). Faith Outside the Lab. In M. R. Paranjape (Ed.), Science, Spirituality and the Modernisation of India (pp. 229–237). Cambridge: Cambridge University Press. https://doi.org/10.7135/UPO9781843317760. Accessed 20 February 2020. Saroglou, V., & Muñoz-García, A. (2008). Individual Differences in Religion and Spirituality: An Issue of Personality Traits and/or Values. Journal for the Scientific Study of Religion, 47 (1), 83–101. https://doi.org/10.1111/j. 1468-5906.2008.00393.x. Schwartz, S. H. (1992). Universals in the Content and Structure of Values: Theoretical Advances and Empirical Tests in 20 Countries. In Advances in Experimental Social Psychology (Vol. 25, pp. 1–65). Elsevier. https://doi.org/ 10.1016/S0065-2601(08)60281-6. Schwartz, S. H. (1994). Are There Universal Aspects in the Structure and Contents of Human Values? Journal of Social Issues, 50(4), 19–45. https:// doi.org/10.1111/j.1540-4560.1994.tb01196.x. Schwartz, S. H. (2012). An Overview of the Schwartz Theory of Basic Values. Online Readings in Psychology and Culture, 2(1). https://doi.org/10.9707/ 2307-0919.1116. Schwartz, S. H., & Bilsky, W. (1987). Toward a Universal Psychological Structure of Human Values. Journal of Personality and Social Psychology, 53(3), 550–562. https://doi.org/10.1037/0022-3514.53.3.550. Schwartz, S. H., & Bilsky, W. (1990). Toward a Theory of the Universal Content and Structure of Values: Extensions and Cross-Cultural Replications. Journal of Personality and Social Psychology, 58(5), 878–891. https://doi.org/10. 1037/0022-3514.58.5.878. Schwartz, S. H., Melech, G., Lehmann, A., Burgess, S., Harris, M., & Owens, V. (2001). Extending the Cross-Cultural Validity of the Theory of Basic Human Values with a Different Method of Measurement. Journal of CrossCultural Psychology, 32(5), 519–542. https://doi.org/10.1177/002202210 1032005001. Shook, C. (2003). Venture Creation and the Enterprising Individual: A Review and Synthesis. Journal of Management, 29(3), 379–399. https://doi.org/10. 1016/S0149-2063(03)00016-3. Sivaraksa, S. (2014). Ecological Suffering: From a Buddhist Perspective. Buddhist-Christian Studies, 34(1), 147–153. https://doi.org/10.1353/bcs. 2014.0013. Spranger, E. (1928). Types of Men. New York: G. E. Stechert.

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Stewart, W. H., Watson, W. E., Carland, J. C., & Carland, J. W. (1999). A Proclivity for Entrepreneurship. Journal of Business Venturing, 14(2), 189– 214. https://doi.org/10.1016/S0883-9026(97)00070-0. Talcott, P., Shils, E. A., & Olds, J. (1951). Values, Motives, and Systems of Action. In P. Talcott & E. A. Shils (Eds.), Toward a General Theory of Action (pp. 30–278). Cambridge: Harvard University Press. http://public.ebookc entral.proquest.com/choice/publicfullrecord.aspx?p=3048233. Accessed 20 February 2020. Thompson, M. J. (2008). The Practice of Spiritual Dynamics in Business. In L. Zsolnai (Ed.), Europe-Asia Dialogue on Business Spirituality (pp. 17–28). Antwerpen: Garant. Thompson, M. J. (2011). Spirituality as Faith in Relation to Management. In L. Zsolnai (Ed.), Spirituality and Ethics in Management (Vol. 19, pp. 163– 170). Dordrecht: Springer Netherlands. https://doi.org/10.1007/978-94007-1153-2_11. Valliere, D. (2008). Exploring Buddhist Influence on the Entrepreneurial Decision. International Journal of Entrepreneurial Behavior & Research, 14(3), 172–191. https://doi.org/10.1108/13552550810874682. Vickers, G. (1970). Value Systems and Social Process. Harmondsworth: Penguin. Vinson, D. E., Scott, J. E., & Lamont, L. M. (1977). The Role of Personal Values in Marketing and Consumer Behavior. Journal of Marketing, 41(2), 44. https://doi.org/10.2307/1250633. Wagner-Marsh, F., & Conley, J. (1999). The Fourth Wave: The Spiritually-Based Firm. Journal of Organizational Change Management, 12(4), 292–302. Wilken, P. H. (1979). Entrepreneurship: A Comparative and Historical Study. Norwood, NJ: Ablex Publishing Corporation. Williams, R. M. (1979). Change and Stability in Values and Value Systems: A Sociological Perspective. In M. Rokeach (Ed.), Understanding Human Values: Individual and Societal (pp. 15–46). New York: The Free Press. Zamagni, S. (2011). Avarice. In L. Bouckaert & L. Zsolnai (Eds.), The Palgrave Handbook of Spirituality and Business (pp. 212–218). Houndmills: Palgrave Macmillan. https://doi.org/10.1057/9780230321458. Zsolnai, L. (Ed.). (2004). Spirituality and Ethics in Management. Dordrecht and Boston, MA: Kluwer Academic. Zsolnai, L. (2011). Taking Spirituality Seriously. In L. Zsolnai (Ed.), Spirituality and Ethics in Management (Vol. 19, pp. 205–215). Dordrecht: Springer Netherlands. https://doi.org/10.1007/978-94-007-1153-2_15.

CHAPTER 3

Business Spirituality

This chapter summarizes the development of business spirituality, an emerging field that is increasing in popularity in economics and management studies. First, a review of the history and the problems of business ethics will be presented, and then the ethics management paradox will be introduced and discussed in detail. The ethics management paradox asserts that by introducing ethics as a managerial tool into organizations, ethics may be used in rational and instrumental ways which in turn undermine intrinsic moral commitment. The paradox necessitates a paradigm shift in business ethics according to which a deeper, intrinsic ethical commitment should come to the fore. The topic of business spirituality increased in importance in management studies and management practice, primarily around the turn of the millennium, and contributed to the implementation of spiritual values and faith-related principles such as openness, interconnectedness, altruism, and trust. It is difficult to give a precise, all-encompassing definition of business spirituality, but one is not necessary for following the main argument of this book, which involves a comparison of the value orientations of Buddhist and Christian entrepreneurs. Instead of giving a strict definition of the concept, this chapter introduces the most important features and outcomes of business spirituality. In the Handbook of Faith and Spirituality in the Workplace: Emerging Research and Practice, Judi Neal (2013a) acknowledges a Euro-American © The Author(s) 2020 G. Kovács, The Value Orientations of Buddhist and Christian Entrepreneurs, Studies in Buddhist Economics, Management, and Policy, https://doi.org/10.1007/978-3-030-46703-6_3

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bias in most of the early research and practice in the field. On the one hand, the designations of the emerging scholarship incorporate, for instance, “workplace spirituality,” “spirit at work,” “spirituality at work,” and “faith at work” in the American scholarship. On the other hand, as Luk Bouckaert and Laszlo Zsolnai (2011a) emphasize in The Palgrave Handbook of Spirituality and Business, the same field of inquiry is usually designated “business spirituality,” and “spirituality in management” in the European scholarship. Readers may argue that there is minimal difference between these concepts, but this book rather emphasizes their similarities and uses these terms as synonyms.

3.1 A Brief History of Business Ethics, and the Paradox of Ethics Management Anthony B. Atkinson (2009) argues that economics must not ignore moral considerations and the consequences of different ethical positions, but should include them in social welfare analysis. This need is one of the fundamental determining factors that has contributed to the birth of business ethics, a new discipline in the field of economics and management studies. Business ethics as an independent academic discipline and a prevalent management practice emerged in the 1970s in the USA, and then spread to Europe and the rest of the world. The pioneers of business ethics developed the corporate social responsibility paradigm and the stakeholder theory of the firm which are designed to identify and resolve the main ethical problems of business. Accordingly, companies, especially large corporations, developed their first codes of ethics, mission statements, and charters of values. In the 1990s a shift toward empirical research took place which made business ethics attractive to other social scientists, consultancy firms, and business schools. At the same time various management instruments involving ethics such as ethical audits, the triple bottom line, and corporate social responsibility were introduced and started to be applied as common business practices. The practical application of business ethics widened as it became a fully fledged instrument of management, a key factor in building good reputations and trust, and motivating people. It created the illusion that “ethics pays,” and furthermore led to the introduction of various kinds of ethical investments. By the end of the millennium the illusion that good ethics is good

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business had become prevalent in the field of management. Thus, Bouckaert (2010) was able to describe a process through which business ethics gradually lost its originally genuine nature and became an instrumental management tool. Martin S. J. Calkins (2000) describes a similar phenomenon which has taken place since the 1970s. He argues that business ethics originally had a strong religious and spiritual foundation in Christian theology. However, business ethics has since lost its religious-philosophical background and genuineness in a process of narrowing which has helped to establish business ethics as a legitimate academic discipline, and insulated business ethics from the input of other disciplines, in particular theology. He sees the 1988 World Congress of Philosophy as the landmark moment in this process, and a time when mainstream philosophers began to seriously consider business ethics a legitimate and independent academic discipline. Although some scholars seemed unconvinced of business ethics’ authenticity and remained leery of accepting it as a legitimately autonomous academic discipline, the narrowing of business ethics to an applied social science discipline gradually happened. LaRue Tone Hosmer (1996) reviewed the articles from the first five years of Business Ethics Quarterly and found that authors tend to have philosophical, social scientific, and business backgrounds, rather than religious studies backgrounds, and that only eight articles (5.7%) of those surveyed cited “compassion-based ethics” (which he identified with religious sources) as their foundational normative theory. Calkins considers these findings to be clear evidence of the narrowing of Western business ethics to an applied social science. The brief history of business ethics, thus, is a process in which the original genuineness of business ethics has gradually become overshadowed. In parallel with the diminishment of the genuine nature of business ethics, the subject has now become a fully fledged management instrument in management practice, and an independent academic discipline in management studies. 3.1.1

The Paradox of Ethics Management

In the 1990s managers increasingly started to believe that “doing ethics” was good business. It was assumed that in the long term behaving ethically pays; hence this approach represented a good investment for the company. Ethics became an instrument of profit-maximization. The more

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competitive markets were, the more ethics could make a substantial difference, not only resulting in competitive advantage but also growth in market share. This kind of instrumental use of business ethics crowded out the genuine moral commitment of managers and substituted it with rational cost–benefit calculations (Bouckaert 2007). The instrumental use of business ethics led to the identification of the ethics management paradox, which Bouckaert (2007, 2010, 2011a) formulated in three steps: (i) ethics is needed in a business context of uncertainty to take advantage of the most cost-efficient alternative and to stimulate cooperation; (ii) by introducing ethics management, however, ethics is used in rational and instrumental ways which undermine intrinsic moral commitment; (iii) undermined or eliminated intrinsic moral commitment increases uncertainty, for the reduction of which ethics was employed in the first place, and decreases profitability and the economic rationality of ethics in business. Peter Pruzan (2011a) agrees with this claim as he asserts that ethics, values, and personal character cannot be simple “management tools.” Wolfgang Grassl and André Habisch (2011) emphasize that any business ethics that does not rest on firmer foundations than mere human convention will fail because of ineffectiveness. Robert A. Giacalone and Carole L. Jurkiewicz (2003) confirm the paradox using empirical evidence. The authors draw attention to the fact that research on ethical decisionmaking has been primarily focused upon ethical codes, cultures, and leadership styles, despite alternative theories and evidence that suggest these efforts may not be the most efficacious means of reducing unethical business activities. Formal codes of ethics have their own limitations as they are at best general statements of principles that serve to articulate an organization’s highest moral aspirations. They cannot in practicality dictate specific behaviors. How employees interpret these principles when resolving specific ethical dilemmas depends upon individualistic factors such as ethical ideology and values. At the beginning of the 2000s, the world was confronted by a wave of ethical scandals following which big corporations like Enron, WorldCom, Parmalat, and Arthur Andersen went bankrupt. The downfall of these businesses and other similar scandalous business cases was mostly due to executives who cheated the shareholders of their companies for personal financial gain. These scandals were followed by the “dot-com bubble” and the banking crisis. These examples evince the dysfunctionality of

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instrumental ethics. It has become obvious that more ethics management has created neither more ethical business practices, nor more ethical commitment, but has rather created an ethical deficit which has led to the cessation of genuine ethics. By the turn of the millennium the crucial question was not whether more business ethics was needed, but rather that another type of business ethics was needed. The overemphasis on the operational and practical side of business ethics destroyed the inner commitment of managers toward ethics. Finally, and most importantly, belief in business ethics as a system of moral self-regulation was destroyed (Bouckaert 2010). Bouckaert (2007, 2011b) argues that the paradox of business ethics attests to the most important reasons why genuine business ethics is needed. The paradox cannot be resolved by adopting rational means. It can be done solely through deeper, inner ethical commitment that stems from spirituality, thus Bouckaert sees the introduction of spirituality into business as the only way to resolve the paradox of business ethics, the only remedy for relieving the tension between business and ethics, and the only possible way of restoring the genuineness of business ethics. He warns that, without a spiritual turn, business ethics could become redundant. Zsolnai (2008) emphasizes the same idea from another point of view when he asserts that approaches to ethics, accountability, and sustainability which are not rooted in spirituality will clearly lead to cynicism and an instrumental approach to ethics in business. Zsolnai (2007) also considers spirituality to be the only underlying foundation which may serve as the background of ethics, since ethical initiatives in business fail if they are not based on genuine ethical commitments. The precondition of achieving personal, social, and environmental well-being is authentic care, which may develop from a sense of experiential oneness with others and nonhuman beings, which is one of the four main features of spirituality (read more details about the features of spirituality in Chapter 2). If we want to improve the ethicality of our decisions, we should develop ourselves. Spirituality as a way of approaching the ultimate purpose of life helps in the decision-making of business actors. This is why business ethics needs spirituality as a profound driving force that determines human behavior at the level of values (read more details about the relationship of spirituality and values in Chapter 2). Calkins (2000) argues from a Christian point of view that, on a purely practical level, religion (e.g., spirituality) matters to business ethics because religion’s moral precepts and narratives inform and shape the

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morality of the people who make business-ethics-related decisions. To be fully integrated then, business ethics will need to account for religion’s influence and formative capacities. In Calkins’ view, religion offers an alternative methodology that challenges highly individualistic, mundane, and transient thinking, and enriches our moral discussion of business practices. Calkins suggests that seeing business ethics as just a social science discipline overly narrows its scope. To enhance the autonomy of business ethics and to make it a stronger and more integrated and interesting academic discipline, business ethics ought to reclaim unabashedly its religious foundations. Thus, Calkins settles on a moderate position, as he considers religion (e.g., spirituality) an important factor for making business ethics stronger and more integrated, but he does not go as far as Bouckaert who pronounces straightforwardly that the integration of spirituality into business is unavoidable and the only way of making business ethics genuine and resolving the paradox of ethics management.

3.2

A Brief History of Business Spirituality

Bouckaert (2010) distinguishes three waves of the development of business ethics: (i) a philosophical wave in the 1980s, in which the philosophical foundations of the stakeholder model were elaborated; (ii) a practical wave in the 1990s, in which the stakeholder model was put into practice; and (iii) a spiritual wave in the 2000s, in which the renewal of business ethics began. Although the threefold categorization of the philosophical, the practical, and the spiritual waves, and the fact of spirituality’s extension into business ethics are agreed on by many business ethicists, other scholars, mostly American, date the emergence of spirituality in business back a few years, or even a decade, earlier. Nevertheless, Giacalone and Jurkiewicz (2010), for instance, also believe that the interest in business and workplace spirituality had already arisen in the 1990s, as confirmed by S. K. Chakraborty (2011) who asserts that a few conferences and symposia on spirituality and religion in relation to business and management had already taken place at that point. In a paper entitled “Overview of Workplace Spirituality Research,” Neal (2018) gives readers a comprehensive overview of the history of workplace spirituality and the publications and research projects in the field. She further argues that until the early 1990s, there was essentially no acknowledgment that spirituality could play an important role in the

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workplace, with the exception of Robert Greenleaf’s famous essay entitled “The Servant As Leader” in 1970, which was later expanded into one of the most influential books in the field of management in 1977. Neal (2013b, 2018) thus considers the concept of servant leadership to be the direct forerunner or precursor of workplace spirituality. Eric B. Dent et al. (2005) assert that the notion of spirituality in the workplace attracted increasing attention in the USA in the last decade of the millennium. They identified three features of this phenomenon: (i) a growing popular literature including many best-selling books on leadership and management with “spirit” or a comparable word in their title; (ii) the appearance of the term “workplace spirituality” in organizational behavior textbooks, indicating that the subject was being taught in a mainstream manner; and (iii) the many conferences on this subject. Wojciech W. Gasparski (2011) draws attention to the fact that in 1993 the “Code of Ethics on International Business for Christians, Muslims and Jews” was prepared to specify the values inherent in these faiths, with the purpose of setting out an ethical basis for international business. In 1999, Gerald F. Cavanagh (1999) acknowledged a dramatic increase in interest in spirituality among both practicing managers and academics in the USA which was associated with several indicators, such as (i) the increase in the number of sessions at the Academy of Management annual meetings that discussed spirituality and religion; (ii) new books and articles on religion and spirituality in business; and (iii) the new courses on religion, spirituality, and contemplation that were being offered in business schools. Neal (2013b) complements the list of these indications with (iv) the growing number of related corporate training events, although she saw that the field itself was still struggling at this time as a newly emerging field of scholarship in academia in general. Furthermore, Cavanagh acknowledges that business ethics and business spirituality (or workplace spirituality, as he designates it) are closely connected as related movements with similar goals and sources of inspiration. He argues that both have developed largely independently of each other—although he overlooks the fact that business spirituality is a much later initiative since business ethics started to unfold in the early 1970s, while business spirituality started to unfold a decade or more later. This affirms the claim of Bouckaert (2010) that business spirituality is a consequence of the failure of business ethics and the only possible way to solve the paradox of business ethics and support the genuineness of ethics in business.

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Neal (2018) denotes the early 1990s as the time for the birth and emergence of workplace spirituality in the USA, which had several results. One major event was a panel presentation entitled “Management and Spirituality: A Call for Attention by Academics, Managers, and Consultants” at the 1997 Academy of Management meeting in Boston. As a result of this meeting, the other major event was the founding of the Management, Spirituality, and Religion Interest Group (MSR) at the Academy of Management at the end of 1999. This interest group… explores how spirituality and religion can influence organizational dynamics and affect management outcomes. In that regard, MSR is devoted to defining the relevance and impact of spirituality and religion in management, organizations and society. Major areas of study include theory building and empirical research around the issues of faith, spirituality and religion as they influence principles and practices in management. Important contributions have been made in MSR research to better understand the meaning of work, the impact of spirituality and spiritual leadership in the workplace, the purpose of business, the affects of religious pluralism in the workplace, and the distinctive elements of individual religious and spiritual beliefs that cultivate inner awareness and promote wisdom for the common good. (http://aom.org/Content.aspx?id=237#msr)

A pioneering book by Ian I. Mitroff and Elizabeth A. Denton (1999), A Spiritual Audit of Corporate America: A Hard Look at Spirituality, Religion, and Values in the Workplace, was another breakthrough in the field. As the authors confess, they were privileged to participate in an incredible series of interviews and conversations with managers and executives from all kinds of organizations with the aim of exploring the topics of spirituality and religion and their relationship to work. Their book was uniquely based on actual experiences and opinions of practicing managers and executives, unlike most of the other work in the field that was not based on data, but rather on speculative syllogisms. The empirical inquiry of Mitroff and Denton generated four important findings: (i) people seriously want the opportunity to realize their full potential as whole human beings both on and off the job; (ii) they want to work for ethical organizations; (iii) they want to do interesting work; and (iv) although making money is certainly important, at best it is a distant fourth factor in terms of priorities. As depicted by Bouckaert (2010), the research area of spirituality in management has been acknowledged in Europe since the beginning of the

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2000s. Researchers investigated different value perspectives, referencing different spiritual and religious traditions (Zsolnai 2011). An international conference on “Spirituality and Management” was organized by the Business Ethics Center at the Corvinus University of Budapest in 2001 in Szeged, Hungary, in which business ethicists and business practitioners reflected on the meaning of spirituality in a systematic way (Bouckaert and Zsolnai 2007). As a result of such endeavors the European SPES Institute (formerly the European SPES Forum) was founded in 2004 in Leuven, Belgium, to give voice to a new, spiritually based way of looking at business and economics (Bouckaert and Zsolnai 2007). The mission of the European SPES Institute is expressed in the key word of SPES, being on the one hand an acronym for “SPirituality in Economics and Society” and, on the other hand, the Latin word for Hope, the virtue that sustains our belief in a better future. Spirituality is defined in broad and pluralistic terms so that the European SPES Institute may bring together people from different spiritual backgrounds and traditions. We understand spirituality as people’s multiform search for meaning interconnecting them with all living beings and to God or Ultimate Reality. Within this definition there is room for differing views, for spiritualities with and without God and for an ethics of dialogue. (http://eurospes.org/content/our-missionspiritual-based-humanism)

In parallel to the scientific research, the interest in business spirituality also increased in management practice. Many have recognized that spirituality is able to bridge the gap between the internal and external worlds, as it makes a connection between the existential problems of the self, and business, which is a part of everyday life. Since the middle of the first decade of the century, spirituality has no longer been a “fad” (Lozano and Ribera 2011) or a “background noise” (Ims and Jakobsen 2008) in mainstream management studies in Europe. It has become an accepted research domain, especially in the field of organizational and leadership studies (Poole 2009). Neal (2018) underlines the fact that the founding of the Management, Spirituality, and Religion Interest Group at the Academy of Management directly led to the legitimization of the study and teaching of workplace spirituality. The following step was the creation of The Journal of Management, Spirituality, and Religion (JMSR) by this group as a publication outlet for research on workplace spirituality in 2004, with the aim

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of becoming the first port of call for academics in this fast-expanding scholarly area. Around the same time, Patricia Aburdene published a book entitled Megatrends 2010: The Rise of Conscious Capitalism, and stated that the focus on spirituality in business has become so pervasive that it is now the “greatest megatrend” associated with the future of economics—as referred to by Louis W. Fry (2008). Kathy L. Dean and Charles J. Fornaciari (2007) undertook a review of empirical studies in management, spirituality, and religion in 2007. They identified 231 peer-reviewed empirical journal articles that were published from 1996 to 2005 in the field of business spirituality, of which 167 articles (72.3%) were published between 2001 and 2005. They drew the conclusion that the field emerged from the mid-1990s as a scientific research area and was undergoing development as an interdisciplinary field involving psychology, health care, public administration, theology, communication, sociology, social work, and ethics.

3.3

The Concept of Business Spirituality

As already ascertained, business spirituality has many synonyms. European scholars generally use the concept of “business spirituality” or “spirituality in management,” while the terms “workplace spirituality,” “spirit at work,” “spirituality at work,” and “faith at work” are used mostly by American scholars to describe the very same concept. This section introduces and summarizes the various attempts at defining the notion of business spirituality. Cavanagh (1999) acknowledges that religion and spirituality are closely connected to each other, but emphasizes that the current use of spirituality in business and in the workplace is most often not associated with any specific religious tradition. Neal (2013b) and Fry (2003) both warn against the consequences of confusing spirituality with religion in the context of management. Fry (2003) asserts that one of the key reasons for excluding issues of workplace spirituality from leadership and other theories of management appears to be due to the confusion surrounding the distinction between religion and spirituality. People usually tend to confuse the words “faith,” “spirituality,” and “religion.” Therefore, when someone first hears the terms “workplace spirituality,” “faith at work,” or any of the other similar terms used to describe this field, they often immediately assume that one is talking about bringing religion into the

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workplace, and they usually assume that this involves the particular religion preferred by the leader (Neal 2013b). This confusion hinders the collection of empirical data and thus makes attempts to define the concept of business or workplace spirituality much harder, despite the fact that spirituality at work does not involve “conversion” or getting people to accept particular belief systems, but rather allowing them to experience a sense of purpose and meaning and a sense of connectedness to one another and to the workplace community (Ashmos and Duchon 2000). It is not just the confusion involved in distinguishing between spirituality and religion that hinders the conceptualization and the definition of business spirituality, but the fact that was already discussed in detail in Chapter 2—spirituality in itself is also a vague concept which is hard or even impossible to define precisely because of its subjective character. Cavanagh (1999) acknowledges the same problem as he asserts that there is no unified definition or even approach to spirituality, as many define spirituality loosely and others define it very narrowly according to their own spiritual traditions. Brenda Freshman (1999) summarizes the findings of the research that was undertaken to define workplace spirituality in the 1990s. She draws attention to the diverse nature of the answers given to the question “What is spirituality in the workplace?” It was found that there was no “one answer,” but rather a framework of thoughts with opportunities for exploration and discovery. In summary, Freshman’s research affirms what Donald W. McCormick asserts in the opening paragraphs of a paper entitled “Spirituality and Management” that “definitions of spirituality abound” (1994, p. 5). Margaret Benefiel (2005) considers the task of defining workplace spirituality to be crucial and one of the major challenges in the field. She asserts that a more robust and sophisticated understanding of the “spiritual” component of, for instance, “spiritual leadership,” is badly needed, as in all theories of spiritual leadership authors build a strong foundation for a “leadership” perspective involving “spiritual leadership” which often completely lacks reference to the “spiritual” aspect of the term. Dent et al. (2005) published a paper in 2005 in which they ascertained that workplace spirituality is defined by all of the characteristics typical of paradigm development, including a lack of consensus about a definition and a lack of clarity about the boundaries of the subject in the context of leadership. Although this section of the book presents some of the definitions of workplace spirituality, the overall situation with regard to the above-mentioned two areas (the consensus of definitions, and defining

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the boundaries of the subject) has not changed since the publication of Dent and colleagues’ paper. Neal (1997) defines spirituality in the workplace as people seeing their work as a spiritual path, and as an opportunity to grow personally and to contribute to society in a meaningful way. Donde P. Ashmos and Dennis Duchon (2000) undertook research which explored how respondents defined workplace spirituality, and constructed a definition of spirituality in the workplace using factor analysis of 696 respondents. They identified three components of workplace spirituality: (i) the recognition that employees have an inner life; (ii) an assumption that employees desire to find work meaningful; and (iii) a commitment by the company to serve as a context or community for spiritual growth. Thus, they proposed the following definition of workplace spirituality: the “recognition of an inner life that nourishes and is nourished by meaning work that takes place in the context of community” (Ashmos and Duchon 2000, p. 137). In the Handbook of Workplace Spirituality and Organizational Performance, Giacalone and Jurkiewicz define workplace spirituality as “a framework of organizational values evidenced in the culture that promotes employees’ experience of transcendence through the work process, facilitating their sense of being connected to others in a way that provides feelings of completeness and joy” (2010, p. 13). Mitroff and Denton, when asking respondents to describe spirituality and work, found that the common denominator in the answers was the “basic desire to find ultimate meaning and purpose in one’s life and to live an integrated life” (1999, p. xv). Fry (2003) identified two essential features of workplace spirituality: (i) calling; and (ii) membership. He asserts that a sense of transcendence—of having a calling through one’s work or being called (vocationally)—and a need for social connection or membership are seen as necessary for creating the foundation for any theory of workplace spirituality. Sandra King-Kauanui et al. (2005) undertook qualitative exploratory research based on interviews with 35 entrepreneurs about spirituality and work that partially confirmed the above findings, as they identified a calling as an essential part of the definition of workplace spirituality. The authors conclude that those who experience work as a calling are able to pursue work as an opportunity to enhance a sense of wholeness that is energized by a spiritual connection with others. Jeffery D. Houghton et al. (2016) examined 20 definitions of workplace spirituality and isolated three distinct features or components which are constituent parts of them: (i) inner life; (ii) meaning; and

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(iii) connectedness. The authors conclude that there is great potential for future research targeted at examining various types of leadership and the related outcomes that can be deduced from the various definitions of workplace spirituality. Such a line of research would examine workplace spirituality as a possible mediator or moderator of the relationship between various leadership types and individual spiritual orientations. As I investigate the impact of two different spiritual value orientations on leadership and management practices, I do not strive to give a strict definition of business spirituality or workplace spirituality here in detail, but rather focus on and utilize the above-mentioned features of business spirituality: (i) calling; (ii) inner life; and (iii) connectedness. In relation to these features business spirituality can be described by a calling for work, a focus on the inner life, and the realization of a sense of connectedness at the workplace.

3.4

The Features and Outcomes of Business Spirituality

The following section of the chapter introduces the outcomes and the features of business spirituality, focusing especially on values, leadership, and leadership practice. Furthermore, it also depicts the influence of spirituality on organizational performance and venture creation. Finally, the research directions of business spirituality and the relationship between business spirituality and progressive capitalism are introduced. 3.4.1

What Business Spirituality Is Not

On the one hand, in a book entitled Rational, Ethical and Spiritual Perspectives on Leadership; Selected Writings, Pruzan emphasizes that spiritual seeking should by no means be misunderstood as a decision to remove myself from society and to sit in a cave in the Himalayas, chanting mantras and living a life of asceticism… On the contrary, it means living an active life where I have “my head in the clouds and my feet firmly planted on the ground.” It means actively seeking, in all of my activities, with heart, mind and soul. (2009, p. 18)

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On the other hand, as Gasparski asserts, the aim of business spirituality is not to convert “business cannibals into economic vegetarians” (2011, p. 130). Calkins (2000) warns of a major misunderstanding when he asserts that adopting any religious perspective in business is not equivalent to adopting a definite anti-intellectualism, or setting aside or diminishing the academic rigor of business ethics. It rather involves allowing religious faith to work in harmony with human reason in the realm of business ethics. What he proposes is that when people struggle for understanding, and when disagreements arise about the proper course of action in business, then religious ideas and ideals are brought into the discussion because they have something unique to contribute. Pruzan (2009) talks about the same phenomenon in a more straightforward way when he asserts that business spirituality is needed to complement rational and analytical perspectives in economics. Rational and analytical perspectives can help achieve a reasonable degree of business success, but can also serve as the basis for greed and nihilism—as is evident from the aforementioned business scandals. When rationality is not tempered by the ethical perspectives of spirituality then it may lead to myopic, narrow-minded, and greeddriven decisions. But rationality with its logic and facts aimed at economic success, wealth, and intellectual achievement is not at odds with spirituality’s complexity and morality. No tension exists between them, but spirituality rather supports and complements rationality. 3.4.2

Spirituality in Business

Spirituality is one of the sources of values, and values relate to all kinds of human action (e.g., managerial and leadership practices) (Gasparski 2011). Tibor Héjj (2011) defines homo moralis in opposition to homo oeconomicus as a person who integrates spiritually inspired human values with their professional life as part of their self-fulfillment. Bouckaert and Zsolnai (2011b) assert that although spiritual experiences are highly personal, their role is fundamental in social relationships. Mike J. Thompson (2008) further remarks that spirituality is both a private matter but, more importantly, is also the basis for communitarian life, as anyone can exercise and realize their spirituality through leadership in economic life. Furthermore, spirituality can make any work or business practice an enlightening experience (Mukherjee 2008), and can create an intrinsic

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motivation for business ethics by which the paradox of business ethics may be resolved (Bouckaert 2010). Sharda Nandram (2010) goes further and declares that defining spirituality as a behavior or practice related to the inner life of the individual makes it possible to examine it as a part of management studies. In a paper entitled “Toward a Science of Workplace Spirituality,” Giacalone and Jurkiewicz (2010) conclude that examining the effects of spirituality in organizations can be approached with the same level of scientific rigor afforded by other organizational disciplines. As greater employee commitment and job satisfaction, reduced turnover, higher productivity, high levels of customer service, and improved reputation in the marketplace are all examples of the outcomes of business spirituality, the subject can be approached by similar research methods as other aspects of management (Neal 2018). 3.4.3

The Performance of Spiritually Oriented Companies

One substantial and well-researched direction of business spirituality focuses on the influence of spirituality and spiritual values on the economic performance of organizations. In a book entitled In Search of Excellence: Lessons from America’s Best-Run Companies, Thomas J. Peters and Robert H. Waterman Jr. (2006) found in the early 1980s that those companies that “stood for something” outperformed those that did not, or those which aimed at simple profit-making. Although Peters and Waterman did not use the term “spirituality” to describe the companies that “stood for something,” meaning-making which is expressed by “standing for something” is one of the main features of spirituality in the tentative definition of the term used in this book. Robert Allinson (2011a) confirms this fact and sees the need for meaning as one of the most powerful drives that motivate mankind and the production of beneficial goods and services. Mitroff and Denton (1999) argue that spirituality can confer a competitive advantage. Furthermore, Mitroff (2003) argues that spirituality and the spiritual orientation of organizations have a determining influence on how organizational performance is conceived. In a paper entitled “Do Not Promote Religion Under the Guise of Spirituality” Mitroff argues that the most significant finding of business spirituality has been that those organizations that are perceived as “more spiritual” or “had a greater

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spiritual orientation” were also perceived as being significantly more profitable. Mitroff further claims that the immense spiritual energy of each employee is essential for producing world-class products and services. Nabil A. Ibrahim and John P. Angelidis (2005) studied Christianbased companies in the USA that successfully merged Christian values with economic success and greater efficiency. They found that a Christian value orientation has a significant impact on organizational performance, and that such companies tend to outperform their secular counterparts in terms of higher rates of growth in sales and higher profit. In a paper entitled “The Interrelationships between Entrepreneurship and Religion,” Sarah D. Dodd and George Gotsis (2007) refer to the work of Ibrahim and Angelidis (2005), and expand their findings further to argue that the attributes associated with explicitly religious ventures may improve organizational performance regardless of the background of the religious and spiritual orientation. Angela M. Balog et al. (2014) argue that a strong organizational culture, mission, and identity that stem from spiritual value commitment can influence financial performance and organizational outcomes. In a paper entitled “Spiritual Leadership: State-of-the-Art and Future Directions for Theory, Research, and Practice,” Fry (2008) claims that business spirituality keeps followers looking forward to the future and creates the desire and positive expectation that fuels effort through intrinsic motivation. Ultimately, positive individual and organizational outcomes such as greater organizational commitment and productivity, employee life satisfaction, and corporate social responsibility, and given an effective market strategy, better financial performance are achievable. Moreover, Fry refers to research findings which suggest that workplace spirituality can be cultivated not only in order to increase organizational performance, but could contribute even to attaining market dominance. Yuanmei Elly Qu et al. (2019), in a paper entitled “Should Authentic Leaders Value Power? A Study of Leaders’ Values and Perceived Value Congruence,” analyze the relationship between leaders’ value orientations and firm performance by utilizing Schwartz’s circumplex model of values. The authors argue that leaders with high benevolence values foster their firms’ performance indirectly. Benevolence values are one of the ten value types in the circumplex model which reflect individuals’ concern for other people with whom they are in frequent contact. Benevolence values pertain in Schwartz’s model to the dimension of selftranscendence, which entails value types with similar characteristic traits to

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spiritual values, as discussed in Chapter 2. Qu et al. (2019) thus argue that leaders with strong benevolence values foster their employees’ economic performance, due to which organizational performance also increases. 3.4.4

The Connection Between Ethics and Spirituality in Business

Giacalone and Jurkiewicz (2003) investigated a network sample of 162 employees from across the USA to assess the relationship between individual spirituality and perceptions of unethical business activities. Their analysis indicates that the degree of individual spirituality influences whether an individual perceives a questionable business practice as ethical or unethical. In other words, Giacalone and Jurkiewicz examine whether spirituality can enhance employees’ workplace ethicality. Furthermore, Marjolein Lips-Wiersma and Venkataraman Nilakant (2008) argue that spirituality has entered into organizational activities for its own sake, because it is the right thing to do, and because it is good for people, not because of business interest in profit-making. Thus, it is believed that spirituality is able to create a genuine foundation for CSR activities. Gerald F. Cavanagh and Mary Ann Hazen (2008) studied spiritual discernment, which is one of the major spiritual practices of the Jesuits. They concluded that spiritual discernment supports sustainability as the practice of discernment during decision-making means that decision-making groups are more capable of making decisions that are sustainable socially and environmentally. 3.4.5

Religious and Spiritual Influence on Venture Creation and Entrepreneurship

Balog et al. (2014) emphasize that in more recent years, beginning in the mid-2000s, the research focus shifted in the field of religion and spirituality within entrepreneurial contexts toward studies that investigated individual-based and micro-level outcomes in relation to venture creation. Dave Valliere (2008) also argues that some religious beliefs appear to support the emergence of entrepreneurial activity, but not all religions are equally supportive of entrepreneurship. Religious beliefs may influence how opportunities are perceived and evaluated in a way which subordinates economic gain to moral imperatives. Léo-Paul Dana (2009) also deals with the influence of religions on entrepreneurship and venture creation. He asserts that religions are depositories of wisdom and of

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values, and further emphasizes that empirical findings suggest a causal relationship between prevailing religious beliefs as explanatory variables for a propensity to, or indifference about, entrepreneurship. A religion does not necessarily directly promote or inhibit entrepreneurship, but religious value orientations may affect the propensity to entrepreneurial activity. Thus, some religions are better represented than others in entrepreneurship. Dana concludes that there are some observable patterns which show that: (i) religions value entrepreneurship to different degrees; (ii) different religions yield dissimilar patterns of entrepreneurship, possibly due to value differences (such as asceticism, frugality, and thrift) but also due to specialization (sometimes resulting in a monopoly) and networks; (iii) specialization along religious lines shapes entrepreneurship; (iv) credit networks, employment networks, information networks, and supply networks of coreligionists affect entrepreneurship; (v) religions provide opportunities for entrepreneurship; (vi) religious beliefs may hamper entrepreneurial spirit; and (vii) religions have built-in mechanisms for the perpetuation of values. This summary demonstrates the influence of various religions on entrepreneurship and venture creation, all of which are important findings for the argumentation of this book. Besides acknowledging the latter, the thread of this book widens the scope of inquiry as it also investigates the influence of religions on business practices. Nevertheless, I do not strive to address whether Buddhism or Christianity promotes venture creation to a greater extent as I explore the value orientations of Buddhist and Christian entrepreneurs and the business practices that stem from the fulfillment of these spiritual values in business. Jeffrey R. Cornwall and Michael J. Naughton (2003) argue that religious commitment is not unlikely to shape entrepreneurial pursuits. Dana (2009) emphasizes that values connect spirituality and entrepreneurship, as spirituality is one of the sources of values pertinent to entrepreneurship. Dodd and Gotsis (2007) put it more explicitly when they assert that spiritual values have a positive effect on entrepreneurial activities by influencing the decision of individuals to become entrepreneurs, and the ways in which entrepreneurs manage. Dent et al. (2005) give an account of those characteristics of leaders that correspond to infusing and instilling spirituality into work and business organizations. They argue that leaders who are more willing to use their spiritual values to make business decisions and transform organizations instill values that become the standards against which all organizational activities are measured. King-Kauanui et al. (2005) in a paper

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entitled “Entrepreneurship and Spirituality: Integration of Spirituality into the Workplace” report a qualitative exploratory study based on interviews with 35 entrepreneurs, arriving at the conclusion that entrepreneurs successfully integrate their spiritual values into their organizations. Balog et al. (2014) argue that entrepreneurship is a value-driven endeavor. Entrepreneurs often live out their personal values in business, often driven by religious and spiritual values. Thus, entrepreneurs’ heightened consciousness of spiritual values can impact their business activities. The authors refer to prior research which also testifies that entrepreneurs’ values can have a significant influence on business and the outcomes of business. They refer furthermore to the works of Bernice Kotey and G. G. Meredith (1997) who argue that the values of entrepreneurs are often indistinguishable from their businesses. 3.4.6

Spiritual Values in Business

Many scholars emphasize the importance of different spiritual values in business. McCormick (1994), for instance, argued as early as in 1994 that managers in the USA were showing increasing interest in integrating spiritual values and management through the basic intention of integrating meaning into their jobs. He asserts that managers mostly practice and apply the spiritual values of (i) generosity, (ii) compassion, (iii) justice, (iv) respect for persons, and (v) sensitivity to the common good in business. They tend to focus on the challenges of applying these values in business settings. Mark P. Kriger and Bruce J. Hanson (1999) emphasize the importance of a set of universal spiritual values drawn from the world’s major religions, which are the basis for creating healthy organizations that pursue wholeness. They define the core spiritual values of (i) truthfulness, (ii) trust, (iii) humility, (iv) forgiveness, (v) compassion, (vi) thankfulness, (vii) service, and (viii) peace, but confess that their list is not exhaustive. In their purposive selection they refer to Aldous Huxley’s work which states that these values are all constituent parts of a perennial philosophy; that is, they can be found in every major world religion and spiritual tradition. Based on a larger body of literature, Giacalone and Jurkiewicz (2003) summarize that ten key values that can be correlated with individual spirituality also play an important role in business: (i) benevolence, or the consistent expression of kindness and consideration toward others; (ii) generativity, or a demonstrated concern for the long-term impact of one’s actions; (iii) humanism,

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or the practice of treating others with dignity; (iv) integrity, or adherence to a code of conduct; (v) justice, or the equitable treatment of others; (vi) mutuality, or recognizing the value of individual contributions in creating the whole; (vii) receptivity, or an open-minded orientation; (viii) respect, or treating others with esteem and value; (ix) responsibility, or following through on goal attainment; and (x) trust, or being one on whom others can consistently depend. Laura Reave (2005) argues that values such as integrity, honesty, and humility play an important role in business. Bouckaert et al. (2011b) focus on frugality, which means low material consumption and leading a simple lifestyle with an open mind to spiritual goods. Frugality is synonymous with asceticism, self-restriction, chosen poverty, and voluntary simplicity, and it is one of the most important values in business. It can be considered a rational virtue, while the simplification of needs and desires contributes to attaining psychological well-being. But, more importantly, in spiritual traditions frugality is associated with a much deeper meaning that suggests self-detachment, other directedness, a release from egocentrism, and opening the mind to the inner voice. Furthermore, following distinct spiritual values in business results in the emergence and the intensification of further virtues and values that originate from spirituality. Sukumararakurup Krishnakumar and Christopher P. Neck (2002), for instance, specify the benefits of spirituality in the workplace and, besides personal fulfillment and organizational performance, emphasize that intuition, creativity, honesty, and trust are cultivated by workplace spirituality. Bouckaert (2010) asserts that business spirituality establishes and intensifies wisdom, creativity, and reciprocity in the economy. 3.4.7

Spirituality, Management, and Leadership

Neal (2018) asserts that leadership behavior and leadership development are also features of workplace spirituality, and this subject, and especially spiritual leadership, is an integral part of this book. The arguments contained herein incorporate the value orientations of Buddhist and Christian entrepreneurs who are leaders in themselves. Dent et al. (2005) and Reave (2005) reviewed 87 and 150 scholarly articles (respectively) and show that there is clear consistency between spiritual values and leadership effectiveness. Zsolnai (2011) argues that management has an undeniable, but often neglected existential-spiritual dimension. He refers to Mitroff (1998),

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who introduced the term “metaphysics of management” in order to make existential concerns, spirituality, and recovery fundamental parts of management practice. Thompson (2011) draws attention to the fact that the term “spirituality” is used in reference to a values-led approach to management that seeks to recognize the whole person rather than simply the functional person. Josep M. Lozano and Raimon Ribera (2011) connect spirituality to management as they assert that the way leaders manage depends on the way they are. Spirituality is more than something that can just be tacked on to management: if spirituality is part of leaders’ nature, they will bring it with them when they manage. However, the authors acknowledge that management could be a serious challenge for spirituality, as implementing spiritual leadership requires effort and vigilance. Sanjoy Mukherjee (2008) argues in favor of integrating spirituality into business as it can help develop enlightened perspectives and practices in management and leadership. Zsolnai (2007) asserts that spirituality represents a humanistic, democratic, and sustainable frame of reference for the behavior of leader-managers and their organizations. William C. Miller (2011) created the concept of the “transformational leader” who bases their leadership practices on their spiritual roots and values. He cites Bob Galvin, the CEO of Motorola, who sought to lead the company according to his deeply rooted spiritual values that included faith, hope, and trust. According to Miller, the character of the transformational leader is an inseparable component of “spiritually-based leadership.” Bouckaert (2007, 2011a) makes a distinction between managers and leaders in favor of the latter, arguing that while a “manager” thinks in terms of instrumental rationality, a “leader” is driven by a more intrinsic and contagious commitment to values. He further warns that rational management can destroy the art of entrepreneurship (Bouckaert 2011b). He defines spiritual-based leadership as the art of managing an organization’s spiritual capital, which can be defined as the capacity to think and act as a co-creative and co-responsible community (Bouckaert 2016). Pruzan (2011b) also makes the same distinction between management and leadership. He argues that the term “management” has traditionally been conceived of as comprising activities such as strategy, planning, administration, and controlling. Gradually, the term “management” was supplemented with the term “leadership,” which relates to concepts, processes, and roles that had not until recently been central to the traditional themes of management. These

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concepts include such notions as corporate vision, change-management, stakeholder-dialogue, and social and ethical accountability. Finally, the concept of spiritual-based leadership is introduced which encompasses the practice of selflessness, nonattachment, duty, right action, equanimity (peace of mind), self-realization, unity, and nonviolence in the leadership of business organizations. According to Pruzan (2011a), the prerequisite of spiritual-based leadership is the leader’s individual search for meaning, purpose, and fulfillment, which then provides a perspective on leadership as a natural expression of a leader’s heart, mind, and soul. In a paper entitled “Toward a Theory of Spiritual Leadership,” Fry (2003) suggests that spiritual leadership is a field within the broader context of workplace spirituality that is distinguishable from other leadership theories. Using a model that includes vision, hope/faith, and altruistic love, spiritual leadership promotes the creation of a learning organization in which individuals can find meaning and purpose through intrinsically motivated work and learning. Based on these premises, Fry defines spiritual leadership as a leadership theory for organizational transformation that is designed to create an intrinsically motivated learning organization, which entails: (i) creating a vision wherein leaders and followers experience a sense of calling in that life has meaning, purpose, and makes a difference; and (ii) establishing an organizational culture based on the values of altruistic love whereby leaders and followers have a sense of membership, feel understood and appreciated, and have genuine care, concern, and appreciation for both self and others. (2008, p. 109)

Fry (2008) asserts furthermore that spiritual leadership is inclusive of religious, ethics and values-based approaches to leadership. Benefiel (2005) in a paper entitled “The Second Half of the Journey: Spiritual Leadership for Organizational Transformation” reviews the most important work in the field of spiritual leadership. She argues that the idea of spiritual leadership in itself presupposes a leader who practices leadership based upon spirituality by following spiritual values. There is no possibility of practicing spiritual leadership without putting spiritual values into practice. Spiritual leadership forms the backbone of the spiritual organization, highlighting the importance of spiritual values which determine the leadership practices of spiritually oriented entrepreneurs.

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Further Features of Business Spirituality

Neal (2018) refers to research conducted by Mitroff and Denton (1999) and their categorization of five different models of spirituality in the workplace. (1) The religion-based organization is a workplace spirituality model that is based on Evangelical Christian beliefs. This is an extreme model and has created resistance in other organizations that might want to foster workplace spirituality; (2) The evolutionary organization is based on organizations such as the YMCA that began as religion-based organizations and evolved to become more ecumenical. These organizations are still committed to their founding spiritual principles while maintaining an openness to change in a pluralistic environment; (3) The recovering organization uses the principles described in the leadership program of Mitroff and Denton (1999) to guide their organization. For instance, these organizations limit organizational units to 100–150 members, minimize status differences, limit coercive pressure, and use self-selection in group decision methods and use mentorship extensively; (4) The socially responsible organization is designed to illuminate strong social values and to show that they can be practical in the business world. There is a strong belief that good things happen to companies that support sustainability, social justice, healthy living, and other positive social values; (5) The valuesbased organization envisions the organization as a healthy, extended, and caring family. Many of these organizations explicitly operate using the golden rule as a guiding value and are comfortable using words like love and virtue. There is a shared belief that ethical employees working for an ethical company will outperform unethical workers in an unethical company (Neal 2018). 3.4.9

Research Directions in Business Spirituality

Business spirituality represents an opportunity to conduct inquiries in many research directions depending on the researchers’ interest and the influences of particular spiritual traditions on the business organization or business practice under investigation. This book deals with Buddhist and Christian value orientations in business, focusing especially on the subject of leadership and leadership practices. However, numerous publications deal with other topics besides Buddhism, Christianity, valuesbased perspectives, and leadership for those who are interested in other subjects within the field of business spirituality.

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Besides Buddhism and Christianity, Bouckaert and Zsolnai (2011a) in the Palgrave Handbook of Spirituality and Business introduce Indian management practices (Mukherjee 2011), the corresponding teachings of Confucianism and Taoism (Allinson 2011b), Budo philosophy (Oosterling 2011), Jewish ethical perspectives on economic issues (Pava 2011), Islamic economics (Khan 2011), and Bahá’í perspectives on business (Lips-Wiersma 2011). There are further papers in the Palgrave Handbook which are devoted to the socioeconomic problems of economic crisis, globalization, climate change, sustainability, future generations and civil economy, and their relationship with business spirituality. Besides some working models of business spirituality, the volume introduces the conceptions of various leaderships; for instance, spiritual-based leadership, deep leadership, and transformational management. Furthermore, the subjects of mindfulness, corporate conscience, and the common good are also discussed. Although Neal (2013a) in the Handbook of Faith and Spirituality in the Workplace: Emerging Research and Practice uses the expression “faith at work,” she also explores the various religious perspectives of business spirituality. As discussed earlier in this chapter, these concepts (e.g., faith at work and business spirituality) are often synonyms. Besides various Christian approaches, the handbook introduces a Jewish perspective on spirituality in the workplace (Lurie 2013), the implications of the Islamic faith for business management (Al Arkoubi 2013), a Bahá’í perspective on the nature and purpose of work (Lips-Wiersma 2013), the influence of Yoga practice on work (Greene 2013), ways of managing and leading from a Maori perspective (Spiller and Stockdale 2013), the influence of Australian indigenous spirituality at work (Miley and Read 2013), and the influence of other Eastern and Western indigenous traditions on business spirituality (Pio et al. 2013). Furthermore, one of the parts of the handbook is devoted to integrating scholarship and the practice of business spirituality. The handbook also has a part in which an assessment of faith and spirituality at work is included and introduces various measures of business spirituality such as “the spirit at work scale,” “the integration box,” and the “faith at work scale.” The Palgrave Handbook of Workplace Spirituality and Fulfillment , edited by Gary E. Roberts and Joanna Elizabeth Crossman (2018), contains papers that deal with the approach to business of particular spiritual traditions. Ashish Pandey and Ajinkya V. Navare (2018) summarize the ideas of the Yoga tradition in their paper “Paths of Yoga:

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Perspective for Workplace Spirituality.” Anil K. Maheshwari and Rakesh Kumar Gupta (2018) introduce Vedic leadership as a form of valuesbased leadership in their paper “Vedic Leadership: Theory and Practice of Operating from Natural Law.” Besides introducing specific spiritual traditions, the book devotes space to other subjects related to business spirituality. In a paper entitled “Workplace Spirituality and Creativity” Anthony A. Olalere (2018), for instance, introduces the relationship of spirituality and creativity in the workplace. Furthermore, a whole section of the handbook, containing three papers, is devoted to the subject of mindfulness at work. Moreover, eight papers about contemporary approaches to servant leadership are included in a separate part of the book. Another part of the handbook introduces the various forms of leadership that stem from specific spiritual traditions (for instance, awakened leadership, positive leadership, inclusive leadership, spiritual leadership, and liberation management). The subjects of interconnectedness and community-building are also awarded a central place in the discussion in a separate part of the book that includes four papers. Besides these handbooks, the edited volume of Satinder Dhiman and A. D. Amar (2019), Managing by the Bhagavad G¯ıt¯ a —Timeless Lessons for Today’s Managers, is worthy of note as it includes 15 papers that summarize the most important ideas from the Bhagavad G¯ıt¯a, one of the most influential sources of Indian spirituality, that can be applied in business. 3.4.10

Spirituality as a Part of Progressive Capitalism

The goal of spirituality is not the cultivation of material wealth, but inner, human development. Hence, in the light of spirituality the purpose of business is not to make a profit, but to promote the self-realization of the people who are involved (Zsolnai 2011). Despite this, spirituality is not necessarily at odds with profitability. Spirituality is not only a necessary precondition for genuine ethical behavior, but, as Benefiel (2005) and Mitroff and Denton (1999) claim, it may create a competitive advantage, since organizations with a spiritual value orientation can pursue aims and realize goals that ordinary business organizations cannot. Spirituality can contribute to a paradigm shift in business in which spirituality cannot be asked to prove its credentials before the tribunal of economic growth, enterprise bottom line, shareholder value and the like.

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Rather, it is technology, economics, business and their cohorts, which have to pass the test of spirituality. (Chakraborty 2011, p. 46)

To put it another way, business practices can be embedded in a more integrated spiritual way of life. Bouckaert (2011b) argues that realizing spirituality in business requires a new understanding: business must be subservient to spirituality, not the other way around. Spirituality in business opens up distance from the pressures of the market and the routines of business-as-usual. This distance is a necessary condition for developing innovative ethical ideas and practices, and for resolving the paradox of ethics management. Spirituality-inspired management practices focus on promoting the well-being of stakeholders instead of maximizing shareholder value. Thus, a spiritual value orientation in business can contribute to effectuating progressive capitalism, which is introduced by Joseph E. Stiglitz (2019) in a book entitled People, Power, and Profits: Progressive Capitalism for an Age of Discontent.

References Al Arkoubi, K. (2013). The Islamic Faith: Implications for Business Management. In J. Neal (Ed.), Handbook of Faith and Spirituality in the Workplace (pp. 103–118). New York, NY: Springer. https://doi.org/10.1007/978-14614-5233-1_7. Allinson, R. (2011a). The Ethical Producer. In L. Zsolnai (Ed.), Spirituality and Ethics in Management (Vol. 19, pp. 53–73). Dordrecht: Springer Netherlands. https://doi.org/10.1007/978-94-007-1153-2_4. Allinson, R. (2011b). Confucianism and Taoism. In L. Bouckaert & L. Zsolnai (Eds.), The Palgrave Handbook of Spirituality and Business (pp. 95– 102). Houndmills: Palgrave Macmillan. https://doi.org/10.1057/978023 0321458. Ashmos, D. P., & Duchon, D. (2000). Spirituality at Work: A Conceptualization and Measure. Journal of Management Inquiry, 9(2), 134–145. https://doi. org/10.1177/105649260092008. Atkinson, A. B. (2009). Economics as a Moral Science. Economica, 76, 791–804. https://doi.org/10.1111/j.1468-0335.2009.00788.x. Balog, A. M., Baker, L. T., & Walker, A. G. (2014). Religiosity and Spirituality in Entrepreneurship: A Review and Research Agenda. Journal of Management, Spirituality & Religion, 11(2), 159–186. https://doi.org/10.1080/ 14766086.2013.836127.

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Benefiel, M. (2005). The Second Half of the Journey: Spiritual Leadership for Organizational Transformation. The Leadership Quarterly, 16(5), 723–747. https://doi.org/10.1016/j.leaqua.2005.07.005. Bouckaert, L. (2007). Spirituality in Economics. In L. Bouckaert & L. Zsolnai (Eds.), Spirituality as a Public Good (pp. 11–24). Antwerpen: Garant. Bouckaert, L. (2010). From Business Ethics to Business Spirituality: The Socratic Model of Leadership. In S. S. Nandram & M. E. Borden (Eds.), Spirituality and Business (pp. 73–85). Berlin, Heidelberg: Springer Berlin Heidelberg. https://doi.org/10.1007/978-3-642-02661-4_6. Bouckaert, L. (2011a). Spirituality and Economic Democracy. In L. Zsolnai (Ed.), Spirituality and Ethics in Management (Vol. 19, pp. 41–49). Dordrecht: Springer Netherlands. https://doi.org/10.1007/978-94-0071153-2_3. Bouckaert, L. (2011b). Spirituality and Rationality. In L. Bouckaert & L. Zsolnai (Eds.), The Palgrave Handbook of Spirituality and Business (pp. 18– 25). Houndmills: Palgrave Macmillan. https://doi.org/10.1057/978023032 1458. Bouckaert, L. (2016). Why Do We Need a Spiritual-Based Theory of Leadership? In M. Chatterji & L. Zsolnai (Eds.), Ethical Leadership (pp. 17–33). London, UK: Palgrave Macmillan. https://doi.org/10.1057/978-1-137-60194-0_2. Bouckaert, L., & Zsolnai, L. (2007). Preface. In L. Bouckaert & L. Zsolnai (Eds.), Spirituality as a Public Good (pp. 7–9). Antwerpen: Garant. Bouckaert, L., & Zsolnai, L. (Eds.). (2011a). The Palgrave Handbook of Spirituality and Business. Basingstoke: Palgrave Macmillan. https://doi.org/10. 1057/9780230321458. Bouckaert, L., & Zsolnai, L. (2011b). Spirituality and Business. In L. Bouckaert & L. Zsolnai (Eds.), The Palgrave Handbook of Spirituality and Business (pp. 3–8). Houndmills: Palgrave Macmillan. https://doi.org/10.1057/978 0230321458. Calkins, M. S. J. (2000). Recovering Religion’s Prophetic Voice for Business Ethics. Journal of Business Ethics, 23(4), 339–352. https://doi.org/10.1023/ A:1005989824688. Cavanagh, G. F. (1999). Spirituality for Managers: Context and Critique. Journal of Organizational Change Management, 12(3), 186–199. https://doi.org/ 10.1108/09534819910273793. Cavanagh, G. F., & Hazen, M. A. (2008). Sustainability, Spirituality, and Discernment or Discernment Upholds Sustainability. In J. Biberman & L. Tischler (Eds.), Spirituality in Business (pp. 35–50). New York, NY: Palgrave Macmillan. https://doi.org/10.1057/9780230611887. Chakraborty, S. K. (2011). Spirit-Centered, Rajashi Leadership. In L. Zsolnai (Ed.), Spirituality and Ethics in Management (Vol. 19, pp. 23–39).

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CHAPTER 4

Buddhist Values in Business

This chapter summarizes the relevant set of Buddhist values for business. In doing so, it analyzes the conceptions of Buddhist economics, focusing primarily on business and entrepreneurship. This is preceded by a short introduction to the corresponding Buddhist teachings in order to orient the reader of the book toward Buddhism and Buddhist economics. The sources of Buddhist teachings are primarily the holy scriptures of early Buddhism, the texts of the P¯ali Canon, which are referred to in this chapter by their numerical designations and numberings. The relevant set of Buddhist values for business is summarized in line with the introduction to the conceptions of Buddhist economics. As no official Buddhist leader or institution offers an integrated theory of Buddhist economics, these values are summarized through an analysis of the most influential pieces of work of economists and Buddhist practitioners who have contributed to the development of the subject. The relevant set of Buddhist values for business is highlighted with italics in the text. For clarification purposes, their original P¯ali denominations (where applicable) with the corresponding diacritical marks are included in round brackets after their first appearance in the text (similarly to other important Buddhist terms and names). Matthieu Ricard and Wolf Singer (2017) argue in their book Beyond the Self: Conversations Between Buddhism and Neuroscience that Buddhism is not a religion, but rather a science of the mind, while it shares with © The Author(s) 2020 G. Kovács, The Value Orientations of Buddhist and Christian Entrepreneurs, Studies in Buddhist Economics, Management, and Policy, https://doi.org/10.1007/978-3-030-46703-6_4

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the sciences the ability to examine the mind empirically. Furthermore, Buddhism can hardly be seen as a religion in the conventional Western sense because it is not based on the notion of a creator, and therefore does not require an act of faith. Despite this, Buddhism possesses the basic characteristics of the spiritual traditions as it aims to foster inner freedom and the cultivation of virtues and various spiritual values such as compassion, generosity, mindfulness, and wisdom. Nevertheless, the fact that Buddhism has some scientific characteristics makes its dialogue with science (e.g., economics) less complicated. Buddhism is an extremely diverse spiritual tradition. In their book, Buddhist Religions: A Historical Introduction, Richard H. Robinson et al. (2005) argue that the diversity of Buddhist traditions, schools, and practices makes the search for an ideal type of Buddhism impossible. This has led many scholars to define Buddhism simply as that which anyone who calls themselves a Buddhist does and believes. However, this approach, they argue, implicitly denigrates some forms of Buddhism as partial or incomplete. The authors suggest that the term “Buddhism” describes a family of religions, each with its own integrity, incorporating various degrees of institutionalization, various sources of inspirations (for instance, textual sources or iconography), different emphasis on the figure of the Buddha, and different views about the goal of practice (the extent of the emphasis on suffering, on happiness, or on enlightenment), and means of practice (the extent of meditation, virtue, and wisdom). Historical events, influential Buddhist teachers, and many other factors have played a significant role in the separation of three Buddhist religions. Robinson et al. (2005) delineate these religions as: (i) Therav¯ada Buddhism, centered around the P¯ali Canon; (ii) East Asian Buddhism, centered around the Chinese Canon; and (iii) Tibetan Buddhism, centered around the Tibetan Canon. Each of the three religions is dominated by one of the three vehicles of Buddhism: (i) Therav¯ada by Hinay¯ana, or the Small Vehicle; (ii) East Asian Buddhism by the Mah¯ay¯ana, or the Great Vehicle; and (iii) Tibetan Buddhism by Vajray¯ana, or the Adamantine Vehicle. The authors draw attention to the fact that all three vehicles of Buddhism contain elements from the other two. However, the dominant vehicle in each case provides the framework that assigns meaning to the elements that vary drastically from one tradition to another. The fact that it is more reasonable to talk about “Buddhisms” than Buddhism influences not only religious dialogue and arguments, but

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the way one approaches the subject of economics and unfolds Buddhist economics. The following part of the book introduces various conceptions of Buddhist economics, each of which is built on one of the frameworks of the three Buddhist religions. Although Robinson et al. (2005) argue that it would be a mistake to equate these religions with their dominant vehicle, for the sake of simplicity this book refers to one of these three vehicles as a reference point for classifying the approach of each corresponding conception of Buddhist economics. A variety of foundations serve as the basis of the three Buddhist traditions. Although this chapter strives to provide an overview of as many of the approaches to Buddhist economics as possible and provides an insight into the plurality of Buddhist economics, the starting points of the argumentation are the basic teachings of the historical Buddha, which can be found mostly in Therav¯ada Buddhism and in its sacred texts collected in the P¯ali Canon. Nevertheless, the chapter also introduces the teachings of Mah¯ay¯ana Buddhism that are necessary for understanding the various approaches to Buddhist economics.

4.1

The Relevant Teachings of Buddhism

There is no consensus about the precise date, but the Buddha is said to have lived in around the fifth century BCE (Gethin 2010). The word buddha is an honorific title which means “awakened one” or “enlightened one.” Buddhism is a spiritual tradition, a family of religions that incorporates the realization of enlightenment which is a cognitive transformational experience. According to the canonical accounts, Gotama Sidhattha, the historical Buddha, reached a state of perfect enlightenment at the age of 35 and proclaimed his teachings, the Buddha Dhamma, in various places in India as a wandering monk for around 45 years until he passed away (Harvey 2000; ѯan.amoli 2001; Skilton 2000). 4.1.1

The “Three Marks” of Existence

The biographical texts from the P¯ali Canon report that Gotama Sidhattha left his worldly life because his encounter with impermanence made such a deep impression on him. After encountering an old, a sick, and a dead man he left his home and became a wanderer, searching for inner peace. He devoted his life to understanding the fact of impermanence (anicca) which is inherent to all phenomenal existence. According to

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the Buddha Dhamma, impermanence is the first mark of existence and implies the transience of every phenomenon. It is the basis of the other two marks of existence, which are suffering (dukkha), and non-self or selflessness (anatt¯ a ). Walpola R¯ahula (1974) and Bhikkhu ѯan.amoli (2001) emphasize that perceiving and understanding impermanence is a necessary condition of understanding the latter correctly and seeing things as they really are. During the night of his enlightenment, the Buddha discovered the truth of suffering (dukkha) which is the second mark of existence. Walpola R¯ahula (1974) emphasizes that the word “dukkha” in its ordinary usage might mean suffering, pain, sorrow, or misery, but as it is used in the Buddha Dhamma it also connotes far deeper ideas such as imperfection, inadequacy, unsatisfactoriness, dissatisfaction, and discontent. As the Buddha confessed many times, his teaching focuses on suffering and on the cessation of suffering: “I teach only two things, the fact of suffering and the possibility of escape from suffering” (MN 22; SN 22.86; SN 56.11). Various events that accompany life—birth, aging, sickness, and death—are painful and accompanied by suffering. Furthermore, suffering originates from being together with the undesired and being separated from loved ones. It is also engendered when one’s desires are not fulfilled. Thus, being born as a human can in itself be an occasion for the arising of suffering, as the manifestation of illness, old age, and death are unavoidable. However, most of the suffering that we experience seems to depend on our own disposition and mental states (Dhiman and Kriger 2018). The ultimate goal of Buddhism is to put an end to the suffering that is part of everyone’s life (SN 56.11). Damien Keown (2013) draws attention to the fact that although the formulation here is negative, the goal of Buddhism also has a positive side, as one puts an end to suffering by fulfilling the human potential for goodness. During the night of his enlightenment, the Buddha dug deep into the cause of suffering, ultimately discovering and understanding its causes. Suffering arises because of our craving (tanh¯ a ) for sensual pleasures, for being, or for annihilation. Craving for being eventuates the illusion of the existence of a “separate self.” Richard F. Gombrich (2006) notes that it was this special discovery of the Buddha which led to the assertion that an erroneous and illusory belief in a separate self is one of the root causes of suffering. Buddhism’s special ontological conception of anatt¯a, which means nonself, selflessness, or egolessness, is the direct consequence of the first two marks of existence, impermanence and suffering. It means denying the

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existence of the permanent, unchanging essence of sentient beings. Nonself is the third mark of existence that sharply distinguishes Buddhism from other spiritual traditions. Underscoring its seminal importance, Ny¯anatiloka Mah¯athera (2009) emphasizes that without non-self, there is no Buddhism. Furthermore, without having understood and experienced non-self, no real progress is possible in the practice of Buddhism. Non-self is not only a presupposition or a theoretical axiom of being, but an empirical state that can be experienced through Buddhist meditation. This practice allows the direct experience of impermanence or ongoing change which pervades every phenomenon. Moving away from the concept of the individual leads the practitioner to experience interconnectedness, and interdependence; that is, the fact that each phenomenon exists only in relationship to another one (R¯ahula 1974). Experiencing interconnectedness and interdependence contributes to engagement with compassion because all sentient beings (including animals) share the characteristics of suffering. Based on their mental capacity, humans have the greatest opportunity for spiritual development, but this does not make them superior to other beings. On the contrary, it creates an opportunity to deepen compassion toward them. 4.1.2

The Four True Realities for the Spiritually Ennobled

The central doctrine of the Buddha Dhamma is The Four True Realities for the Spiritually Ennobled (catt¯ ari ariya sacc¯ ani), which is known generally as The Four Noble Truths. However, Peter Harvey (2013) in the second edition of a book entitled An Introduction to Buddhism: Teachings, History and Practices, argues that this is the least likely of the possible meanings of the term, and recommends using the word “reality” instead of “truth,” and construing the expression in a way that “noble” is a possessive attribute. Harvey argues furthermore that the correct identification of the four Realities and obtaining deep insight into their nature is what makes a person spiritually ennobled. In line with this argumentation, instead of Noble Truths the expression True Realities will be used in this book. The Four True Realities for the Spiritually Ennobled is articulated in the first sermon of the Buddha (SN 56.11) and forms the structural framework for all higher teachings in the Buddha Dhamma, and early Buddhism. This is the heart of the Buddha’s teachings. The First True

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Reality describes suffering similarly to the first mark of existence. It enunciates that life’s many concomitant phenomena (birth, aging, sickness, death, and being together with the undesired, being separated from loved ones, and when one’s desires are not fulfilled) are inadequate, unsatisfactory, and can be occasions for the arising of the experience of suffering. The Second True Reality depicts the origin of suffering, which is a general human characteristic: an ignorance-led, unchecked craving for the ephemeral phenomena of the impermanent world. Aging, for example, is an inherent characteristic of life, and results in suffering only when one is attached to or craves youth. The Third True Reality declares that suffering can be ceased by the elimination of craving and all other attachments. When craving and other related causes come to an end, suffering ceases, and Nibb¯ ana (Sanskrit: Nirv¯ ana) is reached. The word Nibb¯ana literally means “extinction,” being the same word used for the extinction of fire. Nibb¯ana is the ultimate goal of Buddhism and can only be attained by total nonattachment and letting go. The Fourth True Reality enunciates the path to the cessation of suffering that is the Noble Eightfold Path (ariya at..thangika ˙ magga), which is often referred to as the Middle Way (majjhim¯ a pat.ipad¯ a ) (Batchelor 1994; Collins 2010; Harvey 2013; R¯ahula 1974; SN 56.11). 4.1.3

The Noble Eightfold Path

Bhikkhu Bodhi (2000), in a book entitled The Noble Eightfold Path: Way to the End of Suffering, confirms that The Four True Realities for the Spiritually Ennobled is the essence of Buddhism of which the Noble Eightfold Path is an integral part. Bhikkhu Bodhi argues that the True Realities lay the foundation for understanding, while the Eightfold Path focuses more on the practice. The Noble Eightfold Path or the Middle Way may thus be seen as a “lifestyle guide” that was basically taught to monks and spiritual seekers. It avoids the two extremes: asceticism on the one hand, and hedonism on the other. Right behavior and right lifestyle lead to the cessation of suffering. The eight components of the Noble Eightfold Path are: (i) Right View; (ii) Right Intention or Right Resolve; (iii) Right Speech; (iv) Right Action; (v) Right Livelihood or Right Living; (vi) Right Effort; (vii) Right Attention or Right Mindfulness; and (viii) Right Concentration or Right Awareness (Bodhi 2000; Harvey 2013; R¯ahula 1974; SN 56.11).

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The components of the Noble Eightfold Path can be grouped into three sections. The first is wisdom (paññ¯ a ), which includes (i) Right View, and (ii) Right Intention or Right Resolve. As Harvey (2013) explains, Right View is the direct insight into the True Realities, and Right Resolve is the focused mental application of Right View. The second section of the Path comprises virtues (s¯ıl¯ a ), which include (iii) Right Speech, (iv) Right Action, and (v) Right Livelihood or Right Living. Right Speech entails abstaining from false speech. Right Action means abstaining from onslaught on sentient beings, taking what is not given, and wrong conduct with regard to sensual pleasures. Right Livelihood or Right Living means making one’s living in such a way as to avoid causing suffering to other sentient beings (including animals). The third section of the Path is spiritual practice (sam¯ adhi) which refers to meditative cultivation, and includes (vi) Right Effort, (vii) Right Attention or Right Mindfulness, and (viii) Right Concentration or Right Awareness. Right Effort means avoiding the arising of unwholesome mental states and maintaining wholesome mental states. Right Attention or Right Mindfulness and Right Concentration or Right Awareness all pertain to the practice of Buddhist meditation. The structure of the Noble Eightfold Path is highlighted in Table 4.1. The three sections of wisdom, virtue, and spiritual practice are three synergistic characteristics that are often referred to as the “three trainings” or the “threefold training” (sikkh¯ a ). Keown (2013) argues that although virtue is only one section of the Path, leading a moral life is an essential part of Buddhism and needs to be supported by wisdom, which means a profound philosophical understanding of the human Table 4.1

The Noble Eightfold Path

No.

Components of the Noble Eightfold Path

1. 2. 3. 4. 5. 6. 7. 8.

Right Right Right Right Right Right Right Right

View Intention/Right Resolve Speech Action Livelihood/Right Living Effort Attention/Right Mindfulness Concentration/Right Awareness

Source Author’s construction

Sections of the Noble Eightfold Path Wisdom Virtue

Spiritual practice

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condition. The Buddhist lifestyle aims to improve the three synergistic abilities to perfection through ongoing practice. Influenced and inspired by good examples, a person’s first commitment will be to develop virtue, a generous and self-controlled way of life for the benefit of self and others. With virtue as the indispensable basis for further progress, some meditation may be attempted as a virtuous livelihood creates the requisite background tranquility for meditation. This will lead to the mind becoming calmer, stronger, and clearer, allowing experiential understanding, thus deepens wisdom and increases spiritual insight. From this, virtue is strengthened, becoming a basis for further progress in meditation and wisdom. In this process of development, the three sections of the Path support one another and interact to form a virtuous spiral toward enlightenment and the cessation of suffering (Harvey 2000, 2013; DN 16). Thus, the cessation of suffering, which is called liberation (vimutti), is a fusion of virtue, wisdom, and spiritual practice. The way to liberation is highlighted in Fig. 4.1.

Spiritual practice

Wisdom

Liberation

Virtue

Fig. 4.1 The way to liberation (Source Author’s construction)

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The Five Precepts and Their Corresponding Virtues

The notion of “rightness” (samm¯ a ) from the Noble Eightfold Path is the guiding principle behind the Five Precepts that designate for Buddhists what to avoid and with what to associate themselves. Although each of them is expressed using negative wording as a form of abstention, each also has its own positive counterpart. The Five Precepts are mandatory for monks and nuns, as well as for lay Buddhist followers. Following them constitutes the fundamental basis for the Buddhist livelihood. The Five Precepts are (i) refraining from doing harm, but associating oneself with compassion and loving-kindness; (ii) refraining from taking what is not given, but associating oneself with practicing generosity; (iii) refraining from sexual misconduct, but associating oneself with devout conduct, fewness-of-wishes, and contentment; (iv) refraining from false speech, but associating oneself with the truth and the seeking of truth; and (v) refraining from taking intoxicants, but associating oneself with the ongoing practice of mindfulness and clear awareness (Harvey 2000; Keown 2005). The five Buddhist precepts with their corresponding virtues are summarized in Table 4.2. Table 4.2 Buddhist precepts and their corresponding virtues Buddhist precepts: abstain from… …onslaught on sentient beings (nonviolence) …taking what is not given …misconduct concerning sense-pleasures …false speech …taking intoxicants

Corresponding virtues for practice Loving-kindness and compassion Generosity Contentment Seeking the truth Mindfulness

Source Author’s construction

4.1.5

Interdependence and Interconnectedness

The emergence of Mah¯ay¯ana Buddhism is the consequence of a shift in emphasis in Buddhism from personal liberation toward the responsibility to help others to reach enlightenment, and took place around the first century BCE. One of the most important differences between Therav¯ada and Mah¯ay¯ana is that the former asserts that only monks and nuns can reach enlightenment and cease suffering, while Mah¯ay¯ana asserts that laypeople are also able to realize these goals. Mah¯ay¯ana resulted

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in a new, ideal type of Buddhist practitioner, the bodhisattva, who is a being-for-enlightenment who dedicates their life to attaining enlightenment through the task of compassionately helping other sentient beings to attain enlightenment (Keown 2013). The bodhisattva path is practiced by accomplishing ten perfections, while the bodhisattva practices a series of meditations that are used to arouse the four divine abidings (catt¯ ari brahmavih¯ ar¯ a ), which are (i) loving-kindness (mett¯ a ), (ii) compassion (karun.¯ a ), (iii) empathetic joy (mudit¯ a ), and (iv) equanimity (upekkh¯ a) (Harvey 2000, 2013). Assuming the lack of a stable, non-changing self, the Buddha promulgated the teaching of dependent origination (pat.iccasamupp¯ ada). Dependent origination suggests that every phenomenon exists only in relationship to other phenomena in a chain of causes and effects according to the logic that “with the arising of this, that also arises.” Dependent origination stems from the conception of non-self, and describes the fact of conditionality (Harvey 2000, 2013). The leading scholars of the Huayan School of Mah¯ay¯ana Buddhism in China elaborated the concept of dependent origination further by extending its background logic and introduced the concepts of interconnectedness and interdependence. As Harvey (2013) emphasizes, at the heart of this insight is the notion of “interpenetration” that asserts that all phenomena interpenetrate each other through their deep interdependence. This theory grew out of the notion of dependent origination, based on non-self, and asserts that things are what they are because of their relationship to other things in a web of interdependence. The most influential scripture of the Huayan School is the “Flower Garland Sutra” (Sanskrit: Avatam . saka S¯ utra), which uses a picture of Indra’s net to depict the world. Indra’s net consists of jewels extending in all directions infinitely, reflecting each other ad infinitum. Thus, within each jewel the whole net is reflected, and any bit of the universe shows what the universe as a whole is; for all are interdependent (Harvey 2013). Nevertheless, David L. McMahan (2008) warns in a book entitled The Making of Buddhist Modernism that the early concept of dependent origination cannot fully account for the contemporary concept of Buddhist interconnectedness and its implications. The Mah¯ay¯ana teaching about the ideal of the bodhisattva who remains in the cycle of rebirths (sam ara) until all beings are saved contributed to a shift in the interpre. s¯ tation of dependent origination to interdependence. In some ways, the early view of dependent origination appears to be quite contrary to the

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contemporary interpretation of interconnectedness or interdependence. Interdependence in this iteration assumes a significance nearly opposite to that of the early P¯ali account of dependent origination. Far from a chain of causes and effects, today’s interdependence implies a sacred matrix of mutual communality and coparticipation; the extended body of all beings. As a result of the emergence of Mah¯ay¯ana Buddhism, from a philosophical approach the concepts of interconnectedness and interdependence, and from a practical approach the practice of compassion became the crucial elements of the tradition that became predominant mostly in China, Korea, and Japan in the middle ages (Keown 2013).

4.2

The Conceptions of Buddhist Economics

Early Buddhism was basically a monastic spiritual tradition, concerned with teachings mostly for Buddhist monks and nuns and spiritual seekers. Although the three marks of existence describe a universal truth, the other parts of the above-discussed Buddha Dhamma, including The Four True Realities for the Spiritually Ennobled and the Noble Eightfold Path, related to those people who had left their homes in order to join the Buddhist monastic order to eliminate suffering. McMahan (2008) argues that these teachings have become the elements of a genuine new form of Buddhism that is the result of a process of modernization, Westernization, reinterpretation, or reform that has been taking place not only in the West but also in Asian countries for over a century. As a result of this modernization, the basic teachings of the Buddha have been reinterpreted, and their scope extended beyond the monastic order to the laity. Thus, for instance, the Noble Eightfold Path has become more than regulations for monks and nuns, becoming a guiding principle for the lives of Buddhist lay followers. Furthermore, as Satinder Dhiman and Mark P. Kriger (2018) emphasize, it has become one of the most accessible of all Buddhist teachings and practices conducive to business spirituality and Buddhist economics. The birth of Buddhist economics can be dated to the late 1960s. This was an era of humankind when people believed in excessive economic growth. The economies of the developed world’s countries soared: largescale agricultural techniques and mechanized industries enabled increases in yields and output. Based on the logic of mainstream economics, people believed that they were able to alter and dominate the natural environment freely without negative consequences. Nevertheless, there were a

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few economists who did not share this view. One of the most influential of them was Ernst Friedrich Schumacher (1911–1977), a German-born British economist who had worked for the UK National Coal Board as the chief economic adviser in the 1950s, but who was also a writer, an economic thinker, and a modern philosopher. Schumacher worked in Burma as a consultant, where he undertook personal explorations of Buddhism that had a profound impact on his career after his return to Britain in the early 1960s (King 2016). Buddhism had a great influence not only on his economic career but also on shaping his philosophy. Schumacher’s complex worldview was articulated in a book entitled A Guide for the Perplexed (2015) which is a critique of modern materialistic utilitarianism. He was a Christian, but his worldview has significant similarities to the Buddhist worldview. He ascertained in a book entitled Good Work (1979) that the main driving force of industrial society is an evil characteristic involving the incessant stimulation of greed, envy, and avarice which results in an ever-growing craving for sensual pleasures, with all the inherent dangers. Unless there are conscious efforts to the contrary, wants will always increase more rapidly than the ability to meet them (Schumacher 1979)—this idea is also the central claim of Buddhism as elaborated in The Four True Realities of the Spiritually Ennobled. Furthermore, Schumacher awarded fundamental importance to nonviolence, not only in his philosophy but also in framing his conceptions about economics (Schumacher 1975, 1979). 4.2.1

The Birth of Buddhist Economics

Shortly after his homecoming, Schumacher began conceiving of a heterodox conception of economics. He regarded Western economics as the product of a materialistic utilitarianism which plays a central role in modern society and pervades every aspect of life. Schumacher warned against the risk of allowing economics to decide whether something is worth living: …it supplies the criteria of what is “economic” and what is “uneconomic,” and there is no other set of criteria that exercises a greater influence over the actions of individuals and groups… In the current vocabulary of condemnation there are few words as final and conclusive as the word “uneconomic.” If an activity has been branded as uneconomic, its right to existence is not merely questioned but energetically denied… And

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the answer to this question cannot be in doubt: something is uneconomic when it fails to earn an adequate profit in terms of money. (1975, pp. 23–24)

Schumacher (1975) traced this phenomenon by which economics measures life back to a “metaphysical blindness.” He claimed that Western economics was suffering disastrously from metaphysical blindness due to the assumption that it was a science of absolute and invariable truths, without any presuppositions. His efforts to construe a heterodox economics were aimed at endowing the discipline with the lacking metaphysical background. Thus, he turned toward the spiritual tradition of Buddhism to create the metaphysical foundation of economics in particular, and Western materialism in general. An influential essay was “Buddhist Economics,” which remained little known until its publication in 1975 in a book entitled Small Is Beautiful: Economics as if People Mattered (King 2016). The notion of Buddhist economics was coined in the late 1960s. Schumacher made the statement most evidently connecting the basic teachings of Buddhism with the secular discipline of economics: “‘Right Livelihood’ is one of the requirements of the Buddha’s Noble Eightfold Path. It is clear, therefore, that there must be such a thing as Buddhist economics” (1975, p. 32). Right Livelihood was for Schumacher the principal site of the Buddha’s economic message (King 2016) which has two direct implications: (i) it is not only economics that determines a Buddhist lifestyle according to the Middle Way, but there are seven more factors that do; and (ii) by referring to Right Livelihood he connected economics to the section of virtue of the Noble Eightfold Path. Schumacher was fully aware of the fact that by approaching economics from the perspective of virtues he could have chosen almost any religious tradition, as most of them award importance to the same spiritually inspired virtues: “The choice of Buddhism for this purpose is purely incidental; the teachings of Christianity, Islam, or Judaism could have been used just as well as those of any other of the great Eastern traditions” (1975, p. 32). 4.2.2

Small Is Beautiful—Schumacher’s Concepts of Buddhist Economics

Ernst Friedrich Schumacher’s notion of Buddhist economics encompasses four major areas: (i) the role and content of work, and the application

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of human-scale technologies; (ii) the main characteristics of Buddhist economics, and the importance of decentralization; (iii) man’s place in nature and the role of compassion; and (iv) the importance of renewable resources and the sustainable use of natural capital. Schumacher first examined the role and the content of work. He identified its threefold functions, which are “to give a man a chance to utilise and develop his faculties; to enable him to overcome his egocentredness by joining with other people in a common task; and to bring forth the goods and services needed for a becoming existence” (1975, p. 33). Schumacher’s (1975, 2015) economic philosophy thus awards centrality to the value of selflessness (anatt¯ a ) which is the third mark of existence in the basic teachings of the Buddha. In economics, selflessness means that in comprehending non-self, people do not follow their own selfinterest but willingly work together. Selflessness in business contributes to cooperation instead of competition. Based on the threefold function of work, two types of mechanization can be distinguished: (i) one that helps humans to improve their skills and power; and (ii) one that makes humans mechanical slaves (Schumacher 1975). In this spirit, Schumacher urged humankind to apply human-scale, intermediate technologies that enable work to fulfill its threefold functions. Second, Schumacher (1975) defined the main characteristics of Buddhist economics, which are simplicity (ekavidha) and nonviolence (ahim a ). In his understanding, simplicity implies that people want less . s¯ and consume fewer of the scarce resources of the environment in line with their own decisions. Simplicity is thus chosen and is not identical to the poverty of deprivation in which people have not got enough to sustain themselves (Fenn 1996). It is synonymous with self-restriction, chosen poverty, and frugality. It means low material consumption, a simple lifestyle, and the openness of the mind to spiritual goods (Bouckaert et al. 2011). Schumacher articulated an idea that very much coincides with the Buddha’s words: “[not wealth] stands in the way of liberation but the attachment to wealth; not the enjoyment of pleasurable things but the craving for them” (1975, p. 35). The other characteristic of Buddhist economics is nonviolence, which is the first precept not only for Buddhist monastics, but also for laypeople. It encompasses the concept that harming sentient beings that can suffer is not allowed. Simplicity and nonviolence appear in economics mostly in the form of localization or

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decentralization, which suggests “production from local resources for local needs” (Schumacher 1975, pp. 36–37). Third, Schumacher (1975) emphasized that Buddhism does not accept humans’ superiority over other species and the environment; rather, it proposes behavior involving responsibility and compassion (karun.¯ a) toward every sentient being, which determines economic action. Richard Reilly (2006), in a paper entitled “Compassion as Justice,” argues that compassion means “suffering with” other beings that engenders sufficient concern for those beings’ overall good to motivate one to perform helpful actions. One is compassionate to the extent that one “suffers with” others. On the other hand, compassion is the positive aspect of the precept of nonviolence that prescribes its practice and the practice of loving-kindness toward sentient beings. Schumacher (1975) argued that realizing compassion in economics means implementing the spirit of “noblesse oblige.” Fourth, Schumacher was one of the first scholars to draw attention to the fact that modern economics did not “distinguish between renewable and non-renewable materials, as its very method is to equalise and quantify everything by means of a money price” (1975, pp. 37–38). He was thus ahead of his time as he recommended using renewable resources in production as much as possible, but also with the greatest care so as not to exploit and destroy them through overuse. Schumacher (1975, 2015) aimed to provide economics with the lacking metaphysical background. In fulfilling this task, he coined the term “Buddhist economics” by connecting economics to Right Livelihood, which is part of Buddhist virtues. Robert Aitken (1990) draws attention to the fact that Right Livelihood is basically expressed by prohibiting some occupations, rather than by providing a positive orientation for practitioners. Consequently, it permits a vast variety of interpretations of how Right Livelihood can be accomplished and what the possible applications of Buddhist economics could be. As Matthew King (2016) emphasizes in a paper entitled “Buddhist Economics: Scales of Value in Global Exchange,” Schumacher imagined an unsourced and ahistorical Buddhist economics that presented a “utopian other” in the discussion about economics. Never defining his idea, it remained a conveniently malleable concept. Nevertheless, he succeeded in framing the metaphysics of economics, although further elaborating what is Buddhist about Buddhist economics remained a task

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for his successors, who started to ground Schumacher’s general statements about Buddhism and the economy in specific ontological teachings, canonical sources, and the authority of the tradition. Thus, Schumacher’s intuitive idea of Buddhist economics inspired many Eastern and Western scholars and practitioners who further contributed to the development of Buddhist economics. 4.2.3

Research Tracks in the Field of Buddhist Economics

In a paper entitled “Is Buddhism like a Hamburger? Buddhism and the Market Economy in a Globalized World,” Lionel Obadia (2011) distinguished three models of Buddhist economics: (i) Buddhism and economy; (ii) Buddhist economics; and (iii) the economics of Buddhism. Work belonging to the first model investigates the relationship of ancient and modern Buddhism with commerce. It explores consumerist attitudes toward Buddhism, which include the sale of Buddhist-inspired artifacts (decorative or liturgical items, etc.) and services (meditation techniques, breath control, etc.), and constitute the “Dharma industry.” The second model is Buddhist economics, which is the Buddhist-inspired critique of the global economy promoted by Schumacher and his successors. This encompasses various Buddhist-inspired models of economic activities. The third model includes work in the field of the economics of Buddhism. This investigates the economic activities of Buddhist monasteries, and explores the need for Buddhism to rely upon the real economy for the survival and development of the community. This model also includes work that investigates the topics of the “advertising” strategies of spreading religions, the “economic-like” dynamics of religious organizations, and the organizational reshaping of religions in economic globalization. Clair Brown and Laszlo Zsolnai (2018) in their paper “Buddhist Economics: An Overview” make a sometimes-overlapping threefold distinction similar to that of Obadia’s (2011), but create a rather research-oriented categorization of the field of Buddhist economics. They distinguish three research tracks, but emphasize that the reflective-critical dialogue and interaction of these tracks could contribute to developing Buddhist economics. The three research tracks are: (i) the exegetical, (ii) the economics of Buddhism, and (iii) the constructivist. The exegetical research track aims to interpret the original sources of economics-related Buddhist teachings. Brown and Zsolnai (2018)

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draw attention to the fact that this research track has its own limitations as the economic problems of ancient times are very different from modern ones, and the most important current economic and business phenomena (e.g., corporations, high leverage finance, stock exchanges, etc.) cannot be meaningfully approached on the basis of the ancient economic teachings of the P¯ali Canon. The second research track, designated as the economics of Buddhism, studies how Buddhist societies and monastic organizations developed and applied economic working models. It includes, inter alia, work that introduces how monastics acquire the resources to support their monasteries in a way that is viewed as compatible with Buddhist ethics, and the integration of faith-based and financially related monastic needs of different countries in different eras. Within the third research track scholars aim to construct models, practices, and policies for today’s economies to increase their consistency with the basic teachings of Buddhism. This includes work about the individual, micro, macro, and global level of the economy. The main questions in the constructivist research track at these levels include the following: how can individual adherents of Buddhism behave in a market economy as consumers, workers, or investors; how can companies organize their activities according to Buddhist ethics and philosophy; what would an economy inspired by Buddhist values look like; and what are the guiding principles of Buddhist economic policies at the national and the global level? (Brown and Zsolnai 2018). The exploration of the development of Buddhist economics focuses mostly on the introduction of the most important work from the exegetical and the constructivist research tracks, as these include the relevant set of Buddhist values for business. In a paper entitled “The Reality and Diversity of Buddhist Economics” Wolfgang Drechsler (2019) also acknowledges that Buddhist economics in general does include a diversity of elements: it is human-centered, and involves small-scale, frugal economics. As economics is always an applied aspect of Buddhism, the tradition could change with its application, but all variants of Buddhist economics deserve legitimately the label “Buddhist” prima facie—as long as they do not completely pervert the original intention of the tradition. The following part of this chapter introduces the most influential work in the field of Buddhist economics in its diversity, divided into the four phases of its development.

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4.2.4

Exegetical Studies—Classic Pieces of Work in the Field of Buddhist Economics

Drechsler (2019) emphasizes that Buddhist economics is not primarily an exegetical study—something that emerges directly from the authoritative Buddhist texts—but, in accordance with Brown and Zsolnai’s (2018) constructivist approach, it is the result of a creative process by which it is constructed in line with the spirit and the values of Buddhism. Nevertheless, the first phase of the development of Buddhist economics witnessed the predominance of exegetical studies. These pieces of work are classified in this book as classic works. They were written mostly between Schumacher’s time and the end of the last century, but more importantly all of them refer back to the original teachings of the Buddha and encompass detailed analysis of the ancient canonical texts of Buddhism, the P¯ali Canon, to unfold the basic principles of Buddhist economics. Even so, these classic pieces of work or exegetical studies also serve as an important source of the relevant set of Buddhist values for business. Frederic Pryor published two articles about the Buddhist economic system, both of which explored the P¯ali Canon, to give an overview of the related economic principles and economic practices. The first paper “A Buddhist Economic System – in Principle” emphasizes that Buddhist economics is a relevant subject not only for Eastern Buddhist countries in which intellectuals have been reexamining their religion to obtain theological perspectives about certain social problems but also for Western scholars, who turn toward Buddhist ethics to describe their view of desirable economic policy (Pryor 1990). Pryor’s aim with his first paper was to explore the primary and secondary P¯ali canonical sources to set up an economic system based upon them. Nevertheless, Pryor declared that he did not want to draw conclusions for today’s modern economics. Thus, his first work involved historical retrospection about the economic and ethical teachings of the Buddha. Pryor’s second paper investigated more practical topics, but was still based on the author’s basic assumption that …the vagueness of the Buddhist canon on economic matters combined with its complexity and length allows room for quite different interpretations of an ideal economic system in modern times. (1991, p. 30)

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One of these different interpretations derived from Buddhist teachings is radiation theory, which is based on the principle of generosity (c¯ aga). Buddhism greatly values social harmony. According to the Buddhist teachings (DN 31), one of the foundations of social unity is generosity. This is the primary ethical practice which a Buddhist learns to develop. The practice of generosity aids inner development by reducing possessiveness, cultivating an openhearted and sensitive attitude toward others, and expressing nonattachment and renunciation (Harvey 2013); furthermore, it restructures our consciousness away from selfishness toward selflessness (Sivaraksa 2002). According to Pryor (1991), the bases of economic prosperity from the Buddhist point of view are the virtuous and generous actions of individuals which lead to a “radiation” that shines throughout society and moves the economy. This approach sharply contrasts with the notion of Adam Smith who asserted that economic prosperity may be achieved by following self-interest (Pryor 1991). Pryor (1991) furthermore emphasized the importance of moderation (mattaññut¯ a ) in investment, consumption, and production. He drew attention to the distinction between needs and wants in Buddhist livelihood and emphasized the importance of the satisfaction of the four requisites, which are deemed essential for living: (i) food, (ii) clothing, (iii) shelter, and (iv) medicine (Pryor 1991). In a paper entitled “Buddhist Economics: Demand and Decision Making” Glen Alexandrin (1988) argues that the key feature of Buddhism is enlightenment. Based on this assumption, he defines Buddhist economics as “that type of economics which stems from or keeps continuing the experience of enlightenment or that which provides a ground which sustains or contributes to enlightenment” (Alexandrin 1988, pp. 36–37). In this approach the essence of Buddhist economics is expressing the experience of enlightenment in economics. Buddhism provides the ethical ground through which economics may expand its own boundaries, including the normative, and thereby enter the area of meta-economics. Alexandrin’s (1988) paper further explores the decisionmaking process of Buddhist economics, and argues for a Buddhist style of decision-making instead of traditional economic decision-making. In doing this, Alexandrin explores the Buddhist elements (or “B-elements”) of decision-making. B-elements are found in the scriptures and encompass various Buddhist virtues and values. His macroeconomic decision-making model includes, inter alia, the values of mindfulness, compassion, and

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generosity, and demonstrates that Buddhist decision-making can lead to the more satisfactory performance of the economic system. In the second related paper, “Elements of Buddhist Economics,” Alexandrin (1993) argues that Buddhist economics is not a theory, but a guiding framework to be developed through experimentation. Five elements of Buddhist economics are determined: (i) the person; (ii) the economic operator; (iii) variables of economic actions; (iv) the worldview; and (v) economic behavior. According to the Buddhist approach, an economic actor is a being that is striving for enlightenment rather than “homo oeconomicus.” The economic operator is optimization rather than maximization. The values used to describe economic affairs are generosity, compassion, and mindfulness (sati) rather than profit or utility. The worldview employed by economics rests on impermanence rather than on the Euclidean perspective, and economic behavior implies cooperation rather than competition (Alexandrin 1993). The practice of mindfulness-meditation is central to Buddhism. Thich Nhat Hanh defines it as “keeping one’s consciousness alive to the present reality” (1996, p. 16). Sharda S. Nandram and Margot E. Borden (2011) explicate present reality in a more detailed way by defining mindfulness as a state of mind involving heightened, more detailed, and a more objective awareness of self, others, and life situations. The application of mindfulness-meditation has become prevailing in contemporary business. The technique is applied by many firms to enhance the efficiency of business activities regardless of their ethicality (Hafenbrack et al. 2014). This leads in many cases to negative consequences as business leaders use mindfulness to make effective decisions instead of making the right decisions. This warns that the application of mindfulness should not be value-free, but should be supplemented by ethical motivation in order to produce the right decisions instead of effective ones (Kovács and Ócsai 2016). Mindfulness becomes “right” when it is interpreted as one of the eight constituent parts of the Noble Eightfold Path with the seven other, equally important factors, supplemented by virtue and wisdom. The spirit of Right Mindfulness also appears in the second element of Alexandrin’s Buddhist economics, as mindfulness is supplemented by generosity and compassion as values that are inseparable from mindfulness in economics. One of the most influential authors of the early 1990s in the field of Buddhist economics was Venerable P. A. Payutto, a Thai Buddhist monk. Although he published numerous pieces of work in the field of social sciences, his most commonly referred to book is Buddhist Economics: A

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Middle Way for the Market Place (Payutto 1994). First, Payutto draws attention to the fact that a lack of ethics conditions economics and economic decision-making. Ethics is the dimension missing from Western economic practice, as economic calculus does not give space for ethics at all, which is a clear manifestation of the lack of a metaphysical background for economics. Payutto (1994) suggests the extension of responsibility (dhura) to the three levels of existence: i.e., to (i) the individual; (ii) the social; and (iii) the environmental dimension. Human beings must be responsible for their actions and for the consequences of their actions on all planes of existence, which means that economic activities must strive to realize harmony on all three of the former dimensions. A lack of ethics and responsibility leads to the problem of the two kinds of desire, a concept which is at the heart of Buddhism related to dealing with the eradication of craving-driven suffering. Positive desire is defined as aspiration that results in responsible economic behavior and contributes to creating harmony on the three planes of existence. In contrast, negative desire is craving that results in irresponsible, selfish economic behavior and contributes only to profit-maximization. As craving-driven behavior leads to suffering, the ethical validity of actions can be ascertained by investigating people’s motivation. This defines whether a given economic action or decision is associated with craving (negative desire) or aspiration (positive desire). Payutto (1994) suggests applying this method to validate economic activities. Consumption is differentiated similarly to desire. Basic needs are fundamentally different from other consumer goods. According to Payutto’s (1994) argument, the basic needs are: (i) food, (ii) clothing, (iii) shelter, and (iv) medicine. Not consuming these in sufficient quantity and proper quality leads to suffering. Sulak Sivaraksa and Arnold Kotler (2011) in a book entitled The Wisdom of Sustainability: Buddhist Economics for the 21st Century argue that any version of Buddhist economics that does not focus on taking care of the basics before considering spiritual attainments is so distant from the original intention of the Buddha that it would very likely not qualify for the designation “Buddhist.” Consuming additional consumer goods beyond the basics is considered related to wants and desires. Dealing with these goods and the functions of consumer society requires the practice of moderation and contentment (appicchat¯ a ). As Sivaraksa (2002) emphasizes, in Buddhism one should be moderate in terms of material consumption because harm

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can be caused if one has too much. Moderation thus means an awareness of the optimum point at which the enhancement of true well-being coincides with the experience of satisfaction. Contentment is also a concept central to Buddhism, and the Buddha regularly praised this value to his followers. He urged people to be content with a simple lifestyle and not to become obsessed with the accumulation of wealth for its own sake or at the expense of others. Payutto’s (1994) most influential innovation was the introduction of these new ideas and the reinterpretation of other well-known Western economic concepts from a Buddhist perspective. Moderation and contentment are given a central place in economic activities, not only regarding consumption, but also production. The rationale of Payutto’s ideas about nonconsumption and overconsumption may be comprehended by examining food ingestion practices. Fasting or refraining from eating certain foods (nonconsumption) can have a positive impact on health, while overconsumption of food may even lead to serious health damage. With a focus on moderation, contentment, and overconsumption, Payutto argues against the basic Western notion of “more is more,” emphasizing the spirit of “rightness” and “right amount” as emphasized in the Noble Eightfold Path. Furthermore, Payutto introduced the idea of non-production. The reasonableness of his ideas about non-production is clearly comprehensible if one thinks over the harm caused by the manufacture of the lethal products of the arms industry. Based on the distinction between the two kinds of desires and needs and wants, Payutto introduces the two major characteristics of Buddhist economics. These are (i) the realization of true well-being (sotthi); and (ii) the pursuance of nonviolence. The realization of true well-being means the satisfaction of basic needs by optimal economic means, and the reduction of people’s further, artificial desires for sense-pleasures through Buddhist spiritual practice and the cultivation of moderation and contentment. In Payutto’s (1994) interpretation, the second major characteristic of Buddhist economics is nonviolence, or the non-harming of oneself and others. Payutto’s (1994) extended interpretation of nonviolence corresponds not only to all sentient beings but also to people’s social relations and their interactions with the environment. The closing part of Payutto’s book includes a comprehensive analysis of the Buddha Dhamma in relation to the teachings on economics from the P¯ali Canon. He introduces the subject with a focus on the monastic order, on householders or lay followers of the Buddha, and on the duties of the

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government, thus giving an all-encompassing overview of the Buddha’s social and economic teachings (Payutto 1994). At first sight it may seem surprising that a Buddhist monk like Payutto should deal with economics, but Venerable Phadet Dattajeevo (2000), another Thai Buddhist monk, in a book entitled Buddhist Economics summarizes his motivation thus: “such matters are not the domain of expertise of a monk such as the present author – but when economics become such an implicit part of everyone’s life, even monks cannot afford not to have a standpoint.” Dattajeevo also deals with the subject from a monastic approach, but remains fully aware of the barriers and the applicability of the original Buddhist scriptures to modern economics. The fact that Western economics turns a blind eye to ethical issues urges Dattajeevo to analyze the danger of attachment to wealth and the deficiencies of economic indicators, both of which are the source of various kinds of exploitation and violence. The author draws attention to the importance of mental well-being as well as material well-being. Mental well-being is cultivated by practicing mindfulness in the sphere of economics, including consumption and production, with the goal of ultimately liberating the mind from the influence of negative desires. Dattajeevo emphasizes the importance of contentment in all spheres of economics and returns to Schumacher’s notion of the importance of simplicity. Study of the exegetical research track of Buddhist economics is aimed at analyzing the Buddhist Scriptures so as to introduce the Buddha’s original teachings about economic issues which can be found scattered throughout the P¯ali Canon and which are mostly not explicit but approach the subject from an ethical point of view. Exegetical studies were typically conducted in the first phase of the development of Buddhist economics, but they represent only one of the three research tracks concerning the subject (Brown and Zsolnai 2018). 4.2.5

Further Proceedings in the History of Buddhist Economics

Further contributions to the field of Buddhist economics cannot be characterized by exploring Buddhist scriptures as Buddhist economics has broken with the exegetical approach and the related arguments typically apply a constructivist approach. Simon Zadek (1993), in a paper entitled “The Practice of Buddhist Economics? Another View,” takes up a constructivist approach to Buddhist economics focusing on the individual and social aspects of the

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topic. The paper leans on Pryor’s former contributions but recognizes its limitations, noting that “[Buddhist] texts (even ‘original’ ones) are produced in a particular social, political and economic context” (Zadek 1993, pp. 433–434) which is very different from the context within which we find ourselves today. Nevertheless, it is wrong to conclude that Buddhist teachings, philosophy, values, and ethics do not offer valuable contributions to modern social problems. Zadek’s paper introduces the Sarvodaya Shramadana Movement of Sri Lanka, providing an illustration of how Buddhist principles are applied in the pursuit of social transformation. The organization was established by Dr. Ariyaratne, a well-known Asian economist. The aim of the movement is to contribute to the spiritual transformation of rural communities and to satisfy the basic needs of people in rural areas, as economic well-being is seen within Buddhism as being instrumental to spiritual advancement. The movement is a community organization that works to realize compassion and wisdom (paññ¯ a ) as its central values (Zadek 1993). Wisdom in Buddhism is the true understanding of one’s psychophysical constitution and that of the world. It can be cultivated by insight meditation (vipassan¯ a ) which can be further developed into a tool for analytical thinking (Sivaraksa 2002). In a later article, “Towards a Progressive Buddhist Economics,” Zadek (1997) rethinks and improves Schumacher’s ideas and introduces some areas within which Buddhist economics could be applied. He is very critical of Schumacher’s basic idea, but further corroborates his constructivist approach to Buddhist economics by concluding that: The question is not merely whether there is or is not a Buddhist Economics… The question is more subtle, and I believe more important than this. It is whether we can conceive of an economics that embodies the values that we espouse and try to live by. (Zadek 1997, p. 244)

Zadek (1997) also emphasizes the three levels of responsibility that may delineate boundaries for modern economics in terms of the personal, social, and environmental planes of existence. He analyzes the practical fulfillment of Buddhist economics by introducing the husbandry of a Himalayan Buddhist monastery, the work of the Intermediate Technology Development Group, and the movement of Sarvodaya. He introduces how they realize the Buddhist value of threefold responsibility in practice, and emphasizes that none of them “reflect a mechanical enforcement

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of a set of guiding principles set out in the canonical texts. Rather, they illustrate how such principles can be, and are, interpreted” (Zadek 1997, p. 246). In a book entitled Putting Buddhism to Work: A New Approach to Management and Business Shinichi Inoue (1997), a Japanese economist, acknowledges the relentless destruction of the natural environment and human communities by the modern economy and argues that the time has come to use a Buddhist approach to economics. He emphasizes that this situation is the result of the “mismanagement of desires” which must be addressed by applying Buddhist principles in economics. Inoue takes a Mah¯ay¯ana approach, arguing that the most important values of Buddhist economics are compassion and interconnectedness. Inspired by insights into interconnectedness, Inoue (1997) comes to the conclusion that on the one hand economics and spiritual life are interconnected and cannot be separated; and on the other that Buddhism, economics, and ecology are also interrelated. He depicts the three major characteristics of Buddhism, which are defined as being a means of (i) benefiting oneself and others; (ii) promoting tolerance and peace; and (iii) saving the earth. The Buddhist approach to economics pays great attention to other people, thereby supporting mutually beneficial economic transactions which are the result of practicing compassion. Based on compassion, economics must strive to work for the good of all, thus people must learn to work together, which is the embodiment of interconnectedness. Based on interconnectedness, the Buddhist worldview considers human beings as part of the cosmos; thus, the earth, and saving the earth rather than human beings, and the satisfaction of desires should be placed at the center of our economic activities (Inoue 1997). One of the pieces of work within the research track “economics of Buddhism” is the paper “Economics of Sangha. Are Bhikkhus Good for Business?” in which Colin Ash (2001) investigates the role of the Buddhist monastic community (Sangha) ˙ in economic affairs. Ash emphasizes that there have always been economic by-products of Buddhist monasticism. Monasteries in Buddhist countries traditionally serve as social centers, village schools, centers for drug rehabilitation programs, and monks and nuns sometimes contribute to community development and ecological projects. Furthermore, the author emphasizes a more important twofold contribution of the Sangha in moderating economic growth. Buddhist communities moderate economic performance as (i)

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they do not pursue economic activity in the conventional sense; (ii) they reduce the size of the working population; and (iii) they extract capital as they subsist on donations. However, Buddhist communities indirectly increase economic performance through (i) promoting thrift and moderation, and reducing desire by showing examples; and (ii) producing and reestablishing trust, which lowers transaction costs by teaching the laity. Thus, the Buddhist monastic community plays an important role in economics by fostering moderation and establishing trust. One of the first papers to include case studies about the field of Buddhist economics was published by Wanna Prayukvong (2005) who, in a paper entitled “A Buddhist Economic Approach to the Development of Community Enterprises: A Case Study from Southern Thailand” emphasized the importance of interconnectedness in economics. Prayukvong argued in favor of enlightened self-interest and showed that Buddhism considers the self to be wider than just the individual—i.e., closely interconnected with society and nature—and to be coordinated and complemented within the wider ecosystem. Based on these assumptions, she argues that self-interest in Buddhism is not limited to the individual but applies also to society and nature. Prayukvong described the cases of a weaving group, a housewives’ community, and a farmer’s group, all of which operate in Southern Thailand, and shows how they all embed interconnectedness into economic practice. 4.2.6

Buddhist Economics as a Form of Scholarship

The third phase in the development of Buddhist economics can be considered a breakthrough. At some time, close to the new millennium, science finally and unquestionably recognized and proved humanity’s disastrous impact on the planet. Global climate change, the impacts of deforestation, ecological breakdown, etc., were identified as the consequences of human activity. In line with this, the need for a spirituality renaissance arose as a possible solution to the ever-growing problems. Thus, Buddhist teachings were no more seen as an exotic doctrine but as an opportunity to alter Western economic thinking. Buddhist economics has thus become one of the potential means of survival. The first cornerstone of the development of Buddhist economics was laid with the publication of the book Business within Limits: Deep Ecology and Buddhist Economics in 2006, edited by Knut J. Ims and Laszlo Zsolnai, within which eleven papers were contained, with topics ranging

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from Buddhist economics to deep ecology. The second cornerstone was the establishment of the Buddhist Economics Research Platform, an international academic collaborative platform that aims “to connect people and institutes engaged in developing Buddhist economic theory and practice and to spread ideas and working models about Buddhist Economics to the general public” (http://buddhist-economics.info/whoarewe.html). The platform organized two conferences (the first conference in Budapest, Hungary in 2007, and the second one in Bangkok, Thailand in 2009), both of which played a major role in the dialogue between Eastern and Western scholars and contributed to propagating the notions of Buddhist economics. The outcome of the first conference of the Buddhist Economics Research Platform was a special issue of Society and Economy (volume 29, issue 2) that was published in 2007 (the issue can be accessed online at: https://akademiai.com/toc/204/29/2). The third major cornerstone in the history of Buddhist economics was the publication of the book Ethical Principles and Economic Transformation—A Buddhist Approach, edited by Zsolnai in 2011. The volume includes ten chapters that offer a comprehensive overview of the Buddhist approach to economics and business. The following part of this chapter provides a description of the most influential papers from these publications that have contributed to the development of Buddhist economics. In a paper entitled “Tackling Greed and Achieving Sustainable Development” Richard Welford (2006) argues that the cause of unsustainable economic practices and environmental degradation is craving which stems from “simplistic thinking.” Simplistic thinking is identified with scientific materialism—a self-centered, anthropocentric approach that has conquered the world since the age of the Enlightenment. Three of its most conspicuous characteristics are: (i) a tendency for people to offer simple solutions to complex problems; (ii) the concept of unlimited growth; and (iii) the assumption that the pursuit of money and material possessions may promote happiness (Welford 2006). The Buddhist worldview (through the realization of Right View) can contribute to getting rid of the harmful consequences of simplistic thinking. Welford considers that implementing Right View is more crucial for Buddhist economics than Right Livelihood. He argues furthermore that because of the difference in their core values, Buddhist economics based on Right View will always conflict with Western economics. Buddhist economics puts more emphasis on normative approaches such as “what is right and just,” while Western economics uses rational optimization models to

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obtain expected outcomes. The irresolvable contradictions between these approaches are that: (i) inner development contrasts with material development; (ii) sensitive and appropriate systems do not fit with globally applied indices such as GDP, interest rates, inflation, etc.; (iii) compassion contrasts with competition; and (iv) profit-making contrasts with profit-maximization (Welford 2006, pp. 34–39). Welford concludes that the core values of Buddhist economics are moderation in consumption, and creativity, or the positive utilization of the human mind. Creativity stems from the practice of mindfulness, and assists in the elimination of simplistic thinking, the most serious problem of modernity that leads to environmental degradation. Peter L. Daniels (2006) in a paper entitled “Reducing Society’s Metabolism” stresses that the distinctive approach of material flow analysis (MFA), which refers to the reduction of the material and energy flow of economy, is consistent with the aims of Buddhist economics. MFA involves making a systematic analysis of the impact of human economy on the socioeconomic and environmental dimensions of existence. It is an important methodological approach for eco-restructuring and achieving sustainable material flows because the reduction of the socioeconomic metabolism is vital for environmental preservation and for sustainability (Daniels 2006). Daniels (2006) attempts to describe the common features and differences between MFA and Buddhist economics. The single most important link between them is that both aim for the reduction of the metabolism of human economies. Besides this, both share a deep respect for nature, and a common notion that nature’s value is a fundamental source of true well-being. Furthermore, both share a cooperative spirit and a sense of collective welfare. The most important difference between them stems from the characteristics of the Buddhist worldview as it envisages clear limits to welfare derived from material objects. Hence, metabolismreduction cannot coexist alongside avarice. In summary, both favor noninterventionist behavior and low environment-intensity functions, but Buddhism furthermore suggests a structural shift toward spiritual development. MFA is a useful technique for quantifying environmental flows, but Buddhism can “provide system-level information required for achieving the socioeconomic metabolism reduction goals” through the simplification of desires (Daniels 2006, p. 132). Daniels (2007) in a second paper entitled “Buddhism and the Transformation to Sustainable Economies” stresses that there is tension between

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the development of positive environmental attitudes and knowledge, and the structural influences of the global economy; thus, traditional approaches to sustainability are not enough to solve emerging problems. Nevertheless, Buddhism provides the logic and a means of helping resolve this tension between economic system imperatives and the changes required for dealing with environmental degradation. In line with this assumption, Daniels describes Buddhist-inspired consumption and production. Buddhist-inspired consumption: (i) aims to modify the level and nature of consumption through minimization and moderation; (ii) includes the long-term effects of consumption in decision-making; and (iii) aims to develop and implement accurate measures of well-being. Buddhist-inspired production: (i) involves a shift toward the production of minimum-intervention goods and services; (ii) follows the principles of non-harming ; and (iii) strives to achieve eco-efficiency. In a third paper entitled “Buddhism and Sustainable Consumption,” Daniels (2011) argues that consumption opposes the essence of every major Buddhist principle on the path to alleviating suffering. The Buddhist worldview aids the transformation of consumption in a way that reduces suffering and enhances prospects for sustainability. The goal and indices of economic performance are not just efficiency but the maximization of personal consumption in a short-term, individualistic manner. The Buddhist worldview creates the basis for an ethical system that would promote the key features of sustainability via insight into the appropriate nature, size, intent, and composition of economic activities. Buddhist principles have a beneficial impact on minimizing, or at least moderating consumption, so that material and energy throughput (and hence, environmental exploitation) is substantially reduced. Furthermore, the need to change the nature of consumption requires a shift in the makeup of consumption toward goods and services that have non-harming qualities. In a paper entitled “The Relational Firm: A Buddhist and Feminist Analysis” Julie A. Nelson (2006) contrasts Western substantivism with Buddhist relationism by examining existential interpretations of firms and economic institutions. Nelson’s basic notions are that small is not always beautiful, big is not always nasty, nonprofit institutions are not always good, and for-profit firms are not always bad. All four statements represent Western substantivist ontology which interprets every phenomenon as a solid, substantive subject, and looks at the world if it were an ethically and emotionally neutral machine. The non-relational approach to

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economic institutions results in the above-mentioned prejudgments about economic institutions (Nelson 2006). In opposition to substantivism, Buddhist philosophy is relational. Nelson argues that firms can be better understood relationally, which is the philosophy of the Middle Way within which nothing can exist uprooted from its environment, neglecting its relations. The world consists of interdependent, relational, non-substantive phenomena which are interpreted through their relations, and within which every phenomenon has its own place and function in a symmetrical mutuality (Nelson 2006). The ontological basis of Buddhism is the teaching of selflessness. In line with this, Nelson claims that economic institutions are not standalone entities, but exist in close interconnectedness and interdependence, both of which are the basis of cooperation and the practice of compassion in business. Through the analysis of economic institutions’ internal relations—how they manage their employees according to their abilities—and external relations with other economic agents, relationality is not only the right interpretation of their existence, but also a means of assessing their performance (Nelson 2006). Buddhism suggests that one can follow Buddhist teachings in commercial life, which is considered to be profoundly relational and laden with ethical dimensions. Relationality can be comprehended by engaging in analytical meditation that helps one to go beyond the dualities of self and non-self and to understand the message of radical interdependence. Mindfulness involves recognizing the world as it is, and deconstructing the dogmas of neoclassical economics and the notion that “small is beautiful” (Nelson 2011). Joel C. Magnuson, in a paper entitled “Pathways to a Mindful Economy” (2007, 2011) summarizes the main ideas of his book Mindful Economics (Magnuson 2008) which explores the possibilities of systemic change by which the Western economic system can be transformed into a mindful economic system within which mindfulness is the core value. Magnuson interprets mindfulness as a state of mind in which people become aware of their thoughts and actions, and are fully occupied in the present moment. To be mindful means to be totally engaged with the here and the now. Magnuson (2007, 2011) starts his explanation with a description of unfettered capitalism’s pathological systems conditions that are described as: (i) environmental destruction and resource-depletion; (ii) social injustice and inequality; (iii) economic instability; and (iv) the harmful habits

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of thoughts. The author reveals that all these problems are pathological and stem from the institutional fabric of capitalism, and further, that they are not simple errors but are programmed into the core of the system. Magnuson (2007) proposes that the solution to such problems could be the cultivation of mindfulness. According to the Buddhist interpretation, mindfulness “is a state of mind within which people become aware of their thoughts and actions and are fully occupied in the present moment” (Magnuson 2007, p. 275). In Magnuson’s interpretation, the ongoing cultivation of mindfulness is the key to systemic change. It can help to change the economic system from bottom-up, as it changes people’s habits of thinking, which in turn contributes to their participation in a change process that may alter the system by redrawing the institutional map. The new institutions of a mindful economy could evolve into a complete system, just as capitalism has coalesced into a system in the seventeenth and eighteenth centuries. Similarly, a mindful economic system could unfold, emerge, and displace capitalism. Such dispersed initiatives can evolve into a new Mindful Economy which is: (i) intrinsically democratic, equitable and just; (ii) based on respect; and (iii) stable (Magnuson 2007, 2011). Apichai Puntasen (2007), in a paper entitled “Buddhist Economics as a New Paradigm Towards Happiness,” summarizes the theory of Buddhist economics which is introduced in his book Buddhist Economics: Evolution, Theories and Its Application to Various Economic Subjects (2004) to a greater extent. His central subject is the Buddhist interpretation of the happiness of liberation, and the theories and the functions of its corresponding economic system. Puntasen (2007) shows that the meaning of happiness (sukha) in Buddhism is interpreted as well-being or wellness and includes a lack of suffering. Puntasen emphasizes that Buddhism is a mind-based science which makes it appropriate as a substitute for Western capitalist thinking due to its comprehensive, interdisciplinary approach. Through the three trainings of the Noble Eightfold Path (cultivating wisdom, virtue, and spiritual practice) Buddhism creates an alternative motivation for economics than the Western motivation of profit-maximization. Puntasen gives a definition of Buddhist economics that echoes the highest goal of Buddhism: namely, “the subject [that] explain[s] economic activities with the aim for both individuals and society [of] achiev[ing] peace and tranquility under resource constraint[s]” (2004, p. 8; 2007, p. 190). He argues that in order to fully comprehend

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Buddhism’s fundamental teachings, one needs to cultivate wisdom. Puntasen (2004) argues that wisdom is the most important concept in the Buddha Dhamma; a necessary and sufficient condition for the development of the human mind. Wisdom can exist under only one condition, which is the ability to understand everything according to its own nature. Based on wisdom, Puntasen (2004, 2007) analyzes the three functions of economic activities: (i) production; (ii) consumption; and (iii) distribution, and describes their Buddhist interpretations in the Buddhist theory of economics. As he considers wisdom as the key factor in all three functions, and the modus operandi of Buddhist economics, he labels his system of Buddhist economics paññaism, from the P¯ali word wisdom (paññ¯ a ). In paññaism, brainpower—knowledge, reasoning, and creativity—is the best resource among the factors of production, supporting consumption to achieve real well-being and the practice of moderation to alleviate suffering (Puntasen 2007). Puntasen further argues that another core value of Buddhist economics is non-self , which plays an important role in achieving a state of peace and tranquility while “lead[ing] to compassion instead of self-interest, and cooperation instead of competition” (2007, p. 191). Thus, the fundamental differences between Western economics and Buddhist economics are these: (i) instead of focusing on self-interest, the latter stresses the importance of non-self; (ii) instead of emphasizing rationality, it stresses wisdom; and (iii) its goal is to help followers achieve the happiness of liberation (which is identical to the full cessation of suffering) instead of trying to reach happiness by cultivating desires. In a paper entitled “Economic Sufficiency and Santi Asoke” Juliana Essen (2011) introduces two case studies. Essen argues that Buddhist economics differs most from Western economics as it is built on the conceptions of selflessness and interconnectedness . These assumptions are realized by the Royal Thai Sufficiency Economy Model, and the Santi Asoke Buddhist Reform Movement in Thailand. The Sufficiency Economy initiative was launched by the Thai king after the 1997 economic crisis, and specifies the application of the principles of moderation, mindfulness, and interdependence in economics. Essen (2011) introduces a UNDP report that describes several Thai enterprises that illustrate these principles. She refers to a unique mulberry paper business that expands only according to the availability of their own resources, thereby minimizing dependence on bank loans. Furthermore, the owner

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invests into the training of employees and the development of environmental well-being. The principles of the Sufficiency Economy are implemented in rather an austere way by the adherents of the movement of Santi Asoke whose members lead extremely austere lives, sacrificing even their material comfort to attain spiritual freedom. They run their business in natural agriculture, and practice generosity by giving the surplus of their work-related activities to society (Essen 2011). In the papers entitled “Western Economics versus Buddhist Economics” and “Buddhist Economic Strategy” Zsolnai (2007, 2008) describes the problem of the self and introduces the five principles of a Buddhist economic strategy. In the first part of his work he emphasizes the importance of non-self , which “specifies the absence of a supposedly permanent and unchanging self in any one of the psychophysical constituents of empirical existence” (Zsolnai 2007, p. 145). Zsolnai was one of the first scholars to stress the key role of anatt¯a in economics, supported by evidence from modern neuroscience. He promotes a more compassionate Buddhist view of non-self in economics which is in opposition to the Western presupposition of the need to cultivate self-interest (Zsolnai 2007, 2008). Furthermore, Zsolnai introduces the five principles of Buddhist economics which form a strategy of minimization that is in opposition to the Western strategy of maximization (Zsolnai 2007, 2008). The five principles of Buddhist economics are: (i) minimizing suffering; (ii) simplifying desires; (iii) practicing nonviolence; (iv) genuine care (ajjhupekkhana); and (v) generosity. The first principle describes the goal of economic activities, which is the minimization of suffering instead of the traditional Western goal of profit-maximization. The significance of suffering-minimization is underpinned by the work of Daniel Kahneman and Amos Tversky (cited by Zsolnai 2007, 2008) which has proved that humans are loss-sensitive, suggesting that the Buddhist aim of reducing suffering could be an appropriate approach to economic activities instead of profit-maximization. The second principle of Buddhist economics is the simplification of desires above the minimum level of material comfort, instead of multiplying them. There is psychological evidence which supports the claim that seeking the satisfaction of desires is a losing strategy, as striving to satisfy desires never brings people the fulfillment they expect from this. Thus, according to Tim Kasser (cited by Zsolnai 2007, 2008), people with fewer desires are much more liable to have a sense of well-being than people who have a great many desires. The third

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principle of Buddhist economics is practicing nonviolence, which aims the reduction of the influence and the extent of the market which gobbles up every segment of life, as Karl Polanyi claims in his well-known book The Great Transformation (cited by Zsolnai 2007, 2008). In opposition to massive marketization, Buddhist economics proposes to cut back the influence and the extent of the market to a healthy size within which it can function in accordance with the principles of nonexploitation and fairness, locality, maintaining a community economy, and operating within limits. The fourth principle of Buddhist economics is genuine care. This corresponds to ethical behavior in economic activities. According to Robert H. Frank (cited by Zsolnai 2007, 2008), genuine ethical behavior in business has five significant positive consequences that cannot be achieved by a sole focus on profit-maximization. Ethical firms can (i) avoid opportunistic behavior by owners and managers; (ii) motivate employees to work more for a lower salary; (iii) recruit high-quality new employees; (iv) build customer loyalty; and (v) gain the trust of subcontractors. Finally, the fifth principle of Buddhist economics is generosity. Human beings are homo reciprocants and tend to reciprocate what they receive (be this positive or negative) and to give back more in terms of value to the donor than they were given (Zsolnai 2007, 2008). Zsolnai argues further that Buddhist economics is not a system but a strategy which can be applied in any economic setting at any time, and which can help “to create livelihood solutions that reduce the suffering of all sentient beings through the practices of want negation, nonviolence, caring and generosity” (Zsolnai 2008, pp. 298–299). This is reminiscent of the statement in the foreword of Payutto’s (1994) book that “one needn’t be a Buddhist or an economist to practice Buddhist economics” (http://www.buddhanet.net/cmdsg/econ.htm). Thus, every initiative that is in accordance with these five principles can be regarded as the practical implementation of Buddhist economics. Brown and Zsolnai (2018) further emphasize that there already exists a wide range of enterprises that can be categorized as “Buddhist enterprises” in Buddhist and non-Buddhist countries alike. 4.2.7

More Recent Contributions to the Field of Buddhist Economics

His Holiness the Dalai Lama and Laurens Van Den Muyzenberg (2009) published a book on Buddhist economics entitled The Leaders Way. The volume is the outcome of an interview series that was conducted over a

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decade with the Dalai Lama, focusing on leadership, management, and decision-making (Muyzenberg 2011). According to the Dalai Lama, the main task of a leader is to clarify purpose, define values, build faith, and make the right decisions to bring into existence well-being (Dalai Lama and Muyzenberg 2009). The book states that leadership functions on three levels: (i) on the level of the leader’s mind by clarifying purpose and defining values; (ii) on the organizational level by building faith and making right decisions; and (iii) on the social level by striving to realize well-being. The argument of the book emphasizes the role of Right View, Right Decision, and Right Action (or Right Conduct) in business. Right View, which is part of wisdom in the threefold training, is crucial for taking the right decisions which lead to Right Action. But Right View has no value if it does not lead to Right Action, which is obviously fundamental to the success of business. Nevertheless, the criteria of success, according to the notion of the Dalai Lama and Muyzenberg (2009), is not the cultivation of profit, but the promotion of well-being. Leaders of global companies are making decisions that affect the lives of millions of people around the world. Therefore, taking the right decision in business is crucial to achieving well-being, while incompetent decisions could lead to disastrous consequences. In taking the right decisions, the cultivation of mindfulness plays a vital role. Right View and the cultivation of wisdom depends on the calmness and level of concentration of a leader’s mind. One may promote these traits by increasing mindfulness through the practice of focused and analytical Buddhist meditation. The reward of the cultivation of Right Mindfulness, and thus wisdom, are plentiful, as the performance of a business may be increased dramatically by taking the right decisions to promote well-being in the light of Right View (Dalai Lama and Muyzenberg 2009). In a book entitled Buddhist Economics: An Enlightened Approach to the Dismal Science Clair Brown (2017) introduces Buddhist economics with a focus mostly on the individual and policymaking levels. She starts by emphasizing a distinctive element of Buddhism in relation to other religions, which is the absence of God. The core Buddhist teaching used in Brown’s book to define the economic system is interdependence or interconnectedness, which is the idea elaborated by Mah¯ay¯ana scholars based on the teachings of non-self and dependent origination. Interdependence means that nothing exists as an independent and separate entity (Brown and Zsolnai 2018). The three elements of a

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Buddhist approach to economics are: (i) that interdependence stems from the notion of non-self; (ii) that interdependence involves being connected to our environment; and (iii) that interdependence connects the suffering of one person to the suffering of all people. The first form of interdependence emphasizes overcoming one’s self (ego) and the self’s need to maximize its own well-being (i.e., selfishness), which is at the heart of free-market economics. In introducing interconnectedness with our environment, Brown (2017) summarizes the climatic conditions of the planet and emphasizes that being interconnected to our environment creates different forms of economic valuation than traditional cost–benefit analysis does. Furthermore, she urges the implementation of a Buddhist solution in the spirit of interconnectedness for tackling global climate change. The third form of interdependence emphasizes our interdependence with one another. According to the Mah¯ay¯ana ideal, Bodhisattvas want to help others and relieve their suffering without any gains for themselves. To summarize, in Buddhist economics, interconnectedness moves us from a focus on the well-being of the individual to the well-being of everyone and the environment (Brown 2017). According to these three elements of interdependence, the goal of Buddhist economics is to bring into being an economy that creates shared prosperity in a sustainable world with reduced global suffering (Brown and Zsolnai 2018). Right Action, Right Livelihood, and Right Effort are considered three interrelated activities of The Noble Eightfold Path that directly involve economic activities. Right Action means doing everything with mindfulness and compassion, without harming ourselves or others. This goes with Right Livelihood, earning a living without harming others while nurturing our good qualities. And all of these constitute Right Effort which develops wholesome qualities (Brown 2017). Brown (2017) furthermore proposes a leap to Buddhist economics through eight steps, out of which four correspond to nations, two to organizations, and another two to people. Creating Buddhist economics necessitates that nations engage in (i) proper taxation, (ii) sustainable agriculture, (iii) implementing proper economic measures, and (iv) promoting peace and prosperity. Organizations should (v) employ green production methods that create green products, and (vi) provide living wages and balanced lives. Finally, people should (vii) live mindfully with love, compassion, and wisdom, and (viii) work together and take action. Thus, in Buddhist economics, the micro and macro levels are interconnected and create a high standard of living when combined.

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The development of Buddhist economics is an ongoing process. The ever-growing popularity of the field testifies its general importance and its relevance in reference to the potential solutions to today’s economic, social, and environmental problems. This chapter has focused so far on the microeconomic aspects of Buddhist economics in order to facilitate the introduction of the relevant set of Buddhist values for business. 4.2.8

Outlook: Buddhist Macroeconomics and Happiness Research

Buddhist economics is also known by one of its most renowned forms of implementation; that is, Bhutan’s macroeconomic index of Gross National Happiness (GNH). Jigme Singye Wangchuck, King of Bhutan in the early 1970s, turned away from adapting GDP as the main measure of economic performance and led his country toward the cultivation of GNH in the spirit of happiness. As Frank Dixon (2004) argues, GNH ensures a system-based perspective that eliminates short-term thinking, promotes natural wisdom, and contributes to the emergence of social stability. Sander G. Tideman (2011) further argues that economic performance is only one dimension of GNH, as it is defined in terms of four pillars: (i) economic development, (ii) good governance, (iii) cultural preservation, and (iv) nature conservation. GNH’s implementation encompasses: (i) the articulation of goals through wide-ranging social dialogue; (ii) the development of GNH metrics for every tangible and intangible aspect of social well-being; and (iii) the development of a strategy for achieving the formulated goals. Buddhism and Buddhist economics also contribute to happiness research. Richard A. Easterlin (1973), in a paper entitled “Does Money Buy Happiness?” described the paradox of happiness in welfare states: namely, that although annual income per capita in Western countries multiplied in the middle of the twentieth century, personal happiness and contentment stagnated or decreased at the same time interval. The paradox confirms that more welfare does not necessarily create more human happiness. To solve this paradox, it is necessary to define happiness by interpreting it multidimensionally. In contributing to this debate, Buddhism offers an approach that focuses on contentment and a lack of suffering, which is in opposition to the Western hedonism-centered approach (Ash 2007, 2011; Bouckaert 2007, 2011). In Welford’s interpretation, happiness is the ratio of wealth to desire. He emphasizes that capitalism is successful at increasing the level of wealth but it also

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increases people’s desires. The result is that both the dividend and the divisor are increased in the equation, so the Western approach fails to produce greater overall happiness. In contrast to this, Buddhism, and thus Buddhist economics, aims to reduce desire, which results in greater happiness in spite of the maintenance of a given level of wealth by reducing the divisor in the equation (Welford 2006). 4.2.9

A Brief Summary of the Development of Buddhist Economics

Many authors (Brown 2017; Daniels 2005; Dattajeevo 2000; Payutto 1994) have stressed that, at first sight, the concept of “Buddhist economics” could be an oxymoron. On the one hand, there is the perplexing problem of how to integrate the spiritual approach of Buddhism with the materialistic approach of economics. But, on the other hand, Buddhism disposes of a strong spiritual perspective that is accompanied by strict ethical guidelines which combination could represent a useful worldview for today’s economics, making economic activities an instrument of the cessation of suffering. Buddhism, like any other spiritual tradition, cannot avoid facing the problems of modernity. If it wants to remain a living tradition, it must offer answers to the most pressing questions of our age (Schmithausen 1997). Since Schumacher’s (1975) intuitive assertions, Buddhist leaders and Buddhist and non-Buddhist scholars have recognized that this tradition can contribute to solving the moral problems pertaining to economics and business. The birth of the various conceptions of Buddhist economics is the result of this endeavor. Buddhism is a diverse spiritual tradition, from which it follows that one of the most important characteristics of Buddhist economics is the inherent plurality of approaches. Mark W. Speece (2019) argues that Schumacher’s (1975) definition of the goal of Buddhism, which is the purification of the human character, is accurate enough for nearly any version of Buddhist economics. Schumacher (1975) based his ideas on Right Livelihood, Welford (2006) on Right View, Magnuson (2007, 2008, 2011) on Right Mindfulness, and the Dalai Lama and Muyzenberg (2009) on Right View and Right Action. Payutto (1994) focused his discussion on explicating well-being and Puntasen (2004, 2007) on explicating wisdom. Juewei Shi (2018) also draws attention to the diversity of Buddhist

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economics, and distinguishes human-centered (the approach of Schumacher), mindfulness-based (the approach of Magnuson), and wisdombased (the approach of Puntasen) models, but argues that these are by no means exhaustive categories. The concept of Buddhist economics was coined as an intuitive idea by Ernst Friedrich Schumacher in the late 1960s. He confessed that his choice of Buddhism for establishing the metaphysical background of economics was purely incidental. Building on the concept of Right Livelihood from the Noble Eightfold Path meant that he connected Buddhism to economics through virtues, which is a very similar approach in most of the spiritual traditions. Thus, when referring to virtues, his “small is beautiful” economics was not especially Buddhist. The task of anchoring Schumacher’s ideas into the philosophy of Buddhism was incumbent on his successors, who firstly analyzed the canonical texts in order to disseminate the economic teachings of the Buddha. In this exegetical phase of the development of Buddhist economics it was mainly monastic scholars who infused Schumacher’s ideas with scriptural citations to develop more robust, canonically based conceptions. Moreover, research into the “economics of Buddhism” gradually emerged through an investigation, inter alia, of the operating mechanisms of Buddhist institutions in order to demonstrate how Buddhist monasticism interprets and practices economic activities. In the following years, Buddhist economics was gradually paid more and more attention in the West, which, according to Brown and Zsolnai (2018), has contributed to the emergence of a constructivist research track that investigates how Buddhist individuals and organizations behave in the market economy in line with Buddhist ethics and philosophy, and envisages what an economy inspired by Buddhist values would look like. Drechsler (2019) argues that as a result of its development Buddhist economics today is usually constructed from Buddhism, rather than being something that emerges directly from the authoritative canonical texts, and the theoretical meaning of Buddhist economics is not restricted to historical Buddhism. In the decades since Schumacher introduced the idea, Buddhist economics has gradually developed into a global movement. The incontestable merit of Schumacher’s ideas is that he conceived of and coined the term “Buddhist economics” in his quest to establish for economics a metaphysical background which has since inspired and influenced many Buddhist monastics and economic scholars both in the East and West to further elaborate his intuitive

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ideas into a global movement, and an increasingly significant field of scholarship. Unlike traditional mainstream economics, Buddhist economics offers a more integrated approach to economics that may be merged with other disciplines. Speece (2019) argues that any form of Buddhist economics implies some degree of environmentalism, and Nelson (2006) and Daniels (2010) argue that Buddhist economics shares the same ontological view and follows the same path as ecological economics. Furthermore, as Ash (2007, 2011) and Puntasen (2004, 2007) stress, Buddhist economics could contribute to happiness research by providing a different, more comprehensive interpretation of happiness.

4.3 The Relevant Set of Buddhist Values for Business The previous part of this chapter summarized the relevant set of Buddhist values for business by introducing the most important pieces of work in the field of Buddhist economics. These values are summarized in Table 4.3, which includes also the name(s) of the author(s), the title of their publication(s), and the year(s) of their publication(s). Table 4.3 includes all the values that can be found in the conceptions of Buddhist economics. There are separate values for minimization and simplicity, but according to Bouckaert et al. (2011), these values can be considered synonymous, as both designate voluntary poverty or frugality which means leading a simple lifestyle, and having an openness to spirituality. Thus, from now on the term simplicity will be used for both conceptions. There are also separate values for selflessness, interconnectedness, and interdependence. All three terms originate from the concept of non-self (anatt¯ a ), which is the third mark of existence that describes the ontological approach of Buddhism (Skilton 2000; R¯ahula 1974). Selflessness is identical to non-self. Interconnectedness and interdependence are further elaborations of the philosophy behind non-self. Both are Mah¯ay¯ana terminologies with no respective P¯ali word. The proximate expression of interconnectedness and interdependence in P¯ali is dependent origination (pat.iccasamupp¯ ada), although this denotes a different philosophical conception that describes causality (McMahan 2008). The terms nonself, selflessness, interconnectedness, and interdependence are considered synonyms, and the term interconnectedness is used in the discussion to

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Table 4.3 Buddhist values in the conceptions of Buddhist economics Author

Title of the publication

Schumacher, E. F.

Small Is Beautiful

1975

Pryor, F.

A Buddhist Economic System—In Principle A Buddhist Economic System—In Practice Buddhist Economics: Demand and Decision Making Elements of Buddhist Economics Buddhist Economics: A Middle Way for the Market Place

1990 1991

Dattajeevo, P.

Buddhist Economics

2000

Zadek, S.

The Practice of Buddhist Economics? Another View Towards a Progressive Buddhist Economics Putting Buddhism to Work: A New Approach to Management and Business Economics of Sangha: Are Bhikkhus Good for Business? A Buddhist Economic Approach to the Development of Community Enterprises Tackling Greed and Achieving Sustainable Development Reducing Society’s Metabolism Buddhism and the Transformation to Sustainable Economies Buddhism and Sustainable Consumption

1993 1997

Alexandrin, G.

Payutto, V. P.

Inoue, S.

Ash, C.

Prayukvong, W.

Welford, R.

Daniels, P.

Year of publication

Values selflessness, simplicity, nonviolence, compassion generosity, moderation

1988 1993

generosity, compassion, mindfulness

1994

responsibility, moderation, contentment, well-being, nonviolence mindfulness, contentment, simplicity compassion, wisdom, responsibility

1997

compassion, interconnectedness

2001

moderation

2005

interconnectedness

2006

moderation, mindfulness

2006 2007 2011

simplicity, minimization, moderation, nonviolence

(continued)

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Table 4.3 (continued) Author

Title of the publication

Nelson, J. A.

The Relational Firm: A Buddhist and Feminist Analysis The Relational Economy Pathways to a Mindful Economy Mindful Economics Pathways to a Mindful Economy Buddhist Economics: Evolution, Theories and Its Application to Various Economic Subjects Buddhist Economics as a New Paradigm towards Happiness Economic Sufficiency and Santi Asoke

2006 2011

Western Economics Versus Buddhist Economics Buddhist Economic Strategy Buddhist Economics The Leaders Way

2007 2008 2011

Buddhist Economics: An Enlightened Approach to the Dismal Science

2017

Magnuson, J. C.

Puntasen, A.

Essen, J.

Zsolnai, L.

Dalai Lama and Muyzenberg, L. V. Brown, C.

Year of publication

2007 2008 2011

Values selflessness, interconnectedness, interdependence, compassion, mindfulness mindfulness

2004 2007

wisdom, non-self

2011

selflessness, interconnectedness, moderation, mindfulness, generosity non-self, minimization, simplicity, nonviolence, genuine care, generosity

2009

well-being, wisdom, mindfulness interconnectedness, interdependence, mindfulness, compassion, nonviolence

Source Author’s construction

describe the ontological approach of Buddhism, as merging these values does not result in a substantial loss of meaning in the argumentation. Table 4.4 includes twelve values that stem from the teachings of Buddhism. They comprise the relevant set of Buddhist values for business and economics. Table 4.4 includes both the English and the P¯ali designations of these values. The source of the P¯ali designations is the online

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Table 4.4 Buddhist values in business English designation

P¯ ali designation

simplicity, minimization nonviolence compassion moderation wisdom responsibility well-being mindfulness non-self, selflessness, interconnectedness, interdependence generosity contentment genuine care

ekavidha ahim . s¯a karun.¯a mattaññut¯a paññ¯a dhura sotthi sati anatt¯a c¯aga appicchat¯a ajjhupekkhana

Source Author’s construction, based on the conceptions of Buddhist economics

dictionary of Rhys Davids and Stede (1921–1925) that can be found at https://dsal.uchicago.edu/dictionaries/pali/. In line with Table 4.4, Buddhist economics includes twelve values that are relevant for business. These are simplicity, nonviolence, compassion, moderation, wisdom, responsibility, well-being, mindfulness, interconnectedness, generosity, contentment, and genuine care. There is inevitable interest in researching the role of Buddhist values in business. Dave Valliere (2008) in a paper entitled “Exploring Buddhist influence on the entrepreneurial decision” inspected the influence of religion on venture creation and explored the entrepreneurial activities of practicing Buddhist entrepreneurs. He found that, from the Buddhist perspective, the aim of the entrepreneur is to achieve some of the moral objectives of Buddhism through economic means. Suparak Suriyankietkaew and Pornkasem Kantamara (2019) revealed that Buddhist spirituality plays an important role in managing business, and found in their case study of an award-winning Buddhist venture in Thailand that the organization efficiently implements the Buddhist values of simplicity, wisdom, and moderation in its daily business activities. Obadia (2011) emphasizes that there is an ontological and antagonistic distinction between the nonmaterialistic values of Buddhism, embodied for instance in the ideals of simplicity and compassion, and the materialistic values of economics, such as self-interest and profit-maximization.

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Despite this opposition, Zadek (1997) argues that one can integrate Buddhist values into modern economic institutions and business organizations. As Zsolnai and Kovács emphasize, the ultimate goal of a Buddhist life is to reach “enlightenment” and put an end to suffering. For this reason, human flourishing is defined as inner development—that is, ethical and spiritual growth which requires a minimum level of material comfort. Nevertheless, economic activities built on the relevant set of Buddhist values must be a means of ensuring this minimal level of material comfort for everyone.

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SN 56.11. (n.d.). Rolling Forth the Wheel of Dhamma. https://suttacentral.net/ sn56.11/en/sujato. Accessed 20 February 2020. Speece, M. W. (2019). Sustainable Development and Buddhist Economics in Thailand. International Journal of Social Economics. IJSE-08-2018-0405. https://doi.org/10.1108/IJSE-08-2018-0405. Suriyankietkaew, S., & Kantamara, P. (2019). Business Ethics and Spirituality for Corporate Sustainability: A Buddhism Perspective. Journal of Management, Spirituality & Religion, 16(3), 264–289. https://doi.org/10.1080/ 14766086.2019.1574598. Tideman, S. G. (2011). Gross National Happiness. In L. Zsolnai (Ed.), Ethical Principles and Economic Transformation—A Buddhist Approach (Vol. 33, pp. 133–153). Dordrecht, The Netherlands: Springer. https://doi.org/10. 1007/978-90-481-9310-3_7. Valliere, D. (2008). Exploring Buddhist Influence on the Entrepreneurial Decision. International Journal of Entrepreneurial Behavior & Research, 14(3), 172–191. https://doi.org/10.1108/13552550810874682. Welford, R. (2006). Tackling Greed and Achieving Sustainable Development. In L. Zsolnai & K. J. Ims (Eds.), Business Within Limits (pp. 25–57). Oxford: Peter Lang. https://doi.org/10.3726/978-3-0353-0376-6. Zadek, S. (1993). The Practice of Buddhist Economics? Another View. American Journal of Economics and Sociology, 52(4), 433–445. https://doi.org/ 10.1111/j.1536-7150.1993.tb02567.x. Zadek, S. (1997). Towards a Progressive Buddhist Economics. In J. Watts, A. Senauke, & S. Bhikkhu (Eds.), Entering the Realm of Reality: Towards Dharmmic Societies (pp. 241–273). Bangkok: International Network of Engaged Buddhists. Zsolnai, L. (2007). Western Economics Versus Buddhist Economics. Society and Economy, 29(2), 145–153. https://doi.org/10.1556/SocEc.29.2007.2.2. Zsolnai, L. (2008). Buddhist Economic Strategy. In L. Bouckaert, H. Opdebeeck, & L. Zsolnai (Eds.), Frugality: Rebalancing Material and Spiritual Values in Economic Life (pp. 279–304). Oxford and New York: Peter Lang.

CHAPTER 5

Christian Values in Business

This chapter summarizes the relevant set of Christian values for business by analyzing the social teachings of the Roman Catholic Church. Catholic Social Teaching (CST) has evolved through the decades due to the publication of various documents under the reigning popes and the Magisterium of the Holy See. Meanwhile, Catholic Social Thought, the “nonofficial” elaboration of CST, has also evolved through the contributions of theologians, scholars, and practitioners who have further reflected on the basic concepts. Both modern Catholic Social Teaching and Catholic Social Thought include a remarkable amount of ideas about the role of enterprises in society and the importance of the entrepreneurial vocation. This chapter first introduces the basic characteristics of CST. Then, the relevant set of Christian values for business are summarized by introducing the most important encyclicals of CST and by reviewing the corresponding conceptions of Catholic Social Thought, focusing primarily on two issues: (i) their basic principles and values for business and economics; and (ii) the conceptions that aim to describe and define Christian entrepreneurial activities. Besides the basic texts of CST, the chapter builds on the findings of two major books that are devoted to the subject of Christian and Catholic entrepreneurship. One of these sources is Entrepreneurship in the Catholic Tradition by Anthony G. Percy (2010), which does not give a systematic account of the development of Catholic Social Teaching, but examines the writings of the popes with © The Author(s) 2020 G. Kovács, The Value Orientations of Buddhist and Christian Entrepreneurs, Studies in Buddhist Economics, Management, and Policy, https://doi.org/10.1007/978-3-030-46703-6_5

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respect to private business initiatives, and, in particular, the theological significance of the entrepreneur in society. To understand entrepreneurship, the book explicates its importance in the light of faith and describes the principles that might guide an entrepreneurial organization. The other main book is Christianity and Entrepreneurship by Samuel Gregg and Gordon R. Preece (1999), which contains papers by Christian theologians who examine private enterprise from the viewpoint of their respective traditions, Catholicism and Protestantism. The relevant Christian principles and values are highlighted in the text with italics, and for clarification purposes the original Latin denominations of these values are included in round brackets after their first appearance in the text. The overview is based on the English translations of the corresponding documents from the homepage of the Holy See (http://w2.vat ican.va/). In a paper entitled “Catholic Social Teaching,” Doménec Melé (2011) argues that Christian spirituality is characterized by an identification with Jesus Christ, or more specifically, with Christ’s love in the truth. Christian spirituality and morality are closely related, while Christian morality is based on following and imitating Christ as a person. Every disciple must follow Jesus, which is the essential and primordial foundation of Christian morality that includes its specific virtues and values. Andrew Henley (2015), in a paper entitled “Economics and Virtue Ethics: Reflections from a Christian Perspective,” emphasizes that the sense of Christian fulfillment comes from the adjustment of individual lives in response to the love of Jesus Christ through the power of the Holy Spirit, and in the eschatological hope sealed in resurrection. Thus, from a Christian perspective, virtues and values are closely related to the goal of resurrection. Martyn Percy (2015) further adds that each act of service in accordance with Christian virtues and values points toward the realization of the Kingdom of God that is to come. Within the Christian tradition, the Kingdom of God refers to a society which is ordered in line with Christian values. Percy (2010) argues that God is the starting point for both theological reflections and the Church’s social teaching. In Judeo-Christian thought, human beings are made in the image of God. This refers to the conviction that each person, regardless of age, sex, or other physical condition, is an image of God and so endowed with irreducible dignity. Melé (2011) further asserts that humans are seen as beings at once corporeal and spiritual. The spiritual component of humans is endowed with intellect and

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free will and is commonly called the “soul.” The soul forms a profound unity with the body, thus human dignity includes both the soul and the body in the framework of a transcendental humanism. This conception of human dignity is at the very foundation of both Christian spirituality and the Church’s social teaching.

5.1 The Social Teachings of the Roman Catholic Church Percy (2015) emphasizes that Christianity was, from the outset, an inherently social faith. He argues furthermore that throughout its whole history the Roman Catholic Church has been incarnate, yet also prophetic. Its incarnate dimension has always challenged the prevailing world order by addressing social and environmental concerns, such as the situation of indigent people, the working conditions of laborers, ecological degradation, etc. However, as a prophetic organization it was always prepared to act and work within society with the aim of bringing about the Kingdom of God on Earth. Thus, the concrete expression of Christianity in the activities of the Roman Catholic Church has significant social and economic consequences. 5.1.1

Catholic Social Teaching—Definition

Melé (2011) argues that the Roman Catholic Church has developed a rich body of teachings based on Christian spirituality and morality regarding how a Christian should behave in social life, including business and other economic activities. This is known as Catholic Social Teaching (CST). CST is the body of official reflections about the social implications of the Christian doctrine which tries to express that following Christ has important consequences for each individual in society and the business world. CST is the Roman Catholic Church’s response to the upheaval of societies, as embodied in the Papal social encyclical tradition (Yuengert 2014) that begun with Pope Leo XIII (1891) and which has continued most recently with Pope Francis I (2015). Ian Christie et al. (2019) argue that CST is one of the major bodies of social thought in the industrial era and is theologically significant not just for Catholics in particular and Christians in general, but for every person of “good will.” Using the Christian vocabulary, David J. O’Brien and Thomas A. Shannon (2016), in the third edition of their book Catholic Social

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Thought: Encyclicals and Documents from Pope Leo XIII to Pope Francis, define Catholic Social Teaching as the proclamation of the truth of Christ’s love in society. Pedro Teixeira and Antonio Almodovar, in their paper “Economics and Theology in Europe from the Nineteenth Century,” clarify this definition when they argue that “Catholic Social Teaching is a social doctrine that essentially undertakes an ethical critique of existing social systems” (2014, p. 128). Catholic Social Teaching includes several documents authored by the Magisterium of the Roman Catholic Church which is constituted of the Pope, the head of the Church, and all other bishops in communion with the Pope (Melé 2011). 5.1.2

Catholic Social Teaching, Catholic Social Thought, and Catholic Social Practice

In a book entitled Human Dignity in Managing Employees, Tibor Héjj (2019) introduces the history of CST in detail. He draws attention to the fact that until the 1960s the term “Catholic Social Doctrine” was used to designate the social teachings of the Church, but since the Second Vatican Council (Vatican II) in 1965 the official term has become Catholic Social Teaching. Héjj remarks that, even so, the “Compendium of the Social Doctrine of the Church” published in 2004 by the Pontifical Council for Justice and Peace is another, but nevertheless the only document in the CST corpus that uses the term “doctrine” instead of “teaching.” Besides this, Héjj (2019) analyzes the distinction between Catholic Social Teaching and Catholic Social Thought. He arrives at the conclusion that CST stands for the term Catholic Social Teaching. This corpus includes numerous papal encyclical letters, a pastoral constitution that resulted from the Second Vatican Council, and a compendium published by the Pontifical Council for Justice and Peace. All these documents are official publications of the Holy See of the Vatican, with roots in the Biblical scriptures. Thus, CST includes the developing tradition of the Roman Catholic Church with its reflections on social issues. In the preface to the book The True Wealth of Nations, Catholic Social Thought and Economic Life, Daniel K. Finn (2010) considers Catholic Social Thought to be the collective intellectual enterprise of Catholic theologians and others who are engaged in the development of social ethics within the context of official Catholic Social Teaching, and who have the aim of exploring the limitations of reigning economic theories.

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Thus, Catholic Social Thought denotes a wider range of materials that explore and interpret the social teachings of the Roman Catholic Church. Catholic Social Thought is not restricted only to the above-highlighted documents of Catholic Social Teaching, but includes the ideas, conceptions, and reflections of academic scholars and Christian theologians, as well as Catholic practitioners, about social issues (Héjj 2019). As Albino Barrera O.P. (2010) remarks, the tradition of Catholic Social Thought is extremely broad and includes official Church documents, scholarly monographs, and commentaries designed for a general audience. Catholic Social Teaching was expanded into Catholic Social Thought, which is by now implemented in business by committed Christian businesspeople as Catholic Social Practice. As the Pontifical Council for Justice and Peace (2011) argues in a booklet entitled the “Vocation of the Business Leader,” the body of the social teachings of the Roman Catholic Church has developed through a complementary relationship between authoritative teachers (Catholic Social Teaching), insightful scholars (Catholic Social Thought), and effective and principled practitioners (Catholic Social Practice). CST is constantly developed, purified, and readjusted as Christians, especially business leaders, seek further discernment and excellence in their professional lives. This chapter introduces the central documents of Catholic Social Teaching and the main conceptions of Catholic Social Thought to give a comprehensive picture of the social doctrine of the Catholic Church and Christianity about entrepreneurship. 5.1.3

The Axioms and Operating Mechanism of CST

Humanism is the Church’s approach to social and economic concerns. The starting point for Catholic Social Teaching is a description of the nature of the human person. Donald Hay and Gordon Menzies (2015), in their paper “Is the Model of Human Nature in Economics Fundamentally Flawed? Seeking a Better Model of Economic Behavior,” affirm that this basic axiom of CST is part of the Roman Catholic tradition of natural law that claims that human beings are created in the image of God. Therefore, humans are created to live in the material world, but with an orientation toward the transcendent. Melé (2011) asserts that the core operating mechanism of Catholic Social Teaching is comprised of a process by which CST has been developed by reading and evaluating social and economic events as they unfold

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in the course of history in the light of the word as revealed by Christ Jesus, and accompanied by rational reflection. The working mechanism of CST can be summarized in three words: look (observe), judge, and act. The encyclical letter “Mater et Magistra” frames the former thus: There are three stages which should normally be followed in the reduction of social principles into practice. First, one reviews the concrete situation; secondly, one forms a judgment on it in the light of these same principles; thirdly, one decides what in the circumstances can and should be done to implement these principles. (Pope John XXIII 1961, para. 236)

The various parts of Catholic Social Teaching are closely related and create a unity, including numerous repeated passages and cross-references. O’Brien and Shannon (2016) argue that the documents of CST are best read and evaluated from the viewpoint of the laity. They are located at the intersection of the Church and the world, the sacred and the secular. Their very nature involves dealing with the problems of living a Christian life in the midst of ordinary human relationships. The objective of the following part of this chapter is to summarize the relevant set of Christian principles and values for business by providing an overview of the essential documents of CST, supplemented by the most important conceptions of Catholic Social Thought. Although these sources make a distinction between principles and values, from the perspective of the main argumentation of this book it is not necessary to treat the two conceptions differently, as both are characterized by the same features that were highlighted in Chapter 2. Both the principles and the values of CST can be regarded as abstract ideals that organize people’s systems of action as standards for consistent behavior. Both the works of O’Brien and Shannon (2016), and Melé (2011) include summaries of the subject which have helped with the selection of documents for analysis. These encompass the most important Papal encyclical letters, the pastoral constitution of the Second Vatican Council, and the “Compendium of the Social Doctrine of the Church” that help determine the basic principles and values of CST which constitute the relevant set of Christian values for business. Although it could be argued that this list of documents could be further extended, the following sections of this chapter clearly include the most important texts of Catholic Social Teaching.

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The Historical Development of Catholic Social Teaching

The roots of Catholic Social Teaching can be found in the Old and the New Testaments of the Bible, in the teachings of the Fathers of the Church, and in the teachings of the medieval saints and various scholastics, about which Percy (2010) gives an exhaustive overview in a book entitled Entrepreneurship in the Catholic Tradition. Both Percy (2010) and O’Brien and Shannon (2016) agree that the work of Saint Thomas Aquinas was extremely influential in this field. Thomas Aquinas defined society as a system of mutual exchanges of services for the common good. Society and government are considered part of nature and should operate according to the laws that reflect the universal structure of creation. O’Brien and Shannon (2016) introduce the historical background of the emergence of Catholic Social Teaching. They argue that during the eighteenth and nineteenth centuries basic social, economic, and political changes in Western Europe undermined the whole system of Christian civilization upon which traditional religious identification depended. In a secularized industrial society enchanted by the new ideals of freedom, science, and progress, the Church was perceived as essentially irrelevant. Catholic thinkers concluded that these problems could be overcome by reconfiguring modern life through the reconciliation of society and culture with the Church. In this historical situation Pope Leo XIII initiated modern Catholic Social Teaching by publishing the first Papal encyclical letter, “Rerum Novarum,” in 1891, based on the assumption that the Church, being of divine origin, possessed the revealed truth and could thus direct people and institutions to their final, supernatural end. Gregg (1999), in a paper entitled “The Rediscovery of Entrepreneurship: Developments in the Catholic Tradition,” argues that CST is not static but develops continuously in order to deepen the truth that it possesses. Although the spirit of social teaching is constant as it adheres to its fundamental principles and values, it is ever renewed, and accommodated to changes in historical conditions. The Church has articulated her opinions from time to time with regard to social and economic questions, and there is an identifiable trend in relation to her economic contributions: it is discernible that the focus has gradually shifted from macro to microeconomic issues in CST. The first encyclical letters established the theoretical framework of Catholic Social Teaching by articulating its core

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values and laying down its guiding principles. With the spread of globalization, the dialogue about the political economy was gradually superseded by dialogue about human development, business enterprises, and leadership issues. Percy (2010) argues that the subject of entrepreneurship appeared in the 1960s in the documents of CST. O’Brien and Shannon (2016) distinguish four phases in the history of CST. The first phase lasted for 40 years (1891–1931) and included two “classic texts,” the encyclical letters of Pope Leo XIII, and those of Pope Pius XI. O’Brien and Shannon argue that these documents were rigid in their theology, too rooted in preindustrial and to some degree antidemocratic ideologies, although also filled with charity and a passion for justice. The second phase is designated the “transition period of CST,” which lasted until the early 1960s and includes two encyclical letters from Pope John XXIII. These documents are characterized by a more flexible approach to the Biblical scriptures and by a more positive assessment of the modern world. The third phase in the development of CST incorporates the period of the Second Vatican Council (1962– 1965) and the time of Pope Paul VI. In contrast to the earlier documents, the teachings of Vatican II and Pope Paul VI communicate a vision of the Church as a servant of humanity, and a renewed concern for the human person and human rights. The fourth phase in the development of CST includes the works of Pope John Paul II, Pope Benedict XVI, and Pope Francis I. Documents published during these times put increasing emphasis on popular participation and include more open and humble acknowledgment of the historically conditioned character of human life. The following analysis of values in the documents of CST applies the classification of O’Brien and Shannon. 5.1.5

The Classic Texts of CST

The first two encyclicals of the classic period established the basic theoretical framework of CST. Both were devoted to economic issues and are now outdated, but they outlined the fundamental social principles and values of Christianity. Instead of referring to business and entrepreneurship, they were concerned with the role of the state in the economy. Nevertheless, the following analysis includes the former documents because they establish an indispensable theoretical background that is referred to by the succeeding documents of Catholic Social Teaching.

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5.1.5.1 Rerum Novarum—On Capital and Labor The first Papal encyclical, entitled “Rerum Novarum” (On Capital and Labor) was published by Pope Leo XIII in 1891. This was the starting point of CST, referred to by many as the “Magna Carta of Catholic Social Teaching” (Gregg 1999; O’Brien and Shannon 2016; Pope Benedict XVI 2009), and constitutes the Christian paradigm of a new society (Percy 2010). The main discussion in the document centers on an analysis of the condition of workers. Their unjust treatment motivated the pope to publish his encyclical letter in order to provide guidance based on Christian values and to define the rights and duties of capital owners toward workmen. Pope Leo XIII (1891) argued in favor of ensuring proper working conditions and workman’s rights. The encyclical provides a description of Christian labor law based on the dignity of labor which originates from the dignity (dignitas ) of the human person, who is made in the image and likeness of God. The Catholic account of the person is grounded on the creation of human beings as detailed in The Book of Genesis: “So God created mankind in his own image, in the image of God he created them” (n.d., Chapter 1:26). This notion provides for the transcendent dignity of the human person in Catholic Social Teaching. Melé (2011) draws attention to the fact that human dignity is an inalienable right of every human being from conception to death, regardless of race, sex, religion, or social condition. Thus, every person is unique, but all people are inherently equal in their dignity. This conception entails, on the one hand, that a person can never be treated as a thing or a mere resource in the pursuit of profit (e.g., simply as workforce), and that, as Teixeira and Almodovar (2014) argue, employers must respect the human dignity of workers, which means respecting their physical and intellectual limitations, and paying them a fair wage. On the other hand, as Andrew M. Yuengert (2014) argues in a paper entitled “Roman Catholic Economics,” human dignity demands that in evaluations of social outcomes individual good must not be aggregated, as—for instance—average incomes can mask the deprivation of individuals, thereby transgressing the spirit of human dignity. As Pope Leo XIII (1891) emphasizes, economic life should provide for people’s bodily needs and facilitate the quest for salvation, thus reflecting truth (veritas ), the eternal law of God about the dualistic nature of the human person:

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The great truth which we learn from nature herself is also the grand Christian dogma on which religion rests as on its base—that when we have done with this present life then we shall really begin to live. God has not created us for the perishable and transitory things of earth, but for things heavenly and everlasting. (Pope Leo XIII 1891, para. 18)

Christianity acknowledges, and Pope Leo XIII (1891) reaffirms, the sacred and inviolable right to private property, which is in accordance with the law of nature. Pope Leo XIII also admits that this right naturally entails the social obligation to use wealth to promote the common good (bonum commune). Common good is simultaneously the first and foremost law of government: the obligation of the state to alleviate poverty. Barrera (2010) emphasizes in a paper entitled “What Does Catholic Social Thought Recommend for the Economy?” that there is a consensus in Catholic Social Thought about the central importance of promoting the common good; an overarching concern within which competing social claims must be adjudicated. Common good means the minimum conditions or a set of public goods that are preconditions for individual and collective flourishing which ensures the functional integrity of the person and the community. The importance of the common good in CST cannot be overemphasized. Pope Leo XIII (1891) asserts that the state must pursue distributive justice (iustitia) to secure the common good by avoiding extreme inequality and by contributing to maintaining each person’s human dignity. Distributive justice is only one of the four aspects of justice in its Christian interpretation (the other three aspects of justice—namely, commutative, legal, and social justice—will be introduced later in this chapter). Vincent D. Rougeau (2010) refers to the pastoral letter of the United States Catholic Bishops (1986) when he asserts that distributive justice requires that the allocation of income, wealth, and power in a society be evaluated considering its effects on persons whose basic material needs are unmet. To put it more simply, distributive justice means righteousness in society, which constitutes the backdrop of common good. Henley (2015) argues that on the individual plane of existence, justice is more of a Christological conception. Jesus represents the fulfillment of justice, a standard which must be imitated. Nevertheless, justice is also interpreted as a key economic virtue in society that is essential to

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a Christian reinterpretation of economics. The United States Catholic Bishops (1986) argue that Christian justice is more comprehensive than its philosophical definitions, as it is concerned with the rightness of the human condition before God. Carol Johnston (2002), in a paper entitled “A Christian Critique of Economics,” furthermore distinguishes three dimensions of Christian justice which corresponds to the relationships: (i) between people; (ii) between the covenant community and God; and (iii) between the community and the rest of the created world. The realization that justice means the common good must take precedence over individual gain. Here, the virtue of frugality (frugalitas ) or Christ’s poverty plays a crucial role as riches do not bring freedom from sorrow, and are of no avail with regard to eternal happiness, but rather present an obstacle (Pope Leo XIII 1891). Frugality is the Christian way of temperance. It means low material consumption, and an openness to spiritual flourishing (Bouckaert et al. 2011). The United States Catholic Bishops (1986) emphasize that when Jesus calls the poor “blessed,” he is not praising their condition of poverty, but their openness to God. Rerum Novarum neither includes prescriptions about private enterprise nor about business. Pope Leo XIII only acknowledges that private property may help people to reach a state of human fulfillment, about which both Gregg (1999) and Percy (2010) argue that the former only presumes a right to private initiative. Nevertheless, Pope Leo XIII’s defense of human dignity, attached to the truth about human nature, along with the concept of common good, creates a lasting paradigm for the development of Catholic Social Teaching. 5.1.5.2

Quadragesimo Anno—On Reconstruction of the Social Order The second encyclical on social issues was published in 1931 by Pope Pius XI on the fortieth anniversary of Rerum Novarum with the title “Quadragesimo Anno” (On Reconstruction of the Social Order). At the beginning of the 1930s, the economy of the Western world was ruined by the Great Depression. This fact, and further historical and political processes, motivated Pius XI to update the position of the Catholic Church about social concerns. The first part of the encyclical letter is devoted to commemorating Rerum Novarum, recalling among other items the dual nature of private property. It reaffirms that private property and wealth entail not only rights but also duties. The duties of wealth are supplemented with

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the ethical obligation of responsibility (responsabilitas ), as fostering the common good presupposes the practice of frugality, and the specific, community-oriented utilization of property and wealth (Pope Pius XI 1931). Thus, in this encyclical the emphasis is on action instead of possession, as Pius XI moves the discussion from the ownership of private property to its use by affirming the importance of responsible private initiative (Percy 2010). Teixeira and Almodovar (2014) argue that until this time the church had taken a conventional and moderate position, only trying to amend some aspects of the existing social system, but Quadragesimo Anno transcends Rerum Novarum as it calls for social reform. According to Pope Pius XI (1931), attaining common good depends on the functions of a caring state that effectuate the necessary rebalancing of social power. Christian social order mandates the state to regulate competition by subordinating it to the higher values of social justice and charity (caritas ), both of which should be the guiding principles of economic behavior. Social justice implies that people have an obligation to be active participants in society, and that society has a duty to enable them to participate in this way (United States Catholic Bishops 1986). O’Brien and Shannon (2016) emphasize the importance of charity. They argue that although justice alone can eliminate social strife, it can never bring about a union of hearts and minds which is the basis of peace. However, charity, through which people love God for God’s own sake, and their neighbors as themselves, is capable of uniting all in a harmonious striving for the common good. Besides regulation, the state must give space to cultivating subsidiarity (subsidium), a value that was introduced by Pope Pius XI. Subsidiarity means that higher-order decision-making levels must restrain from intervening whenever intermediate levels of society could take effective action. Subsidiarity is a means of respecting the autonomy of communities and associations, and of avoiding undue concentrations of power. As O’Brien and Shannon (2016) put it, it is a fundamental principle of social philosophy which asserts that one should permit to the community what it can accomplish through its own enterprise. Subsidiarity guarantees institutional pluralism, provides space for freedom, initiative, and creativity, and promotes private initiative in economic matters and other social activities. Yuengert (2010, 2014) stresses furthermore that subsidiarity, freedom, and responsibility are closely connected, as subsidiarity organizes society

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in a way that free decisions and responsibility can be fully devolved to smaller groups. Gregg (1999) argues that Pope Pius XI is more prescriptive than Pope Leo XIII in his suggestions and recommendations for the economy. Despite their differences, however, Rerum Novarum and Quadragesimo Anno share a substantial unity in the history of CST. 5.1.6

Catholic Social Teaching in Transition

As Vera Negri Zamagni (2010) asserts in a paper entitled “The Political and Economic Impact of CST since 1891,” the two classic texts of Catholic Social Teaching, Rerum Novarum and Quadragesimo Anno, renewed the Catholic presence in society, by which the Church successfully prevented Christianity from being marginalized in public life. World War II brought another turning point in the history of the West. O’Brien and Shannon (2016) argue that the Church became one of the few transnational institutions that was left intact, and the papacy experienced new prestige in the rebuilding of Western European society. Percy (2010) draws attention to the fact that, besides Pope Leo XIII and Pope Pius XI, others also contributed to the development of CST. Pope Pius XII, the successor of Pope Pius XI, for instance, addressed bankers and businesspeople in radio messages in the 1950s about the social functions of banking, the vocation of entrepreneurs, and the qualities of business leaders. Although these talks were also important in the development of CST, they were given much less attention as they were not published in encyclical letters. 5.1.6.1 Mater et Magistra—On Christianity and Social Progress The third social encyclical of the Roman Catholic Church is “Mater et Magistra” (On Christianity and Social Progress ) which was published in 1961 by Pope John XXIII on the seventieth anniversary of Rerum Novarum. The first part of the letter commemorates its predecessors and their teachings, reaffirming the importance of human dignity, common good, justice, and subsidiarity (Pope John XXIII 1961). Pope John XXIII (1961) introduced some new issues into the social question. He considered the restoration of balanced development between nations as a form of justice between nations, balanced development in the economy as inter-sectoral justice, and the recognition of the importance of agriculture as the most fundamental economic issue of his

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age. He considered farm work to be a noble vocation that allows selfexpression, self-development, and spiritual growth. With this, Pope John XXIII was the first to approach work from a theological perspective. Pope Leo XIII considered work a necessity and a personal activity, Pope Pius XI considered it a necessity and a social activity, but Mater et Magistra introduced the spiritual dimension of daily work that allows people to participate in creation and perfect themselves. Thus, Pope John XXIII dissolved the wall between the secular and the spiritual by promoting work as a means of perfection and service to humanity (Héjj 2019; Percy 2010; Pope John XXIII 1961). The encyclical further elaborates the value of human dignity and emphasizes that human beings are not only endowed with dignity by nature, but are also social by nature as they live together. Based on their social nature, human beings are necessarily the foundation, the cause, and the end of every social institution. The Pope proposes the reconstruction of social relationships in truth, justice, and love, which includes truth as the light (guide), justice as the objective, and love as its driving force (Pope John XXIII 1961). O’Brien and Shannon (2016) argue that in Mater et Magistra Pope John XXIII alluded to entrepreneurship for the first time in the history of CST by asserting that in economic affairs the primary position is to be awarded to the private initiatives of individuals who pursue the common good. Furthermore, he argued that the relationships between workers and the management of enterprises must be realigned according to the principles of justice and charity. 5.1.6.2

Pacem in Terris—On Establishing Universal Peace in Truth, Justice, Charity and Liberty The subsequent encyclical of CST was also published by Pope John XXIII in 1963 with the title “Pacem in Terris ” (Establishing Universal Peace in Truth, Justice, Charity and Liberty). The fundamental message of the encyclical emphasizes the importance of peace on Earth, for which God’s universal order must be observed by cultivating four fundamental values: (i) truth, (ii) justice, (iii) charity, and (iv) freedom (libertas ) (Pope John XXIII 1963). O’Brien and Shannon (2016) draw attention to the fact that, by the publication of Pacem in Terris, the renewal of the church with the Second Vatican Council was underway. They argue that Catholicism was about to engage in participation in the full human community, as for the first time in an encyclical the pope speaks to “all men of

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good will” instead of addressing only Christians. It is also discernible that the encyclical spokes in a language of fraternity and emphasizes the importance of shared concern and mutual responsibility. Jose Luis Retolaza et al. (2019) argue in their paper “Stakeholder Theory Through the Lenses of Catholic Social Thought” that Pope John XXIII relates human dignity to human rights. According to the principle of human dignity, everyone is endowed with rights, duties, and free will. Thus, human rights draw their authoritative force from the natural law, but include their respective duties, as one man’s natural right gives rise to a corresponding duty in other men; the duty of recognizing and respecting that right. The universal duty of man is to live in a becoming fashion according to the principle of responsibility, and to search for the truth. Pope John XXIII (1963), inspired by the United Nations’ Universal Declaration of Human Rights, determines basic human rights which entail the right to life; i.e., the right to the elements of a decent standard of living which entails, inter alia, food, clothing, shelter, medical care, rest, and the necessary social services; the right to the freedom of movement; the right to worship God; the right of meeting and association; and political rights. Economic rights are particularly important in the discussion about the value orientation of Christian entrepreneurs. These rights incorporate the right to work; the right to proper working conditions; to suited responsibility; just wages; and property rights (Pope John XXIII 1963). The last major theme of Pacem in Terris is the development of the common good which is best safeguarded when personal rights and duties are guaranteed by the state and by social institutions. A proper social environment is necessary for ensuring material and spiritual prosperity. When basic human rights and duties are guaranteed this way, then society is based on truth and guided by justice, which allows the realization of charity by which freedom and peace can be established (Pope John XXIII 1963). 5.1.7

The Second Vatican Council and the Post-conciliar Catholic Social Teaching

The third phase of the development of CST entails the Second Vatican Council (Vatican II) and the following years. The Catholic Church underwent profound institutional and theological transformation during the Second Vatican Council between 1962 and 1965. Vatican II was

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convened by Pope John XXIII in order to replace the juridical and hierarchical definition of the Church with more biblical and symbolic imagery so as to depict an organization that is formed and functions according to its relationship to the kingdom of God. Herewith, in the spirit of ecumenism, Vatican II opened up dialogue between churches. The ecumenical tone of the Council became a hallmark of Catholic Social Teaching in subsequent documents. As a result, in the following years CST attracted wide attention in circles formerly uninterested in the Church (O’Brien and Shannon 2016; Teixeira and Almodovar 2014). The newly issued encyclicals and other documents (for instance, the pastoral constitution after Vatican II) appeared to position the church in a whole new light regarding the major social and economic questions confronting humanity. The Catholic Church highlighted a change in her approach by making it clear that her teachings were not aimed at developing a specific economic model. Although the Catholic Church considered that it was her responsibility to address the economic and social problems faced by believers and nonbelievers, the transposition of Christian principles would not lead to a single solution but was nonetheless an expression of concerns about the condition of humankind in the spirit of solidarity. The subsequent encyclicals argue for a pluralism of approaches to social and economic problems in the spirit of freedom and assign a greater role to local churches in identifying problems and responding to them in the spirit of responsibility and subsidiarity (Teixeira and Almodovar 2014). 5.1.7.1

Gaudium et Spes—Pastoral Constitution on the Church in the Modern World The subsequent document of CST, “Gaudium et Spes ” (Pastoral Constitution on the Church in the Modern World) was published by the Second Vatican Council in 1965. The constitution issued the document for all people, not only for Christians, as part of her renewal, including the renewal of her relationship with the modern world through dialogue. As O’Brien and Shannon (2016) argue, Gaudium et Spes was a powerful document which synthesized the opinion of the majority of the world’s bishops. It defines new directions for Catholic Social Thought as it offers a systematic ethical framework for exhaustively dealing with the world’s social problems in the light of the Christian anthropological outlook.

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The pastoral constitution was articulated on account of the profound and rapid changes in the world that have resulted in serious social difficulties. It reviews the world’s status and presents some socioeconomic issues of particular urgency (for instance, inequality, cultural development, family life, etc.). This is also the first CST-related document that recognizes environmental risks and recognizes people’s increasing domination over nature (Vatican Council II 1965). O’Brien and Shannon (2016) identify five elements that are particularly central to the document: (i) personalism; (ii) the social nature of the person; (iii) the relation between the church and the world; (iv) justice; and (v) development. The person in their full dignity is the meaning and fulfillment of created reality. Individuals, though centers of freedom and individual responsibility, are not solitary beings, but according to their inmost nature are social. The Council affirmed that the Christian community is closely linked with humanity and its whole history. The church is deeply committed to the pursuit of justice by directing institutions to guarantee human dignity. Development should be directed at the complete human fulfillment of all citizens. Common good is defined in Gaudium et Spes as the sum of those conditions of social life which allow social groups and their individual members access to their own fulfillment (Vatican Council II 1965, para. 26). Barrera (2010) considers this an open-ended definition which specifies the minimum conditions that must be present for human flourishing. In practice, it means that true prosperity necessarily includes material sufficiency, as people should be able to satisfy their basic needs. Material sufficiency, however, is not the ultimate end. Moral agency also plays a pivotal role in bringing about prosperity, and true prosperity must include everyone. Gaudium et Spes alludes to entrepreneurship and indirectly encourages indulgence in business activities. Percy (2010) argues that although there is no explicit reference to entrepreneurship in the pastoral constitution, there is a clear recognition of its importance. The entrepreneur, through the promotion of the spirit of enterprise, is recognized by Vatican II as an important player in economic and social life. The document includes three main aspects of entrepreneurship: (i) the personal aspect of vocation; (ii) the opportunity for collaboration; and (iii) the goal of entrepreneurial activities. First, and in contrast to its predecessors, Gaudium et Spes approaches economic issues not from the perspective of human nature, but from the

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perspective of the human person and their vocation. Emem Laguda et al. (2018) argue that work in the biblical tradition is regarded as a calling or a vocation. As God’s first commandment in The Book of Genesis was to “be fruitful and multiply” (n.d., Chapter 1:28), human beings therefore are called on to find their purpose and fulfillment in work. Thus, by the fact of baptism each Christian shares a sacred calling; a vocation to spread the faith throughout the world. This holds true for economic activity, as the vocation of the human person can be realized through daily work. Nevertheless, this task is associated with responsibility, as it must promote the welfare of society. In the socioeconomic realm, the vocation of human persons accompanied by responsibility must be honored along with the welfare of society (Gregg 1999; Percy 2010). Second, the pastoral constitution acknowledges the importance of economic communion, as work requires collaboration with others. Economic enterprises are organizations in which persons are joined together. With attention to the functions of each constituent part (owner, employers, management, etc.), and with the active sharing of administration and profit, enterprises as places of communion are to be promoted (Gregg 1999; Percy 2010). Third, Gaudium et Spes is aware of “technical progress,” the “inventive spirit,” and “an eagerness to create and to expand enterprises.” Those people and organizations that take an active part in socioeconomic development should make a contribution to the common good, as the ultimate and basic purpose of economic production should be directed toward the service of mankind (Gregg 1999; Percy 2010). Economic activities are considered a form of vocation that allows people to perfect themselves in relation to the moral good. However, the pastoral constitution affirms that man must be the source, the center, and the purpose of any socioeconomic activity, and that development must promote the service of man in its wholeness (Vatican Council II 1965). 5.1.7.2 Populorum Progressio—On the Development of Peoples The encyclical letter “Populorum Progressio” (On the Development of Peoples ) was published by Pope Paul VI in 1967. The subject matter of the document is human development, which is quite different from the subject matters of other social encyclicals, because it does not concern a special subject—for instance, capital and labor—but investigates the problem of humanity. Populorum Progressio thus placed the social question in its worldwide context. Teixeira and Almodovar (2014) emphasize

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that with the shift of focus on development, the social teachings of the Church became more universal than it was at the beginning of the twentieth century when it was centered on class struggle. Pope Paul VI posited the notion of “man’s complete development,” (later referred to in the encyclical as “integral human development”) and emphasized that its promotion is one of the deepest interests of the Church, especially in the case of people in poverty. But he further asserted that the meaning of development cannot be restricted to economic growth alone. In order to be authentic, development must be complete or integral as it must foster each man and the whole man (Pope Paul VI 1967, para. 1). In this regard, Retolaza et al. (2019) argue that the concept of integral human development entails the moral and spiritual dimensions. Thus, development in Pope Paul VI’s vision is oriented around a transcendent humanism that includes the acquisition of knowledge, culture, and the necessities of life; the desire for cooperation and peace; the recognition of human values; and the acceptance of faith, which opens up individuals to union with God (O’Brien and Shannon 2016; Percy 2010). Gregg (1999) emphasizes that Pope Paul VI also refers to the initiative of private economics and acknowledges that both material and moral benefits can accrue from entrepreneurial activity. The most crucial question is how people can realize their responsibility in the light of their freedom that stems from their human dignity. In line with this, as Melé (2011) also emphasizes, freedom which stems from human dignity is an essential condition for authentic human development but cannot be understood as mere capacity of choice. Rather, it must be accompanied by responsibility, as nothing can guarantee integral human development without this. Pope Paul VI (1967, para. 44) stresses that the ultimate goal of humankind is the attainment of a full-bodied humanism. Although he called on nations to live in the spirit of solidarity (solidaritas), and social justice, and to aid the needy with universal charity, this threefold obligation can also be interpreted as a mission for people and economic organizations. In line with mutual solidarity, the rich must aid the poor in their development. In line with social justice, people must enable others to participate in society in order to develop. Last, in line with universal charity, development must be pursued in a way that all can give and receive, but that the progress of some is not bought at the expense of others.

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Christie et al. (2019) argue that solidarity is a central concept in CST’s philosophical anthropology that concerns the inherent sociality of human beings who are capable of giving to others, and their need to live in relations of mutual care and responsibility. Thus, as Nicholas Townsend (2015) argues, the concept of solidarity denotes the orientation to the common good. O’Brien and Shannon (2016) describe Populorum Progressio as the document of the development of the human race in the spirit of solidarity, as this encyclical letter applies not only to Catholics, but to all men of goodwill. They argue that there can be no progress toward integral human development without the simultaneous development of all humanity in the spirit of solidarity. 5.1.8 The Social Teachings of Pope John Paul II, Pope Benedict XVI, and Pope Francis I According to O’Brien and Shannon (2016), the fourth phase of the development of CST incorporates the works of Pope John Paul II, Pope Benedict XVI, and Pope Francis I. Pope John Paul II was a strong advocate of justice, solidarity, and human rights, and spoke forcefully on behalf of the poor. He left a massive legacy of social teachings to his successor. As Pope Benedict XVI had both an academic and a clerical background, the style of his encyclicals is both academic and very personal. Pope Benedict XVI emphasized in his encyclical letter “Deus Caritas Est ” that the Church has an indirect role in the “purification of reason and … the reawakening of those moral forces without which just structures are neither established nor prove effective in the long run” (2005, para. 29). The choice of his papal name “Francis” by Cardinal Jorge Mario Bergoglio was a surprise for most. Pope Francis I published an Apostolic Exhortation entitled “Evangelii Gaudium” at the beginning of his reign which was seen as setting the agenda for his forthcoming pontificate, and articulated some very harsh judgments about economics: Just as the commandment “Thou shalt not kill” sets a clear limit in order to safeguard the value of human life, today we also have to say “thou shalt not” to an economy of exclusion and inequality. Such an economy kills. (Pope Francis I 2013, para. 53)

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Pope Francis I contributed to Catholic Social Teaching in the spirit of the above-mentioned quotation with his open speech and clarity by drawing attention to the most urgent social problem of poverty, and by widening CST’s framework of interpretation with ecological concerns. Pope Francis I is particularly sensitive about economic and ecological issues, and often shares his opinions on these subjects. Besides his encyclical letter, he has given various kinds of speeches and made apostolic exhortations about economics. These utterances are summarized by Andrea Tornielli et al. (2015) in their book This Economy Kills . 5.1.8.1 Laborem Exercens—On Human Work The first encyclical letter of Pope John Paul II that dealt with social issues was published in 1981 with the title “Laborem Exercens ” (On Human Work on the Ninetieth Anniversary of Rerum Novarum). This is the first papal encyclical that is devoted exclusively to the subject of work as the central feature of economic activity, and analyzes various workrelated issues. Townsend (2015) argues that Laborem Exercens creates the lens through which CST sees business life and capitalism. Melé (2011) considers this encyclical to be the most relevant document of CST on human work. O’Brien and Shannon (2016) support this claim when they argue that the encyclical sets forth a philosophy and theology of work in the contemporary context. Pope John Paul II (1981) depicts two dimensions of work. The subjective dimension refers to workers themselves, including both employees and managers, and how they experience their work. This should ensure the opportunity for self-fulfillment of both parties of which the practice of solidarity is a major constituent. O’Brien and Shannon (2016) argue that solidarity in the sphere of work means never being closed to dialogue and collaboration with others. The subjective dimension is distinguished from the objective dimension, which is the external outcome of work: products and services. This expresses man’s dominion over the world. Regarding the objective dimension of work, the pope articulates that work should supply goods and services that ensure the common good. It follows that work is “for man” and not man “for work.” Based on this assertion, Pope John Paul II (1981) asks business leaders and employees to focus on the spirituality of work by which they can live out their own vocations. Jeffrey R. Cornwall and Michael J. Naughton (2003) in their paper “Who Is the Good Entrepreneur? An Exploration within the Catholic

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Social Tradition” draw attention to the fact that in his first encyclical Pope John Paul II claimed that economism is the most serious problem in the economic world. This refers on the one hand to reducing entrepreneurial success to financial measurements, and, on the other, as Townsend (2015) argues, means excluding the subjective dimension of work by seeing workers as instruments of profit-making. In order to tackle economism, Pope John Paul II (1981) proposes focusing on the spiritual dimensions of work. He gives an overview of the elements of this approach in which he connects the dignity of work directly to human dignity. The Book of Genesis reveals the spiritual meaning and the true essence of work. God worked on Creation, and man is made in the image of God. As man is called on to prolong the work of creation and subdue the Earth, he should imitate God, so that not only the human person but also their work is endowed with dignity (Pope John Paul II 1981, para. 25)—a conception, which is identical to that of man’s vocation, as work involves participation in God’s work. Thus, work should correspond to, express, and increase human dignity (Pope John Paul II 1981, para. 9), which makes significant ethical demands on the organization of work (Melé 2011). Pope John Paul II (1981) observed that capital strives to maximize and instrumentally use labor. For Pope John Paul II, the conflict between labor and capital is not a class struggle, but a moral conflict. Thus, reflecting the distinction between the subjective and objective dimensions of work, he argues that labor should also have priority over capital, or as O’Brien and Shannon (2016) argue, the principle of the priority of labor over capital is a postulate of the order of social morality. As Townsend (2015) also asserts, this principle should be one of the main characteristics of post-capitalist business. Closely connected to the priority of labor over capital, the pope also argues that while property and capital should as a rule be privately held, the right to private property should be subordinated to the right to common use, thus to the fact that goods are meant for everyone (Pope John Paul II 1981, para. 14). The pope argues that labor has three main purposes: (i) it provides the basic resources for people’s lives; (ii) it transforms nature and contributes to the personal fulfillment of people; and (iii) it allows people to participate in realizing the common good (Pope John Paul II 1981, para. 14). Pope John Paul II (1981) argues that humans are given responsibility for dominion within God’s creation, so participation in the work that

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dominion requires is of fundamental importance for human fulfillment and ensuring the dignity of human work. The encyclical draws attention to the role of work in providing a living for disabled people. It is the employers’ responsibility to offer the latter work according to their capabilities in the spirit of fraternity (fraternitas) (Pope John Paul II 1981, para. 22). Stefano Zamagni (2010), in a paper entitled “Catholic Social Thought, Civil Economy, and the Spirit of Capitalism,” argues that fraternity is a Franciscan value which also complements the value of solidarity. Solidarity enables unequals to become equals, but fraternity enables equals to be diverse. Fraternity allows people who are equal in their dignity to devise different life plans and express their charisma distinctively. Luigino Bruni and Robert Sugden (2013) in a paper entitled “Reclaiming Virtue Ethics for Economics” argue that fraternity does not have the connotation of intimacy, but it has an affective content, while fraternal relations are characterized by friendliness, goodwill, and mutual respect. Gregg (1999) and Percy (2010) argue that some development in the scope of interpretation of “work” in CST is discernible. Rerum Novarum concentrated on two characteristics of work: its requirement, and its personal connotation. Quadragesimo Anno emphasized its profoundly social aspect. Mater et Magistra focused on the spiritual features of work by emphasizing the importance of vocation. Laborem Exercens asserts that work within a community constitutes the very nature of man’s existence on Earth. In a paper entitled “John Paul II and the Moral Ecology of Markets,” Daniel R. Finn (1998) argues that Pope John Paul II enriched CST by addressing economic life and economic institutions more thoroughly than any of his papal predecessors. Teixeira and Almodovar (2014) confirm this view by asserting that Catholic Social Teaching was significantly stimulated by the contributions of Pope John Paul II. Gregg (1999) argues that Laborem Exercens is the foundation of Catholic Social Teaching about entrepreneurship. It provides the necessary conceptual apparatus required for further analysis of entrepreneurship; a step taken by Pope John Paul II in his succeeding encyclicals. 5.1.8.2 Sollicitudo Rei Socialis—The Social Concern Pope John Paul II’s second encyclical letter on social issues was published with the title “Sollicitudo Rei Socialis ” (The Social Concern) in 1987. The document commemorates the twentieth anniversary of Populorum

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Progressio; thus, it focuses on development and reexamines the term. It begins with the assertion that the social concern of the Church is directed toward the authentic development of man and society (Pope John Paul II 1987). The concluding section of the encyclical in turn reaffirms that the Church does not propose certain economic and political systems or programs, but rather supports any collaboration that respects and promotes human dignity. On a personal level, Pope John Paul II discusses the conception of authentic or integral human development. The development of man has a necessary economic dimension, but this is not limited to satisfying material needs. Authentic human development is balanced because it considers spiritual necessities alongside economic necessities; that is, authentic human development has social and spiritual dimensions and also involves moral questions. Its basis is human dignity, which reflects the complex realities of human existence. It is attained in the framework of solidarity, which is a necessity for peace and the common good (Pope John Paul II 1987). Pope John Paul II (1987) emphasizes that solidarity is undoubtedly a Christian virtue. It is defined as “a firm and persevering determination to commit oneself to the common good; that is to say to the good of all and of each individual, because we are all really responsible for all” (Pope John Paul II 1987, para. 38). Solidarity entails sharing material and spiritual goods with others, which constitutes the path to development. Sollicitudo Rei Socialis includes a basic overview of environmental issues in a section about the development of humanity. The document asserts that the moral character of integral human development cannot exclude respect and responsibility for the beings which constitute the natural world. The document includes a detailed overview of the status of society around the world in which the issues of social inequality, poverty, unemployment, illiteracy, exploitation, oppression, and discrimination are analyzed, and the conceptions of underdevelopment and superdevelopment are introduced. The former refers to a lack of basic necessities for human life, while the latter is the excessive availability of material goods and entails a culture of consumerism. The pope argues that underdevelopment has not only social and economic, but also moral causes, primarily a lack of solidarity (Pope John Paul II 1987). The concept of development at the level of society should be ruled by concern for the common good of all humanity, or by concern for

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the “spiritual and human development of all” (Pope John Paul II 1987, para. 10) which assumes the practice of solidarity. Gregg (1999) draws attention to the fact that the document emphasizes the value of freedom, which is embodied in business as the “right of economic initiative” (Pope John Paul II 1987, para. 15). This is a right that should be pursued, albeit while adhering to the higher goal of common good. Economic initiatives are thus a way to make legitimate use of the talents each has received, and to contribute to an abundance that will benefit all (Melé 2011). Percy (2010) argues that Pope John Paul II wrote this encyclical letter about the crucial role of private initiative both for the good of the human person and to help realize the common good. He further adds that the pope sees something important in entrepreneurial work and considers it marvelous because it can predict and satisfy the needs of others, which means on the other hand that entrepreneurs are needed by others. Thus, entrepreneurs are both affirmed and challenged by the pope. Pope John Paul II thus acknowledges the right of economic initiative, which is important not only for the individual (in aiding integral human development and realizing one’s vocation, which is spiritual fulfillment) but also for fostering the common good. 5.1.8.3

Centesimus Annus—On the Hundredth Anniversary of Rerum Novarum The centenary of the publication of Rerum Novarum was commemorated by John Paul II through the publishing of his third encyclical on social issues, entitled “Centesimus Annus ” (On the Hundredth Anniversary of Rerum Novarum). O’Brien and Shannon (2016) argue that in using Rerum Novarum as a frame of reference, Pope John Paul II in his encyclical provides a comprehensive overview of the key points of Catholic Social Teaching. Pope John Paul II’s Sollicitudo Rei Socialis (Pope John Paul II 1987) and Centesimus Annus (Pope John Paul II 1991) have played a crucial role in helping the Church to recognize the centrality of entrepreneurship in economic life. Percy (2010) asserts furthermore that Centesimus Annus is clearly an affirmation of entrepreneurial work. The encyclical involves the extension and development of CST and draws upon Rerum Novarum’s emphasis on private property, and Quadragesimo Anno’s affirmation of responsible private initiative. Gregg (1999) emphasizes that it has taken quite some time for the Catholic Church to recognize the critical role played by entrepreneurship

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in economic life. Referring to the work of Oswald von Nell-Breuning, S.J. (1969), he argues that entrepreneurs are not mentioned in any way until Populorum Progressio. In more recent years, CST has not only recognized the centrality of entrepreneurship but also explored its moral dimensions. Here, the Catholic tradition also turned toward the Austrian paradigm of entrepreneurship as it was believed that the related economic value theory may be reconciled with Christian ethics. Although the Austrian paradigm is value-neutral, the Catholic tradition can ensure a value-based background for entrepreneurship. Catholic Social Teaching is capable of complementing secular thinking about entrepreneurship by endowing it with theological grandeur (Gregg 1999). Centesimus Annus represents a new approach to the social question with respect to entrepreneurial work and the free-market economy. If Rerum Novarum is the Magna Carta of Catholic Social Teaching, then Centesimus Annus is the Magna Carta of Catholic Entrepreneurship. Percy (2010) argues that the document differentiates the free-market economy or business economy from capitalist society. Pope John Paul II (1991) only calls for a society of free work, enterprise, and participation, in which business firms are a communion of persons. He does not praise capitalism. On the other hand, he acknowledges the positive aspects of the business economy whose basis is freedom exercised in the field of economics. The pope understands the role of the free market with its enterprises as an institution that can potentially contribute to the common good. He is totally aware of the fact that the market has its own shortcomings as there are goods that are not subject to the rules of free competition. Some collective and qualitative needs cannot be satisfied by market mechanisms, as these goods escape the logic of the market and cannot be bought or sold. It is much more an issue of justice not to allow fundamental human needs to remain unsatisfied (Pope John Paul II 1991). Pope John Paul II introduces the concept of the “universal destination of material goods” (1991, paras. 30–43). The foundation of this concept is the fact that God gave the Earth to the whole human race for the sustenance of all its members. Melé (2011) argues that the principle of the universal destination of material goods is related to the value of common good and states that the goods of creation are destined for the whole human race. This principle is in harmony with the right of private property, but inherent in the notion of private property is a social function. Thus, Centesimus Annus focuses mainly on the idea of the redistribution

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of wealth in order to fulfill the principle of the universal destination of material goods (Teixeira and Almodovar 2014). Finn (2010) emphasizes the significant shift toward the approach of business and economics in the teaching of Pope John Paul II. He argues that the entrepreneur, who was earlier seen as the epitome of the greedy businessman, has been cast in a much better light by Pope John Paul II. He further acknowledges that wealth creation could promote the common good in the right conditions, in which profit plays a constructive role. However, the purpose of business is not maximizing shareholder value, or simply making a profit. These “right conditions” mean acknowledging the twofold responsibility of business—namely, that business: (i) has an internal responsibility toward its workers and should protect the dignity of all people that work in the firm; and (ii) has an external responsibility toward society by striving to promote the common good. According to this approach, profit is necessary, since it ensures the future of business (Pope John Paul II 1991). In commemorating Rerum Novarum, Pope John Paul II (1991, paras. 4–21) reaffirms the importance of solidarity in the form of direct interventions to help less fortunate people, and, in commemorating Quadragesimo Anno, reaffirms subsidiarity as an indirect contribution toward fostering the common good. Business organizations can contribute to the common good directly through solidarity by defending marginalized people, and indirectly through subsidiarity by ensuring proper responsibility and working opportunities. 5.1.8.4 Compendium of the Social Doctrine of the Church The Pontifical Council for Justice and Peace published the “Compendium of the Social Doctrine of the Church” (hereafter, Compendium) in 2004. The Compendium does not deal with particular social and economic issues but summarizes the principles and the values of the papal encyclicals concerning social issues. The Pontifical Council for Justice and Peace was established in 1967 following the proposition of Vatican II to create a commission in the Church’s central administration that is dedicated to furthering the progress of poorer people, and to encouraging social justice by conducting action-oriented studies in the field of society and economy (Pope Paul VI 1967). Since its foundation the commission has contributed to the development of CST by organizing conferences, preparing encyclicals, and issuing publications on various society-related

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concerns. One of its most influential and significant publications is the Compendium of the Social Doctrine of the Church. The Compendium summarizes the fundamental values of social life and the basic principles of Catholic Social Teaching. The document describes the relationship between principles and values as the following: The relationship between principles and values is undoubtedly one of reciprocity, in that social values are an expression of appreciation to be attributed to those specific aspects of moral good that these principles foster, serving as points of reference for the proper structuring and ordered leading of life in society. These values require, therefore, both the practice of the fundamental principles of social life and the personal exercise of virtue, hence of those moral attitudes that correspond to these very values. (Pontifical Council for Justice and Peace 2004, para. 197)

Although the Compendium makes a distinction between principles and values, both are characterized by those features that were highlighted in Chapter 2 (where values were defined as abstract ideals that contribute to building up our world fundamentally and organizing our systems of action as standards for consistent behavior). Thus, from now on we consider the principles of Catholic Social Teaching as being similar to values in this discussion and in the analysis of the value orientation of Christian entrepreneurs. The permanent principles of the Church’s social doctrine constitute the very heart of Catholic Social Teaching. These are (i) the dignity of the human person, (ii) common good, (iii) subsidiarity, and (iv) solidarity. The four principles aim at the realization of the moral good. The dignity of the human person is the foundation of all the other principles. It is the starting point and the core of the Church’s personalist approach to social and economic concerns. Common good stems from human dignity as— according to the basic teachings of Christianity—people are social beings. The principle of common good does not refer to simple socioeconomic well-being but entails the transcendental goal of being. Common good incorporates the concept of the universal destination of goods, which means the right to private property and the right to use the goods of the Earth, but only subordinated to the common good. The universal destination of goods prescribes to owners how to use their wealth. According to the principle of subsidiarity, higher-level institutions should not take upon themselves roles that are properly those of lower-level institutions,

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but help the latter to fulfill their functions more effectively. Subsidiarity is intended to support the flourishing of the institutions of civil society. The concept of social participation stems from subsidiarity and is expressed in a series of activities by which citizens contribute to social life. Social participation is the result of the shared responsibility of everyone regarding the common good. Solidarity stems from the intrinsic social nature of the human person and the equality of all in dignity and rights. It means that all members of society have a special obligation toward poor and vulnerable people. Thus, solidarity is a moral requirement, inherent within all human relationships. Furthermore, it pervades the rest of the permanent principles (Pontifical Council for Justice and Peace 2004, paras. 160–196). The four fundamental values of social life are inherent in the dignity of the human person, whose authentic development they foster. These fundamental values of social life are (i) truth, (ii) freedom, (iii) justice, and (iv) love. God and his eternal law are the truth, manifested in the life of Jesus Christ. People have the duty to always move toward the truth because it corresponds to their dignity as persons. Freedom is an inalienable right of man which exists only if it is governed by truth. It is the capacity to refuse what is morally negative and to undertake morally good acts that are constructive for the person and for society. Thus, freedom is both a limitation and a possibility. Justice is the decisive criteria of morality in the social sphere; the will to recognize others as persons. It has four component parts. Commutative justice governs exchange and calls for fundamental fairness in all agreements and exchanges, with the assurance that equal value is given in return for equal value. Distributive justice governs the allocation of the goods in a community to its members in an equitable way. Legal justice governs the obligations of a member of a community to obey its laws. Social justice governs the obligation to seek institutional changes that make communities more prosperous. Love takes on the character of social charity which makes us effectively seek out the good in all people, or the common good. Thus, charity is the highest and most universal criterion from the whole field of social ethics. The values of truth, freedom, and justice are born and grow from the inner wellspring of charity as this pervades each of the other values (Pontifical Council for Justice and Peace 2004, paras. 198–208; Rougeau 2010).

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5.1.8.5

Caritas in Veritate—On Integral Human Development in Charity and Truth Pope Benedict XVI published his encyclical “Caritas in Veritate” (On Integral Human Development in Charity and Truth) on social issues in 2009. The title of the encyclical letter contains both the values of charity and truth. Melé (2011) argues that charity is love in its genuine sense, which is at the same time inseparable from truth. Love without truth may be reduced to a pool of good sentiments without reference to Jesus Christ. Pope Benedict XVI argues that charity in truth “is the principle around which the Church’s social doctrine turns” (2009, para. 6). He defines CST as “the proclamation of the truth of Christ’s love in society” (Pope Benedict XVI 2009, para. 5) in the light of charity and truth. Pope Benedict XVI (2009) reaffirms that CST has an interdisciplinary dimension which allows Christian faith and science to come together in a collaborative effort in the service of humanity. In a book, Héjj (2019) argues that Caritas in Veritate is the first encyclical letter that is not reactive but proactive in relation to a social phenomenon, as it was not issued after but during an economic crisis. The document includes a summary or even the synthesis of all the previous encyclicals, and the pope reflects on the ideas of his predecessors by integrating their views and adding new insights. Luigino Bruni and Stefano Zamagni (2016) in their book Civil Economy, Another Idea of the Market claim that the argument of Caritas in Veritate is centered around one important issue: the link between peace and integral human development. According to Caritas in Veritate, charity in truth is “the principal driving force behind the authentic development of every person and of all humanity” (Pope Benedict XVI 2009, para. 1). The pope argues that charity in truth is the vocation planted by God into everyone which encompasses not only material growth but also spiritual fulfillment. A vocation is a call that is based on the dignity of the human person, requires a free and responsible answer, and must be expressed through the economy. Integral human development is thus based on human dignity and presupposes the responsible freedom of people (Pope Benedict XVI 2009). O’Brien and Shannon (2016) argue that Pope Benedict XVI devotes considerable space in his encyclical to analyzing the current economic situation. He acknowledges growing wealth and rising inequalities, the downsizing of social security systems, the dangers of biotechnologies and genetic engineering, and excessive technological development. The pope

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also devotes an important part of the document to an analysis of the financial system, which was responsible for sparking off the economic crisis, and calls for it to create suitable conditions for human development. Pope Benedict XVI argues that “economic activity cannot solve all social problems through the simple application of commercial logic,” (2009, para. 36) and argues that economics need a people-centered ethics in order to function correctly. This also means that the value of justice must be applied in economic activity. The logic of the market applies the principles of commutative justice, but the pope rather urges the application of distributive and social justice in the economy, as justice is the primary means of charity (Pope Benedict XVI 2009). Bruni and Zamagni (2016) argue that the first important element of Caritas in Veritate is the call to overcome the now outdated dichotomy between the economic and the social sphere. They emphasize that the encyclical tells us that it is possible to do business by pursuing the common good. Caritas in Veritate offers a concept of a market of civil economy, according to which one can live the experience of human sociality and strive to achieve the common good within a regular economic life. The civil economy is regarded as a “new composite reality embracing the private and public spheres, one which does not exclude profit, but instead considers it a means for achieving human and social ends” (Pope Benedict XVI 2009, para. 46). The concept of the civil economy offers an opportunity for a profoundly new way of understanding business enterprise. The logic of a civil economy transcends the logic of exchange (the logic of the market) and the logic of public obligation (the logic of state regulations) in order for economic activity to be based on solidarity and subsidiarity. The pope acknowledges that one of the greatest risks of traditional businesses is that they are responsible only to their investors. On the other hand, there is also increasing awareness of the need for greater social responsibility and responsibility toward all stakeholders who contribute to the life of the business, including future generations and nature (Pope Benedict XVI 2009, para. 40), which is a feasible call according to the logic of the civil economy which is characterized by the long-term thinking of responsible business leaders. The pope asserts that the unity of the human race is fraternal communion. He argues therefore that the principle of gratuitousness as an expression of fraternity can and must find its place within economic activity, and that civil society is the most natural setting for an economy of fraternity (Pope Benedict XVI 2009, paras. 34–38).

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Melé (2011) argues that Caritas in Veritate defends human ecology, understood as a culture that shapes human coexistence and authentic human development. But Caritas in Veritate also devotes space to dealing with environmental ecology. This is the first encyclical letter in Catholic Social Teaching that analyzes our relationship to the natural environment more deeply, urging responsible stewardship that takes care of creation and future generations. The pope emphasizes that integral human development cannot ignore the latter (Pope Benedict XVI 2009, paras. 43–51). 5.1.8.6 Laudato Si’—On Care for Our Common Home Pope Francis I issued his social encyclical letter entitled “Laudato Si’ ” (On Care for Our Common Home) in 2015, addressing all people of goodwill, not only members of the Catholic Church. The document addresses humanity’s relationship with nature. O’Brien and Shannon (2016) argue that until this time ecology has been one of the most underrepresented themes in Catholic Social Teaching, and the fact that Pope Francis I made ecology the subject of his entire encyclical represented a significant development. Laudato Si’ is thus the first encyclical in CST that is exclusively devoted to environmental issues, filling a lacuna in CST. Christie et al. (2019) argue that the fact that Laudato Si’ updates the concept of common good to integrate ecological concern is the most striking example of development within CST. Historical processes have had a great influence on the development of Catholic Social Teaching. The first forty years of CST were devoted mainly to class struggle and the status of workers. After World War II, CST paid significant attention to the political economy by analyzing and criticizing capitalism and socialism. Nevertheless, the narrative of CST has changed since the 1960s as environmental issues have gradually come to the fore instead of narrowly interpreted social issues. As Pope Francis I (2015) summarizes, Pope Paul VI was the first to mention ecological concerns as “a tragic consequence” of unchecked human activity in his encyclical letter Populorum Progressio in 1967. During his reign, Pope John Paul II became increasingly concerned about ecological issues, as shown in his three social encyclicals. Last, Pope Benedict XVI also urged humanity to eliminate and correct dysfunctional economic models that have proven incapable of generating respect for the environment (Pope Francis I 2015, paras. 4–6).

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Laudato Si’ is a call for an “ecological conversion” and form of social cooperation that can be described as a framework of “integral ecology.” The pope urges us to start a new dialogue about the future of our planet that includes everyone, since environmental challenges are affecting all of us (Pope Francis I 2015, para. 14). First, the pope reviews the status of our common home, planet Earth. Building his argument on the most important scientific findings, he describes issues such as pollution and the consequences of a “throwaway culture”; climate change and the need to consider climate as a common good; water-related issues; the loss of biodiversity; the decline in the quality of human life and social breakdown; and global inequality (Pope Francis I 2015, paras. 17–52). Laudato Si’ traces environmental problems back to these social and economic problems. As a concluding remark, Pope Francis I (2015) criticizes the weak responses of international organizations that have failed to provide adequate answers to the most pressing problems. Then Pope Francis I (2015) introduces the gospel of creation which provides the theological framework of the document. The pope argues that in the Judeo-Christian tradition the word creation has a broader meaning than “nature,” as creation entails God’s plan. In creation each creature has its own purpose, and none are superfluous, while nature represents a system that can be studied, understood, and objectified without divinity. He furthermore acknowledges that Christians have at times incorrectly interpreted the Scriptures and the notion that our being is created in God’s image and that humans have been given dominion over the earth. Rather, he urges replacement of the traditional conception of dominion over the earth with the more appropriate phrase “responsible stewardship.” Wojciech W. Gasparski (2011) emphasizes that stewardship means caring for God’s creation with all its beauties and wonders that are signs of God’s goodness and providence. In a paper entitled “Ecological Consciousness and the Symbol ‘God’” Gordon D. Kaufman (2000) interprets responsibility, considered the most important ecological and social value, to mean the practice of prudence toward nature and members of society. Based on Pope Francis I’s reasoning, responsible stewardship constitutes the moral foundation of environmental preservation without which all activities that cause environmental degradation and contribute to climate change may be considered immoral (Brown 2017). The pope argues that social problems are inseparable from environmental problems. He asserts that a new, universal solidarity is needed,

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because there is an intimate relationship between the poor and the fragility of the planet. He writes that “every ecological approach needs to incorporate a social perspective which takes into account the fundamental rights of the poor and the underprivileged” (Pope Francis I 2015, para. 93). The pope furthermore emphasizes that the subordination of private property to the universal destination of goods plays a crucial role in society. This principle is the golden rule of social conduct, as it can provide people with basic necessities, thereby contributing to promoting human dignity. Christie et al. (2019) argue that Pope Francis I’s analysis of the human roots of the ecological crisis offers a philosophical anthropology of unsustainable development and depicts the crisis of modern anthropocentrism. It suggests that human beings place themselves and their convenience at the center, while all else becomes secondary. The pope warns that humanity needs a brand-new way of thinking to destroy anthropocentrism and substitute it with the spirit of human dignity, as everyday solutions tend to be defeated by the technocratic logic of globalization. Pope Francis I (2015) argues that this undifferentiated, one-dimensional technocratic paradigm tends to dominate both global economics and global politics. Consequently, the economy accepts every development that promises profit-generation without any concern for its potentially negative impact. In contrast to this, business should be a noble vocation, improving our world, and representing a source of prosperity for serving the common good (Pope Francis I 2015, paras. 124–136). The proposed solution is a vision of “integral ecology,” a comprehensive universal framework of social values and ethical guidance. The elements of integral ecology embrace human, economic, social, cultural and environmental dimensions. This involves an expansion of CST and the concept of common good in an environmental direction. Integral ecology is inseparable from the common good, the unifying principle of social ethics, and subsumes justice between generations, a question of intergenerational solidarity (Pope Francis I 2015, paras. 137–162). Laudato Si’ contains the propositions of Pope Francis I about protecting our common home. He proposes engaging in dialogue about these problems and about their possible solutions on the international, national, and local levels and urges a free exchange of views and transparency through decision and policymaking. Furthermore, he recommends a dialogue between religions and science (Pope Francis I 2015, paras. 164–201).

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The concluding chapter of the encyclical letter summarizes some further propositions concerning ecological education, ecological conversion, and a new lifestyle that will produce joy and peace. Pope Francis I argues in favor of an ecological education that is designed to create ecological citizenship. Ecological conversion means self-improvement that helps one lead a more ecological livelihood by imitating the Christian spirituality associated with Saint Francis of Assisi. The elements of the new lifestyle encompass gratitude for the gift of creation, acknowledgment of the labor of others, and practicing solidarity toward people in need. The pope argues that frugality plays a major role in the new lifestyle of ecological citizenship. This means being happy with little and developing an attitude that “less is more.” Finally, care for nature encompasses living together and communion that results in shared responsibility for our common home (Pope Francis I 2015, paras. 202–232). 5.1.9

Catholic Social Teaching—Some Concluding Remarks

The analysis above has demonstrated that Catholic Social Teaching offers a comprehensive view of the human person and creates a normative vision of individuals that may be applied in economics (and other social sciences). This vision, combined with CST’s desire to promote human well-being and justice, invites economists to engage in interdisciplinary synthesis. Thus, economics must create the foundations of a normative approach that is capable of incorporating the Catholic vision of the person, their dignity, and their social nature (Yuengert 2014). The goal (telos ) of economic life is the development of every person and the whole person: mind, body, and spirit (Barrera 2010); or—using an expression from CST—the goal is to contribute to integral human development (Retolaza et al. 2019). Melé (2011) draws attention to the fact—which is also obvious from the analysis above—that the social teachings of the Roman Catholic Church are not a technical solution, nor a model, nor a set of policies, but a humanist framework that aims at the defense of human dignity and the promotion of integral human development. CST tends to avoid making concrete recommendations for the economy and remains at a high level of generality (Barrera 2010). Yuengert (2014) also confirms that CST does not want to build a new economic science on Catholic principles, but rather wishes to engage the existing field of economics in a conversation about society. As Percy (2010) emphasizes, the Church restricts

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herself to enunciating principles which pertain to the truth about humans and leaves specific solutions to social questions to the domain of the laity. Retolaza et al. (2019) argue that the aim of these teachings is to inspire new approaches to economic development and leadership practices based on the core principles of CST. Percy (2010) argues that in the first eighty years of CST (from Pope Leo XIII to Pope Paul VI) remarkable development of thought concerning entrepreneurship can be observed. Pope Leo XIII defended the right to private property. Pope Pius XI defended private action. Pope Pius XII, who issued no official documents about social concerns, began to see business and entrepreneurship as a form of service to the community. Pope John XXIII articulated the need for communion in the workplace and introduced the spiritual dimension of work. The Compendium of the Social Doctrine of the Church adds a great deal to the Catholic view of the entrepreneur, allowing the Church to expand its appreciation of entrepreneurship. It is, however, in the writings of Pope John Paul II and Pope Benedict XVI that many of the most important insights into entrepreneurship are combined, integrated, and elaborated. Finally, it was Pope Francis I who introduced the ecological dimension to the discussion about Christian entrepreneurship. 5.1.10

The Ecumenical Face of Catholic Social Teaching

Although there are minor differences between the theological approaches of different Christian churches, there is agreement between them about the basic Christian virtues and values. Furthermore, Christian churches devote themselves to social and economic concerns to varying degrees. The Roman Catholic Church has placed central importance on addressing social questions in the light of Christian faith (Percy 2010). James Armstrong (1993) argues that Roman Catholicism, with its papal encyclicals, offers an authoritative body of social teaching that is unique in the religious world. On the other hand, Vera Negri Zamagni (2010) argues that the Reformation led to a significant reduction in emphasis on maintaining Christian inspiration in economic and political activity than under the Catholic Church: Protestantism has no teaching equivalent to the papal encyclicals. At the beginning of the twentieth century, in a book entitled The Protestant Ethic and The Spirit of Capitalism, Max Weber (1958) argued that Protestantism fundamentally influenced the emergence of capitalism.

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The Protestant work ethic became the driving force of the entrepreneurial spirit and the accumulation of wealth. Following Weber’s arguments, Gordon R. Preece (1999), in a paper entitled “Business as a Calling and Profession: Towards a Protestant Entrepreneurial Ethic,” argued that the key aspect of entrepreneurship from a Protestant standpoint is the concept of vocation. The most positive way to think about entrepreneurship involves considering business to be a universal calling, or a vocation from God. In the past, only monks were considered to have a vocation until Luther and Calvin universalized this concept by expanding the notion of a “calling” to secular work. There are significant similarities between Protestant and Catholic approaches to business and entrepreneurship. The notion of work and business as a vocation is also recognized by Catholic circles, thus it is one of the elements of common ground between the Catholic and the Protestant interpretation of entrepreneurship that is able to inform the discussion with an ecumenical Christian ethos and character. Nevertheless, there are many more similar aspects in the Catholic and Protestant approaches to business. For instance, both traditions consider wealth as a means of serving the common good, and consider the practice of solidarity toward the poor as a fundamental responsibility of entrepreneurs. Both traditions consider business activity to be a powerful and authentic expression of man’s nature and his obedience to the command of The Book of Genesis to “be fruitful, multiply, fill the earth, and subdue it” (n.d., Chapter 1:28). Protestantism, on the other hand, is more radical in considering that humans were made to be enterprising. In line with this, the three key pillars of the Protestant view of economic life are: (i) the goodness of creation, work, productivity, and private property; (ii) a utilitarian distinction between use and enjoyment, and meeting needs not wants; and (iii) the conviction that poverty and frugality are higher spiritual values than relative riches (Preece 1999). In a paper entitled “Protestant Economic Principles and Practices” Jurjen Wiersma (2011) also argues that despite Protestantism’s different theological approach, Protestant economic principles and values show significant similarity to those that can be found in CST. The protestant understanding of the human person puts at its center the independent individual who is sovereignly allowed to determine their own ethical decisions, being responsible only to God. Based on this assumption, human rights, liberty (freedom), justice, humility, and modest asceticism

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(frugality) are the central and the most important values and virtues of Protestant work ethics, all of which are very similar to the values of Catholic Social Teaching. Jon P. Gunnemann (2010), in a paper entitled “Capital, Spirit, and Common Wealth,” comes to a similar conclusion. He argues despite the Protestant theological framework he develops, that the analysis of the relationship between capital and common good yields conclusions that are certainly consistent with Catholic Social Thought about economics. The Oxford Handbook of Christianity and Economics, edited by Paul Oslington (2014), includes a detailed introduction to the social and economic teachings of the Anglican Church (Hawtrey 2014), Eastern Orthodoxy (Payne 2014), the Protestant Church (Goudzwaard and Jongeneel 2014), Theonomy (Noell 2014), the Anabaptist Church (Halteman 2014), and the Pentecostal Church (Clifton 2014). From a review of these approaches one can draw the conclusion that the basic principles and values of the various Christian churches are very similar. Furthermore, there are many major and minor similarities in their interpretation of the meaning and the role of work, the importance of the common good, the role of solidarity, etc. There is, furthermore, a tendency for Christian churches to use Catholic Social Teaching as a point of reference in interpreting their own social teachings. As Townsend (2015) argues, one of the reasons for this is the fact that CST is the most developed and coherent body of Christian thought about social issues that currently exists, due to the series of lengthy Vatican statements. Valerie A. Karras (2004), in a paper entitled “Overcoming Greed: An Eastern Christian Perspective,” refers to the encyclical of Pope Paul VI as the fundamental basis of her argument, despite the fact that she applies an Eastern Christian perspective. Other Christian churches therefore also acknowledge the relevance and the importance of Catholic Social Teaching and accept its tenets mostly or fully when elaborating their own approach to social and economic concerns. This book has capitalized on the ecumenical face of Catholic Social Teaching and introduced only CST in detail to summarize the relevant set of Christian values for business.

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5.2 The Relevant Set of Christian Values for Business The previous part of this chapter contained a summary of the relevant set of Christian values for business, including an introduction to the most important documents of Catholic Social Teaching and the corresponding secondary literature of Catholic Social Thought. Catholic Social Teaching is a personalist approach. Its starting point and foremost value is the dignity of the human person that unifies the body and soul and establishes social relationships. The personalist approach is the core principle of humanism; a framework that is capable of creating a new social, economic, and political order (Melé 2011). Before summarizing the relevant set of Christian values for business, the following section comments on the booklet “Vocation of the Business Leader” which was published by the Pontifical Council for Justice and Peace in 2011. This document is not a constituent part of official Catholic Social Teaching. However, it also focuses primarily on the basic principles and values of Christian business and Christian leadership, thus it is indispensable for the following discussion about the value orientation of Christian entrepreneurs. 5.2.1

The Vocation of the Business Leader

Soon after Pope Benedict XVI’s encyclical Caritas in Veritate was published, a series of conferences were held in the USA and in Rome at the Pontifical Council for Justice and Peace in collaboration with the Pontifical University of Saint Thomas Aquinas (Angelicum), Rome. The events gave an opportunity for businesspeople, scholars, and practitioners to study and reflect on business in the light of Caritas in Veritate. As a result of these events, the Pontifical Council for Justice and Peace published the booklet “Vocation of the Business Leader” in 2011. The starting point of the discussion is the fact that many business leaders live a divided life. There is divergence between the formers’ confessed faith in their daily lives and their lived faith as business leaders. These two spheres often very harshly contradict each other, a fact which is regarded as one of the most serious problems in business. The importance of the subject has been underlined, as many authors have dealt with it. Helen J. Alford and Michael J. Naughton (2001), in their book Managing As If Faith Mattered: Christian Social Principles in the Modern

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Organization, talk about the same phenomenon, designating it “the dual life of business leaders.” Gerald F. Cavanagh (1999), in a paper entitled “Spirituality for Managers: Context and Critique,” argues that businesspeople often experience their work, family life, and their faith as existing in separate compartments. The seriousness of the problem is attested to by Mark S. Schwartz (2006) who showed that only half of all members of US business society were open or willing to combine their “business self” with their “spiritual self” in the middle of the 2000s. The Vocation of the Business Leader argues that businesspeople, and especially business leaders, have a crucial, twofold role in the unfolding of creation as they: (i) provide goods and services, and (ii) shape business organizations. By understanding their participation in creation, they may begin to realize the responsibility of their vocation (Pontifical Council for Justice and Peace 2011, secs. 6–8). The document identifies four of the greatest challenges for Christian business leaders that have fundamentally changed the context of business. These are: (i) globalization; (ii) new communication technologies that result in an overabundance of information; (iii) the financialization of the economy, or the prominence of the financial sector in business by which capital has acquired new freedom; and (iv) cultural changes, in particular individualism and utilitarianism (Pontifical Council for Justice and Peace 2011, secs. 15–26). Nevertheless, the Pontifical Council for Justice and Peace (2011) is confident that these challenges and trends may be guided by Christian ethical principles, and that the social teachings of the Church do not impose a burden on business leaders but rather reveal the spiritual importance of their vocation. The document disposes of the vocation of business leaders within the framework of two foundational ethical principles for business, namely: (i) human dignity, and (ii) the common good (both of which have already been introduced in detail in the previous sections of this chapter). Business organizations must contribute to the common good; in applying a moderated approach, they must avoid action that undermines the common good, but from a more positive understanding they must actively seek ways to promote it (Pontifical Council for Justice and Peace 2011, secs. 30–37). Businesses should engage in three interdependent activities. They should: (i) address genuine human needs by providing goods and services; (ii) organize work; and (iii) use resources to create wealth and prosperity in sustainable ways. Furthermore, six practical ethical guidelines

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are assigned to the three activities, two for each activity. The two guidelines related to addressing genuine human needs include the creation of truly good products and services that contribute to the common good; and the practice of solidarity, by which business must address the real needs of the poor and vulnerable (including people with special needs). The two guidelines for organizing work are fostering the dignity of work and creating structures that support subsidiarity. The two guidelines for resource use are stewarding environmental and cultural resources by practicing responsibility and promoting distributive justice. The document does not devote any more attention to environmental issues, although it argues that we should only cultivate the Earth but not exploit its resources or devastate it (Pontifical Council for Justice and Peace 2011, secs. 38–56). According to the document, Christian business leaders, who are considered entrepreneurs in this book, must support and promote human dignity in their organizations, must strive to foster the common good, and must strive to create opportunities to foster solidarity, subsidiarity, responsibility, and justice by and within their business activities. 5.2.2

The Relevant Set of Christian Values from CST

Catholic Social Teaching stems from the utterances of the popes and the Magisterium of the Holy See. Christian values that appear in the social teachings of the Roman Catholic Church are summarized in Table 5.1, which also includes the names of the authors, the title of the publications, and the years of the publication. As already demonstrated, the Compendium of the Social Doctrine of the Church uses the concept of Christian principles alongside the concept of Christian values. In line with the value definition adapted in Chapter 2 (i.e., a value is an abstract ideal which organizes systems of action as a standard for consistent behavior), these principles are considered similar to values from now on. Thus, the principles of CST are also included in Table 5.1. Table 5.2 includes the relevant set of eleven Christian values for business and economics that stem from the social teachings of the Roman Catholic Church. Table 5.2 includes the English and the original Latin designations of these values. According to Table 5.2 the social teachings of the Roman Catholic Church include eleven values that are relevant to business. These are

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Table 5.1 Christian values that appear in the social teachings of the Roman Catholic Church Author

Title of document

Pope Leo XIII

Rerum Novarum—On Capital and Labor Quadragesimo Anno—On Reconstruction of the Social Order Mater et Magistra—On Christianity and Social Progress Pacem in Terris—On Establishing Universal Peace in Truth, Justice, Charity and Liberty Gaudium et Spes—Pastoral Constitution on the Church in the Modern World Populorum Progressio—On the Development of Peoples Laborem Exercens—On Human Work Sollicitudo Rei Socialis—The Social Concern Centesimus Annus—On the Hundredth Anniversary of Rerum Novarum

Pope Pius XI

Pope John XXIII

Pope John XXIII

Vatican Council II

Pope Paul VI

Pope John Paul II

Pope John Paul II

Pope John Paul II

Year of publication 1891

1931

Values human dignity, truth, common good, justice, frugality responsibility, frugality, common good, justice, charity, subsidiarity

1961

justice, human dignity, truth, common good, charity

1963

truth, justice, charity, freedom, human dignity, responsibility, common good

1965

human dignity, freedom, responsibility, justice, common good

1967

responsibility, freedom, human dignity, solidarity, justice, charity

1981

solidarity, common good, human dignity, responsibility, fraternity human dignity, solidarity, common good, responsibility, freedom freedom, common good, justice, responsibility, human dignity, solidarity, subsidiarity

1987

1991

(continued)

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Table 5.1 (continued) Author

Title of document

Year of publication

Pontifical Council Compendium of for Justice and Peace the Social Doctrine of the Church

2004

Pope Benedict XVI

2009

Pope Francis I

Caritas in Veritate—On Integral Human Development in Charity and Truth Laudato Si’—On Care for Our Common Home

2015

Values human dignity, common good, subsidiarity, solidarity, responsibility, truth, freedom, justice, charity charity, truth, human dignity, justice, common good, solidarity, subsidiarity, responsibility, fraternity common good, responsibility, solidarity, human dignity, justice, frugality

Source Author’s construction

Table 5.2 Christian values in business

English designation

Latin designation

human dignity truth justice solidarity subsidiarity freedom charity fraternity common good frugality responsibility

dignitas veritas iustitia solidarietas subsidium libertas caritas fraternitas bonum commune frugalitas responsabilitas

Source Author’s construction, based on documents related to Catholic Social Teaching

human dignity, truth, justice, solidarity, subsidiarity, freedom, charity, fraternity, common good, frugality, and responsibility. Cornwall and Naughton (2003) argue that the values that stem from CST cannot be reduced to an equation or formula. They entail qualitative orientations and commitments that define most clearly and profoundly the nature of the Christian entrepreneurial spirit.

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As Stefano Zamagni (2010) in a paper entitled “Catholic Social Thought, Civil Economy, and the Spirit of Capitalism” argues, the guiding idea of CST is interdependence among basic principles and values. Zamagni refers to the Compendium of the Social Doctrine of the Church, which includes the statement that “The principles of the Church’s social doctrine must be appreciated in their unity, interrelatedness and articulation” (Pontifical Council for Justice and Peace 2004, para. 162). In a paper entitled “Catholic Social Teaching,” Melé (2011) explicates the most important relationships between some permanent principles and values of Catholic Social Teaching. He argues that human dignity is balanced by the common good. On the one hand, human dignity emphasizes the importance and the value of each person, while on the other hand people should live within communities, and common good means considering each person a part of the whole and sharing common goods. Melé argues furthermore that solidarity is balanced by subsidiarity. On the one hand, solidarity highlights the intrinsic social nature of the person and requires concern for the needs of the community of which one has become a part. On the other hand, subsidiarity stresses freedom, autonomy, and capacity for initiative, and prescribes that a community of a higher order should not deprive a community of lower order of its authority. Furthermore, justice, solidarity, and freedom with responsibility are all highly emphasized in CST and all contribute to creating peace as the fruit of living these values. O’Brien and Shannon (2016) argue that the obstacles to integral human development are not only economic but stem from a deficiency of values or the lack of more profound values. In a paper entitled “Recovering Religion’s Prophetic Voice for Business Ethics,” Martin S.J. Calkins (2000) emphasizes a similar phenomenon when he asserts that business ethicists agree that Western business ethics is partly the product of Christian philosophy, but the former are inclined to neglect the religious tradition and to focus narrowly on purely philosophical and social scientific approaches to ethical dilemmas. Nevertheless, the Roman Catholic Church’s corpus of Catholic Social Teaching is important for business ethics as it emphasizes that the economy’s ultimate end is to serve humankind, not vice versa. Furthermore, Calkins argues that CST can inspire people to act individually and collectively in a moral manner in the field of business and economics.

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André L. Delbecq (1999), in a paper entitled “Christian Spirituality and Contemporary Business Leadership,” emphasizes that Christian spirituality impacts contemporary business leadership by informing and shaping it, integrating deeply held values with the leadership role. Héjj (2019) adds that Catholic Social Teaching (even with the insights of Catholic Social Thought) shall remain only theoretical if it is not implemented by those who have the right and obligation to lead companies. Catholic Social Practice can be effectuated by leaders who are educated in the field of Christian spirituality. Christian business leaders, especially in the case of those with a high level of freedom due to their status as owners or leaders, have the extraordinary mission of implementing Christian values in business, which may be considered their vocation.

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Christie, I., Gunton, R. M., & Hejnowicz, A. P. (2019). Sustainability and the Common Good: Catholic Social Teaching and ‘Integral Ecology’ as Contributions to a Framework of Social Values for Sustainability Transitions. Sustainability Science, 14(5), 1343–1354. https://doi.org/10.1007/s11625019-00691-y. Clifton, S. (2014). Pentecostal Approaches to Economics. In P. Oslington (Ed.), The Oxford Handbook of Christianity and Economics (pp. 262– 281). Oxford University Press. https://doi.org/10.1093/oxfordhb/978019 9729715.013.015. Cornwall, J. R., & Naughton, M. J. (2003). Who Is the Good Entrepreneur? An Exploration within the Catholic Social Tradition. Journal of Business Ethics, 44(1), 61–75. https://doi.org/10.1023/A:1023294626341. Delbecq, A. L. (1999). Christian Spirituality and Contemporary Business Leadership. Journal of Organizational Change Management, 12(4), 345–354. https://doi.org/10.1108/09534819910282180. Finn, D. K. (2010). Introduction—Developing an Architecture for Relating Catholic Social Thought and Economic Life. In D. K. Finn (Ed.), The True Wealth of Nations: Catholic Social Thought and Economic Life (pp. 3–12). Oxford and New York: Oxford University Press. Finn, D. R. (1998). John Paul II and the Moral Ecology of Markets. Theological Studies, 59(4), 662–679. https://doi.org/10.1177/004056399805900404. Gasparski, W. W. (2011). Beyond the Prose of Business. In L. Zsolnai (Ed.), Spirituality and Ethics in Management (Vol. 19, pp. 133–150). Dordrecht: Springer Netherlands. https://doi.org/10.1007/978-94-007-1153-2_9. Goudzwaard, B., & Jongeneel, R. (2014). Reformed Christian Economics. In P. Oslington (Ed.), The Oxford Handbook of Christianity and Economics (pp. 205–223). Oxford: Oxford University Press. https://doi.org/10.1093/ oxfordhb/9780199729715.013.012. Gregg, S. (1999). The Rediscovery of Entrepreneurship: Developments in the Catholic Tradition. In Christianity and Entrepreneurship: Protestant and Catholic Thoughts (pp. 53–108). St Leonards, NSW: Centre for Independent Studies. Gregg, S., & Preece, G. R. (1999). Christianity and Entrepreneurship: Protestant and Catholic Thoughts. St Leonards, NSW: Centre for Independent Studies. Gunnemann, J. P. (2010). Capital, Spirit, and Common Wealth. In D. K. Finn (Ed.), The True Wealth of Nations: Catholic Social Thought and Economic Life (pp. 289–318). Oxford and New York: Oxford University Press. Halteman, J. (2014). Anabaptist Approaches to Economics. In P. Oslington (Ed.), The Oxford Handbook of Christianity and Economics (pp. 244–262). Oxford: Oxford University Press. https://doi.org/10.1093/oxfordhb/978 0199729715.013.014.

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Hawtrey, K. (2014). Anglicanism. In P. Oslington (Ed.), The Oxford Handbook of Christianity and Economics (pp. 176–196). Oxford: Oxford University Press. https://doi.org/10.1093/oxfordhb/9780199729715.013.010. Hay, D., & Menzies, G. (2015). Is the Model of Human Nature in Economics Fundamentally Flawed? Seeking a Better Model of Economic Behavior. In J. Kidwell & S. Doherty (Eds.), Theology and Economics (pp. 183–198). New York: Palgrave Macmillan US. https://doi.org/10.1057/9781137536518. Héjj, T. (2019). Human Dignity in Managing Employees: A Performative Approach Based on the Catholic Social Teaching (CST). Geneva: Globethics.net. https://www.globethics.net/documents/4289936/134 03260/GE_Theses_32_isbn9782889312801.pdf. Accessed 1 June 2020. Henley, A. (2015). Economics and Virtue Ethics: Reflections from a Christian Perspective. In J. Kidwell & S. Doherty (Eds.), Theology and Economics (pp. 109–126). New York: Palgrave Macmillan US. https://doi.org/10. 1057/9781137536518. Johnston, C. F. (2002). A Christian Critique of Economics. Buddhist-Christian Studies, 22(1), 17–29. https://doi.org/10.1353/bcs.2002.0013. Karras, V. A. (2004). Overcoming Greed: An Eastern Christian Perspective. Buddhist-Christian Studies, 24(1), 47–53. https://doi.org/10.1353/ bcs.2005.0021. Kaufman, G. D. (2000). Ecological Consciousness and the Symbol “God”. Buddhist-Christian Studies, 20(1), 3–22. https://doi.org/10.1353/bcs.2000. 0012. Laguda, E., Ogunyemi, K., & Ohu, E. (2018). From Success to Significance: Transforming Your Job into a Calling. In G. E. Roberts & J. E. Crossman (Eds.), The Palgrave Handbook of Workplace Spirituality and Fulfillment (pp. 629–657). Cham: Springer International Publishing. https://doi.org/ 10.1007/978-3-319-62163-0_18. Melé, D. (2011). Catholic Social Teaching. In L. Bouckaert & L. Zsolnai (Eds.), The Palgrave Handbook of Spirituality and Business (pp. 118–128). Houndmills: Palgrave Macmillan. https://doi.org/10.1057/9780230321458. Noell, E. (2014). Theonomy and Economic Institutions. In P. Oslington (Ed.), The Oxford Handbook of Christianity and Economics (pp. 223–244). Oxford: Oxford University Press. https://doi.org/10.1093/oxfordhb/978 0199729715.013.013. O’Brien, D. J., & Shannon, T. A. (Eds.). (2016). Catholic Social Thought: Encyclicals and Documents from Pope Leo XIII to Pope Francis (3rd Revised Edition.). Maryknoll: Orbis Books. Oslington, P. (Ed.). (2014). The Oxford Handbook of Christianity and Economics (1st ed.). Oxford: Oxford University Press. https://doi.org/10.1093/oxf ordhb/9780199729715.001.0001.

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Pope John XXIII. (1961). Mater et Magistra. http://w2.vatican.va/content/ john-xxiii/en/encyclicals/documents/hf_j-xxiii_enc_15051961_mater.html. Pope John XXIII. (1963). Pacem in Terris. http://w2.vatican.va/content/ john-xxiii/en/encyclicals/documents/hf_j-xxiii_enc_11041963_pacem.html. Accessed 20 February 2020. Pope Leo XIII. (1891). Rerum Novarum. https://w2.vatican.va/content/ leo-xiii/en/encyclicals/documents/hf_l-xiii_enc_15051891_rerum-novarum. html. Accessed 20 February 2020. Pope Paul VI. (1967). Populorum Progressio. http://www.vatican.va/holy_f ather/paul_vi/encyclicals/documents/hf_p-vi_enc_26031967_populorum_ en.html. Accessed 20 February 2020. Pope Pius XI. (1931). Quadragesimo Anno. http://w2.vatican.va/content/ pius-xi/en/encyclicals/documents/hf_p-xi_enc_19310515_quadragesimoanno.html. Accessed 20 February 2020. Preece, G. R. (1999). Business as a Calling and Profession: Towards a Protestant Entrepreneurial Ethic. In Christianity and Entrepreneurship: Protestant and Catholic Thoughts (pp. 1–51). St Leonards, NSW: Centre for Independent Studies. Retolaza, J. L., Aguado, R., & Alcaniz, L. (2019). Stakeholder Theory Through the Lenses of Catholic Social Thought. Journal of Business Ethics, 157 (4), 969–980. https://doi.org/10.1007/s10551-018-3963-6. Rougeau, V. D. (2010). Just Contracts and Catholic Social Teaching, A Perspective from Anglo-American Law. In D. K. Finn (Ed.), The True Wealth of Nations: Catholic Social Thought and Economic Life (pp. 117–142). Oxford and New York: Oxford University Press. Schwartz, M. S. (2006). God as a Managerial Stakeholder? Journal of Business Ethics, 66(2–3), 291–306. https://doi.org/10.1007/s10551-005-5599-6. Teixeira, P., & Almodovar, A. (2014). Economics and Theology in Europe from the Nineteenth Century: From the Early Nineteenth Century’s Christian Political Economy to Modern Catholic Social Doctrine. In P. Oslington (Ed.), The Oxford Handbook of Christianity and Economics (pp. 112–134). Oxford: Oxford University Press. https://doi.org/10.1093/oxfordhb/978 0199729715.013.007. The Book of Genesis. (n.d.). http://www.vatican.va/archive/bible/genesis/doc uments/bible_genesis_en.html. Accessed 20 February 2020. Tornielli, A., Galeazzi, G., & Yocum, D. S. (2015). This Economy Kills: Pope Francis on Capitalism and Social Justice. Collegeville, MN: Liturgical Press. Townsend, N. (2015). Transcending the Long Twentieth Century: Why We Should and How We Can Move to a Post-Capitalist Market Economy. In J. Kidwell & S. Doherty (Eds.), Theology and Economics (pp. 199–218). New York: Palgrave Macmillan US. https://doi.org/10.1057/9781137536518.

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CHAPTER 6

A Comparative Analysis of Buddhist and Christian Value Orientations in Business

In a book entitled Buddhism and Christianity: Rivals and Allies Ninian Smart (1993) argues that worldviews define very different outlooks. Thus, it is clear that, beginning from one’s own worldview, one will not be able to prove to adherents of another worldview the truth of one’s worldview (e.g., Christians cannot cite the Bible to Buddhists to prove the truth of Christianity). Taking this into consideration, this chapter compares not the worldviews of Buddhism and Christianity, but the values that stem from these worldviews, and which are constituent elements of the value orientations of Buddhist and Christian entrepreneurs. Twelve relevant Buddhist values for business, which are the constituent elements of the value orientations of Buddhist entrepreneurs, were introduced in Chapter 4, while eleven relevant Christian values for business, which are the constituent elements of the value orientations of Christian entrepreneurs, were introduced in Chapter 5. The aim of this chapter is thus twofold: (i) to provide a description of value typologies for Buddhist and Christian entrepreneurs by exploring the constituent values of their value orientations; and (ii) to conduct a comparative analysis of the value orientations of Buddhist and Christian entrepreneurs, and to ascertain their core operating values. Values are defined as abstract ideals that organize our systems of action as standards for consistent behavior. The term “value orientation” designates the constituent values from the relevant set of Buddhist and Christian © The Author(s) 2020 G. Kovács, The Value Orientations of Buddhist and Christian Entrepreneurs, Studies in Buddhist Economics, Management, and Policy, https://doi.org/10.1007/978-3-030-46703-6_6

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values for business in the case of each entrepreneur. The first two parts of the chapter describe the typologies of Buddhist and Christian value orientations through which entrepreneurs effectuate their spiritual value commitment in business. Based on these findings, the following part of the chapter introduces a comparative analysis of the Buddhist and Christian value orientations in business and defines the respective irreducible core values and value dimensions in business.1 Wojciech W. Gasparski (2011) asserts that a spiritual value orientation may be analyzed from two viewpoints. The “internal viewpoint” refers to people of the same faith, while the “external” or “interfaith” viewpoint refers to the relations between different traditions and their willingness to agree that an intersection between their systems of values represents the core. In line with this distinction, the argument contained in this chapter includes both the internal and external viewpoints. It explores the value orientations of the respondent Buddhist and Christian entrepreneurs and presents their specific value typologies applying internal viewpoints; furthermore, it compares the value orientations of the two traditions as part of an interfaith dialogue. Buddhism is a syncretic tradition; thus, it adapts easily to other religions. As Andrew Skilton (2000) emphasizes in a book entitled A Concise History of Buddhism, it always engaged in dialogue with other spiritual and religious traditions while spreading throughout Asia and the Western world. From this perspective, the history of Buddhism is characterized by its pursuit of ongoing interreligious conversation with other religions. In contrast to Buddhism’s openness to dialogue, Christianity, and especially Catholicism, has focused attention on interreligious conversations only since the reign of Paul Pope VI. In a paper entitled “On Interfaith Dialogue: Some Important Aspects” Masatoshi Doi (1984) emphasizes that the Church’s openness to dialogue can be dated back only to the early 1960s when two major events happened. First, as a result of the pope’s encouragement the Catholic Church established a special secretariat for dealing with Catholic relations with non-Christian religions in 1963. In the following year Pope Paul VI specified the most important areas of Catholic dialogue and urged that a conversation be started with non-Christian religions in his encyclical letter entitled Ecclesiam Suam 1 Some parts of this chapter that focus mainly on the methodological aspects of the subject are included in an early paper of mine entitled “The value orientations of Catholic and Buddhist entrepreneurs” (Kovács 2017).

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(Pope Paul VI 1964). From that time on the Roman Catholic Church started to engage in discussion with other religions, including various Buddhist communities. One of the most important forums for interreligious dialogue between Christianity and Buddhism is the meetings and conferences held by the Society for Buddhist-Christian Studies. The society was officially founded in 1987 to promote the interaction between Buddhist and Christian scholars and practitioners that began at several large international meetings in the early 1980s. Now, it focuses on its annual meetings, and the annual publication of the Buddhist-Christian Studies Journal (https:// www.society-buddhist-christian-studies.org/). The Journal of Buddhist-Christian Studies has been published since 1981 by the University of Hawaii Press under the supervision of the Society for Buddhist-Christian Studies. It includes peer-reviewed scholarly articles, book reviews, and news about the relationship between Buddhism and Christianity. The published papers address both historical and contemporary issues, ranging from theoretical work to explorations of Buddhist and Christian practice. Various subjects are dealt with in special sections which bear importance for the discussion of the value orientations of Buddhist and Christian entrepreneurs—for instance, the Christian and Buddhist outlook on the ecological crisis, on social and environmental ethics, on consumerism and ecology, on the ethics of wealth, on economic injustice, and on the views of economics (https://www. society-buddhist-christian-studies.org/journal). Nevertheless, the scope of this book complements the content of the journal by exploring a less well-researched area; namely, the value orientations of Buddhist and Christian entrepreneurs, and their management and leadership practices. Furthermore, the book provides empirical data to complement the main theoretical discussions of the journal. Smart (1993) examines the similarities and differences between Buddhism and Christianity, and argues that the reason why Buddhism is especially interesting in relation to Christianity is because it challenges the fundamental assumptions of Western approaches about religion: in Buddhism there is no God, thus this tradition undermines the idea that theism is a unifying force in world religions. Nevertheless, Smart also argues that, on the one hand, Buddhism and Christianity as different worldviews have played a major role in creating the values which underlie Eastern and Western cultures, and, on the other, that both worldviews represent important critiques as critics of the modern world order. Both

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Buddhism and Christianity can call on their diverse glimpses of the Transcendent to call into question the values underlying our economic system. Both Smart (1993) and David L. McMahan (2008) argue that the spirit and the world vision of early Buddhism is basically compatible with modern science; that is, that Buddhism is well equipped to enter into a symbiosis with modern science. On the contrary, Christianity is liable to have greater difficulty adjusting to modern scientific knowledge. The tensions between religion and science have raised some deep questions about Biblical authority and contributed slowly to the liberalization of the Christian approach by which scientific approaches have become more dominant in Christian discussions about social-scientific issues such as economics. Based on his assumption that Buddhism cannot be considered a religion in a Western sense, Smart (1993) conducts a “worldview analysis” of Buddhism and Christianity. In Smart’s interpretation, a worldview entails a set of values and dimensions. Smart identifies seven dimensions of worldviews along which he makes a comparison of Buddhism and Christianity. These seven dimensions are: (i) their ritual or practical dimension (e.g., forms of worship and meditation); (ii) their experiential or emotional dimension (e.g., the experience of enlightenment and conversion in faith); (iii) the doctrinal or philosophical dimension by which they express their teachings about reality; (iv) their ethical dimension and their moral values; (v) their mythical dimensions (e.g., stories about the divine in interaction with humans); (vi) the social or organizational dimension by which they institutionalize themselves and structure other social institutions; and (vii) their material or artistic dimension (e.g., buildings, statues, books, etc.). The comparison of the value orientation of Buddhist and Christian entrepreneurs concerns mainly the fourth and the sixth dimensions, but also approaches the subject from another angle as it does not investigate worldviews directly, but rather the outcomes of the commitment toward these worldviews in business. According to Smart (1993), there is a fundamental difference between Buddhism and Christianity regarding ritual-practical and experientialemotional elements—dimensions which embody totally different spiritual practices. Buddhist practice centers more upon the mystical inner life and is focused mostly but not entirely on meditation and self-awareness. It thereby differs from the practices of Christianity, as in theistic religions the essence of ritual practice is numinous worship that involves prayer and

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adoration of the divine. Based on these assumptions, Andrew B. Newberg and Daniel Monti (2011) in their paper “Neuroscience and Spirituality” argue that the numinous practice of Christian spirituality primarily aims at union with God, which entails positive emotions and personal experiences. In contrast, Buddhist spiritual practices aim at experiencing voidness or emptiness, which entails neutral emotions and impersonal experiences. Mike J. Thompson (2008) argues furthermore that the Buddhist spiritual practice brings a greater sense of interconnectedness and the ability to transcend the isolated sense of self. Acknowledging the fundamental differences between Christian and Buddhist practices, Smart (1993) argues that some forms of Buddhist practices started to become more numinous in late Mah¯ay¯ana Buddhism, while Christian practice started to become more mystical by introducing Gnosticism and Christian monkhood. Still, Buddhism questions the most frequent assumptions of Christianity. It bases its ethics upon enlightenment and an interdependent vision of the world, rather than upon a supreme Lawgiver. Moreover, it does not postulate an ultimate Substance, and contains no concept of the soul in its teachings, thus it challenges the core ideas of Christianity. Although there are strong contrasts in other dimensions, the ethical conclusions of the two worldviews are not very dissimilar as both are based on similar assumptions and axioms about ethical norms and ethical conduct. Léo-Paul Dana (2010) in a book entitled Entrepreneurship and Religion provides a review of the influence of various religions and religious congregations on entrepreneurship. He suggests that certain religions may serve to promote or hamper the entrepreneurial spirit, while religions do not value entrepreneurship uniformly. Different religions influence entrepreneurship differently, promoting or hampering the willingness to indulge in entrepreneurial activities, and establish business organizations. He argues furthermore that there can also be significant differences in the same religious traditions among various congregations; for instance, in the case of Christianity, Protestants are more likely to engage in business activities than Catholics. Dana (2009) argues furthermore that Buddhism, especially in its Therav¯ada form, does not encourage entrepreneurial activity, while it focuses primarily on the afterlife. Central to the Therav¯ada tradition is the ultimate goal of extinguishing unsatisfied desires. According to this approach, people should not work toward the satisfaction of materialistic desires, but should rather strive to eliminate desire itself, a practice which is hardly compatible with indulging

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in entrepreneurial activity. The works of Dana (2009, 2010) testify that Christianity promotes entrepreneurship more strongly than Buddhism in general. The following comparison complements the findings of Dana as it investigates another aspect of the field of study. It does not focus on the willingness to indulge in entrepreneurial activities, but compares the value orientations of Buddhist and Christian entrepreneurs which correspond to the practical implementation of spirituality in entrepreneurship.

6.1 The Typologies of Buddhist Value Orientations The typologies of Buddhist value orientations are defined as a result of applying qualitative content analysis to interviews with eleven Buddhist entrepreneurs (B01–B11), applying the framework of the twelve constituent Buddhist values in business that are summarized in Chapter 4. The relevant set of Buddhist values for business entails simplicity, nonviolence, compassion, moderation, wisdom, responsibility, well-being, mindfulness, interconnectedness, generosity, contentment, and genuine care. Creating the typologies of Buddhist value orientations meant assigning the corresponding values from the relevant set of Buddhist values for business to each of the eleven entrepreneurs. The aim of the analysis was to depict the respondent entrepreneurs’ value orientations to facilitate a comparative analysis of the value orientations of Buddhist and Christian entrepreneurs. The paragraphs below include examples of value interpretations and codes for all the entrepreneurs who were characterized by the given values. The value of simplicity is included in the value orientations of two Buddhist entrepreneurs (B08, B11). Simplicity denotes the importance of minimization in business, and the significance of applying simple business solutions. Respondents’ ideas about simplicity are as follows: Simplicity is essential and includes practicality. It is closely related to creativity as in many cases complexity is a barrier to creativity. Keep it simple. This could be the watchword for us. (B08) We would like to promote solutions with low material input. We do not want to develop complex products with high resource requirements. We would like to minimize the resource requirements that are needed to create goods. (B11)

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The value of nonviolence is included in the value orientations of five Buddhist entrepreneurs (B01, B05, B06, B08, B11). Nonviolence denotes a lack of negative emotions and harmful business action. Some examples of the respondents’ ideas about nonviolence are as follows: Our former customer relations manager cheated us by stealing our company’s work and giving it to another printing house that was formerly our subcontractor. I had to be very mindful to relinquish my emotions and anger toward him. One must not be rancorous, while it is also not good to wish others bad, because it poisons me and pulls me down in the long run. (B01) I very much dislike violence. If businesspeople are offensive and aggressive, then I avoid them, and I do not keep contact nor collaborate with them. I think if people are honest and humble, this will ennoble them. Everybody has the chance to do business and lead their life without aggression and violence. (B05) The raw materials that are indispensable for producing goods are devalued. This is immoral, although the economic system has operated this way for hundreds of years. According to this logic, the forests of Bhutan, and Bhutanese culture, are less important than a smartphone. But why? We could debate this, but I think that it is not fair. We strive to give real value to those goods that are not valued fairly in this system. This is one of our most important aims. (B11)

The value of compassion is included in the value orientations of nine Buddhist entrepreneurs (B01, B02, B03, B04, B06, B07, B08, B10, B11). Compassion denotes taking on the viewpoints of stakeholders (business partners and employees) and taking their interests into consideration. Some examples of ideas about compassion are as follows: I try to be very open to the problems of my employees and colleagues. I listen to them and I genuinely do everything I can to help with difficulties. (B01) We sell shoes, but at a deeper level we strive to give information to our customers about the way their minds work. We have this motivation behind our sales activities out of compassion toward sentient beings. (B02)

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The way of the bodhisattva in Mah¯ay¯ana is a form of entrepreneurship in itself which helps alleviate the suffering of others… If I think about an enterprise, it should be exactly this: something that brings the path out of suffering closer to everyone. This is in itself an enterprise. (B04) We examine things from the perspective of our clients. We try to bring the best out of situations, and always keep in mind their interests. (B06) As a personal coach, I work for the benefit of others. This is the most important part of my job. What I would like most is to help others to help themselves. This is a way of turning obstacles into supporting powers in their lives. (B08) Some managers are very pedantic about your arrival time in the morning, and if you are late twice, then… I do not know… But I approach this issue in a different way that is good for everyone. And this is true also for team-members. If somebody has personal problems, I personally put more into the situation, because they have a problem, although I expect them to pull themselves together and solve their difficulties even with our help if they need us to do so. (B10)

The value of moderation is included in the value orientations of seven Buddhist entrepreneurs (B01, B06, B07, B08, B09, B10, B11). Moderation denotes avoiding endeavors that aim at profit-maximization and the utilization of employees. Some examples of ideas about moderation are as follows: I always give value for money. I do not strive to get as much as I can for my work, so I never overprice contracts. (B06) We have no bonus system. We try to eliminate the idea of concentrating solely on extracting money from the system—to discourage thinking that if I sell two more units then I will get an extra euro—, but rather to concentrate on customers and their real needs. (B07) There is a middle way, which I try to follow every time. This means not thinking in terms of extremes or extremities, not exhausting employees, or considering them slaves, but leading them firmly. (B09)

The value of wisdom is included in the value orientations of five Buddhist entrepreneurs (B01, B03, B04, B07, B09). Wisdom denotes

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the importance of prudence and cleverness in business, and the application of the fruits of practicing Buddhist meditation. Some examples of ideas about wisdom are as follows: Buddhism has a fundamental influence on my personality. The way I am now is the consequence of the experiences of my former years. And, as I have a lot of insight from Buddhism, have met a lot of Buddhists and learned from the wisdom of Buddhist teachings and practiced Buddhist meditation, it is clear that Buddhism has shaped my life in major ways. (B01) Let us say that Buddhism plays the role of a master in business. You can and should see the world through the philosophy of Buddhism, and you will recognize that as you change your attitude, situations will also change. But it is not always as easy as this when emotions come and go and obstruct mindful reflection. But when you recognize this, then you promptly develop. (B03) There are negotiations when it is hard to be calm and cool-minded. But it is important to prepare yourself consciously as much as you can. Take the example of the samurai. As a businessman you have to be a perfect warrior, with a well-trained, razor-like mind that stays sharp in every situation. Nevertheless, you must not destroy your enemies nor make them feel your superiority. (B09)

The value of responsibility is included in the value orientations of six Buddhist entrepreneurs (B01, B02, B03, B04, B07, B10). Responsibility denotes behaving responsibly and motivating other people to behave responsibly in business. Some examples of ideas about responsibility are as follows: I give work to 64 people and quasi support their families by employing them. This can be depressing, because it is also a big responsibility. It might be much easier for me if I were a supplier of the gambling or tobacco industry, but I try to mindfully avoid these businesses. (B01) We are a small business with a couple of employees. Payday is on Thursday. It has happened that employees came to ask for some of their weekly salary in advance. We tried to comply with these requests, but after a while I recognized that we should teach our fellow workers to be more responsible. So, we changed our style and discussed the situation with them. It

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took more than a month to educate them about how to draw up a budget and use their money responsibly. And they told me that, in the end, they were grateful for this. (B03) Nowadays, only profit counts. From a Mah¯ay¯ana perspective, this represents an opportunity to recognize its impropriety and to focus not on profit, but rather on people. And, in line with Vajray¯ana Buddhism on a tantric level, it represents a good opportunity to convert this poison into virtuous acts. (B04) I expect responsible behavior from everyone in the company and strive to make it clear that our salespeople are not mere executors, but people with responsibility and elbowroom. All our salespeople have 100 percent authority regarding gifting or price-cutting. (B07)

The value of well-being is included in the value orientations of seven Buddhist entrepreneurs (B01, B02, B06, B07, B08, B10, B11). This denotes promoting the well-being of the people involved in business and society in general. Some examples of ideas about well-being are as follows: When we moved here, the building could have been renovated more cheaply, but not as well. We decided that we had to make it good quality for our employees in order that they would come to work willingly and feel good, and find harmony and peace, and give them the opportunity to work undisturbed. (B01) People have wants and the money to satisfy these wants. They will spend their money somewhere else if I am not in the system. But I do my job with the intention of helping them choose the right product, which sometimes happens, and with the intention of using the money I earn to offer merit to them. In this way, they win even if they are not aware of it. (B02) Once we had an assignment to help restructure a part of the legislation. It was very important for us to arrive at a conclusion that was good for the economy, for the state, and for people. It is important that the output of our work be maximal in these dimensions. (B06) Our work has social benefit—beyond the need for it to be profitable and support and give material security to the people who are involved—which motivates me… We want to do good to others, and we want to serve society. Our mission is inspired by this idea. (B07)

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The value of mindfulness is included in the value orientations of ten Buddhist entrepreneurs (B01, B02, B03, B04, B05, B06, B07, B08, B09, B11). Mindfulness denotes putting conscious focus on executing business activities and practicing the reflective states of mind in business that are the fruit of Buddhist meditation. Some examples of ideas about mindfulness are as follows: I consciously try to do business as fairly as possible. I do not mislead anybody, I make fair contracts with my subcontractors, and when problems emerge, I contact them immediately to solve them. Paying my subcontractors and suppliers in time and precisely are the most important components of our long-term co-operation. I consciously pay attention to my employees, always listen to them and take care of them as much as possible. (B01) The basics of Buddhist economics and ethics dwell on the Hinay¯ana level. This concerns how to bring Right Livelihood, which is part of the Noble Eightfold Path, to public awareness. Focusing on doing “right” already contributes a lot to cleansing business. (B04) Mindfulness in business means behaving correctly, avoiding lying, doing the maximum in the given situation, creating the best conditions for customers, and behaving honestly if something is not good. (B06) The turning point was my contact with Buddhism through meditation practice—when I started meditation and partaking in meditation courses. Buddhist spirituality and the new conditions that accompanied meditation clearly indicated that the conventional business practice would not be enough. It is very important in my Buddhist practice that I do not just read a book and think about it, but that it is a livable experience that changes my mind. (B07) I did not understand the expression “radical Buddhism” for a long time. I could not comprehend what radical Buddhism was, but then I recognized that it is also a kind of radicalism when you fully commit yourself to the Noble Eightfold Path. And I always feel good when I follow the Noble Eightfold Path radically, not only in my private life, but also in business. (B09)

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The value of interconnectedness (which entails the conceptions of non-self and interdependence) may be identified in the value orientations of eight Buddhist entrepreneurs (B02, B05, B06, B07, B08, B09, B10, B11). Interconnectedness denotes companionship and communitybuilding in business, and the maintenance of fair partnerships between parties in business. Some examples of ideas about interconnectedness are as follows: One of Buddhism’s refuges is companionship. Friends are the most important values on your journey in Buddhism. Similarly, it is an objective for me in business to understand my colleagues, because this is the basis of collaborating in a good mood. If I could not have managed this, I would have closed this store. (B02) I am very interested in innovative business solutions and business models. This is about connecting people with their own competencies to create a brand-new organizational structure which is bigger than any of them as individuals. (B05) Interconnectedness and selflessness in business are about handling customers as equal partners and striving to create friendly relationships between us in the workplace. (B06) If we are in business, we have to make good deals. But what is a good deal? In the case of coaching, this means a situation that is appropriate to both parties, and involves the necessity of connecting with each other. If I am stressed about our deal, then I cannot concentrate on my work, but if my client is stressed, then our relationship will not work, because they will not be able to be open to me. Deals are a matter of trust, not of exploiting the other party. (B08) We want this whole initiative to work as a community. In the first round we said it should be on-line, and under control. We want to bring together the friends of Bhutan and Bhutanese people, but we do not know exactly what will happen off-line. (B11)

The value of generosity is identifiable in the value orientations of five Buddhist entrepreneurs (B01, B08, B09, B10, B11). Generosity denotes behavior by which people in need and the stakeholders of the enterprise can be supported. Some examples of ideas about generosity are as follows:

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If goodwill activities are required, we always provide resources. If somebody needs charitable support, we are open to helping. We have a van that is used in the summer to help a Christian organization to organize camps for small children. We used to collect money to support foundations. Once, one of our colleagues’ close relatives passed away and we collected donations. Generosity and a culture of donation inherently exist in our employees and in the organization. (B01) The enterprise is just a legislative form of my profession. I would do the same coaching activity without having a company. Sometimes I do it for free, because it happened once that one of my close friends needed help, but he could not afford to pay for it. (B08) We would like to give back to where the inspiration comes from. Appreciating things that are usually not appreciated in a commercial transaction is an important value for us. (B11)

The value of contentment is included in the value orientations of three Buddhist entrepreneurs (B01, B10, B11). Contentment denotes accepting what is given and being content with less regarding material goals. Ideas about contentment are as follows: Profit and the issue of short- and long-term thinking are on my mind. Our primary aim is not the cultivation of profit, but rather success in the long run, and to have a good time as long as we are working here. (B01) I always want to see people in my team who really like their jobs and feel content about what they do. I am fully aware that we work for a bank, which is not the best work in the world compared to that of the work of artists, but it is very important that our work makes my teammates satisfied and content. (B10) And those who are involved in the organization can subsist on it. I can pay my bills and it gives me the freedom to work. This is the real success for us. (B11)

The value of genuine care is included in the value orientations of five Buddhist entrepreneurs (B02, B03, B06, B07, B11). Genuine care denotes aspiration and a real motivation to support other stakeholders in business. Some examples of ideas about genuine care are as follows:

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Our customers-to-be can freely decide whether they want to make a deal with us. I can see exactly if they really want to buy our services. More precisely, I can decide if they need our service, or they are just guessing about what they would like. But in cases when I have to tell them what they want instead of them deciding, they will not pay for the service with pleasure, and in these cases I do not insist on making a deal with them. (B03) We draw attention of our clients to every circumstance, even if we are not asked or paid to do so. We strive to be comprehensive. We want our partners to get all the information that can help them, even if we do not have a mandate to do this in a strict sense. (B06)

After reviewing and assigning the corresponding Buddhist values one by one to the respondent entrepreneurs, it becomes possible to summarize the typologies of Buddhist value orientations in a table. Each of the eleven rows of Table 6.1 represents an entrepreneur who is referred to by their respective code (B01–B11) in the first column. The other columns of Table 6.1 include the relevant Buddhist values for business, while the last column includes the number of values that are identified in the entrepreneur’s value orientation. The rows depict the value typologies or value orientations of the respondents, and the last row includes the frequency of occurrence of the constituent values of Buddhist value orientations. Values that characterize an entrepreneur are indicated with a “1” in the corresponding row of Table 6.1. These are the constituent values of the respondent Buddhist entrepreneur’s value orientation. Values that do not characterize an entrepreneur are indicated with a “0” in the same row, which highlights the absence of the corresponding value from the value orientation of the entrepreneur. According to this logic, the value orientation of entrepreneur B05, for instance, is characterized by the values of nonviolence, mindfulness, and interconnectedness, as these are the constituent values of the given entrepreneur’s value orientation. On the other hand, the values of simplicity, compassion, moderation, wisdom, responsibility, well-being, generosity, contentment, and genuine care do not make up a constituent part of entrepreneur B05’s value orientation. Applying the same logic, the value orientations of all the respondent Buddhist entrepreneurs can be defined. Table 6.1 will be used in the following qualitative comparative analysis as a “truth table” (Ragin 1994). This section has introduced the typologies of the value orientations of the respondent Buddhist entrepreneurs. In the last section of the chapter,

Value orientations of Buddhist entrepreneurs

2

Frequency of value

5

1 0 0 0 1 1 0 1 0 0 1

Source Author’s construction

0 0 0 0 0 0 0 1 0 0 1 9

1 1 1 1 0 1 1 1 0 1 1 7

1 0 0 0 0 1 1 1 1 1 1 5

1 0 1 1 0 0 1 0 1 0 0 6

1 1 1 1 0 0 1 0 0 1 0 7

1 1 0 0 0 1 1 1 0 1 1 10

1 1 1 1 1 1 1 1 1 0 1 8

0 1 0 0 1 1 1 1 1 1 1

Simplicity Nonviolence Compassion Moderation Wisdom Responsibility Well-being Mindfulness Interconnectedness

B01 B02 B03 B04 B05 B06 B07 B08 B09 B10 B11

Code

Table 6.1

5

1 0 0 0 0 0 0 1 1 1 1

3

1 0 0 0 0 0 0 0 0 1 1

5

0 1 1 0 0 1 1 0 0 0 1

9 6 5 4 3 7 8 8 5 7 10

Generosity Contentment Genuine Number care of values in the value orientation

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comparative analysis of the value orientations of Buddhist and Christian entrepreneurs is conducted after defining the typologies of the respondent Christian entrepreneurs by applying the same methodology.

6.2 The Typologies of Christian Value Orientations This section of the chapter introduces the value orientations of the respondent Christian entrepreneurs in a similar way to in the former section, in which the typologies of Buddhist value orientations are included. The typologies of Christian value orientations are constructed as a result of applying qualitative content analysis to interviews conducted with eleven Christian entrepreneurs (C01–C11), using the framework of the eleven constituent Christian values in business that are summarized in Chapter 5. The relevant set of Christian values for business entails human dignity, truth, justice, solidarity, subsidiarity, freedom, charity, fraternity, common good, frugality, and responsibility. Creating a typology of Christian value orientations means assigning the corresponding values from the relevant set of Christian values for business to each of the eleven entrepreneurs. The paragraphs below include examples of value interpretations and the codes for all entrepreneurs who are characterized by the given values. The value of human dignity is included in the value orientations of eight Christian entrepreneurs (C01, C02, C03, C04, C05, C06, C08, C11). Human dignity denotes the unavoidable centrality of human beings in business through various interpretations. Some examples of the respondents’ ideas about human dignity are as follows: According to my faith, every person is created in the image of God. One of people’s most precious values is the work by which they not only sustain themselves, but by which they are able to maintain their humanity and their dignity. (C01) Man is at the center in every case, and in every profession. Man cannot be circumvented. Not things, not money, not processes, but man is at the center with his own dignity. This is the essence of every business and business activity, and also at our organization. (C02)

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Every business organization is constituted of people. This is true for a one-man shoemaker and for the HP corporation. The former is a small enterprise, while the latter is a multinational company. Regardless of the number of its boards, directorates, and subsidiaries, every business organization is constituted of human beings. This enterprise is also constituted by me and my colleagues for the purpose of allowing us to sustain our human dignity through our work. (C03) It is vital not to only look at money and profit. Although this is important, other people in their wholeness are much more important than this. (C04) A major point is the way one treats his fellow workers. For me, people are not “workforce,” but have their own value. (C06) I strive to treat my fellow workers or employees as humans. They are not workforce, nor are they robots, but human beings. They have their own problems, which I take into consideration. I try to help them as much as I can, and to handle and to help with the private difficulties in their lives if they allow me to do so. I think this is very important, and if a leader says that he or she is a Christian, then it must be done this way. (C08)

The value of truth is included in the value orientations of two Christian entrepreneurs (C02, C03). Truth denotes the acknowledgment of God’s reality in business. Respondents’ ideas about truth are as follows: When we say that humans are at the center, then we allude to creatures that are created in the image of God. I think that there is a misconception about this idea even in Christian circles. If we are talking about the image of God, then in the ultimate sense God is and must be at the center. This is true even in business. We have to comprehend it. (C02) I have a cross on my desk, and a vase from the Jesuits with the words “What Would Jesus Do?” on it. I often look at it and consider what God’s decision in certain situations might be. What would Jesus’ decision be? This helps me a lot in every case. (C03)

The value of justice is included in the value orientations of ten Christian entrepreneurs (C01, C02, C03, C04, C05, C06, C07, C09, C10, C11). Justice denotes the importance of honesty, fairness, transparency, quality, and behavior that avoids corruption in business. Some examples of ideas about justice are as follows:

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Justice does not mean that if I sell water, then I give it for free, because this is not sustainable and not fair. But nor do I sell it at triple the price, or sell fakes and so on. One should do it with a fair attitude: I sell what I think is good. (C01) Justice means honesty and fairness. There is nothing written “on the wall,” but we always strive to work in this manner as it is the basic requirement at this company. My business philosophy is very simple: decent and honest business makes the most profit in the long term. (C03) Profit is a strange motivational force. There is strong rivalry and a desire to win among the divisions at our company. Nevertheless, the rules of this rivalry are fixed. It is like boxing. There are strict rules, and one must not transgress them. We must also keep the rules about rivalry at our company; this is an important aspect of justice. (C06) I maintain correct, honest relationships with my partners and subcontractors. This is fundamental in business. (C07) Transparency, clarity, quality, honesty, and fairness are the most important aspects of doing business. You have to do your work in a way that you can account for it. You have to create products that are better than average. Creating real value is very important and rational as it makes it possible for customers to call you back anytime, they need your services again. (C09) Fairness, which is very hard to define, includes non-harming, openness, and honesty toward people and business. And justice includes fairness. (C10)

The value of solidarity is included in the value orientations of nine Christian entrepreneurs (C01, C03, C05, C06, C07, C08, C09, C10, C11). Solidarity denotes the importance of practicing sympathy not only toward employees, but also toward business partners. Some examples of ideas about solidarity are as follows: We are in the same boat; thus, solidarity should be practiced. We are one at this company, from the smallest screw to the strongest rope. It is not a problem if somebody has to go home immediately if their child is sick. The world will not stop. Once the bank asked us why we do not lay off some of our employees when things go wrong. My colleague, who is also a deeply Christian woman, told them that we cry and laugh together, and

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we also take care of each other. When incomes go down, all of our salaries go down, mine also. When I have to cut wages, I cut mine first. (C03) One of our central concerns is preserving the balance between work and family. (C05) I—as I run a project venture—always pay my subcontractors in advance when they have accomplished their work. I do not wait for my own income to arrive because my subcontractors also need money. (C07) I think the most important thing is respecting people. I do not consider my employees to be the producers of profit and my salary, although I know that there are many managers who think this way. They hire them to produce a profit and generate the wages of the CEO. The management, including me, are emphatically behind our employees certainly because of our very strong Christian motivation. (C08) I do not concentrate only on solvent demand, but also on the poor, on those people, who are disregarded by our competitors. (C11)

The value of subsidiarity is included in the value orientations of four Christian entrepreneurs (C04, C05, C06, C11). Subsidiarity denotes respecting and developing employees’ competences. Some examples of ideas about subsidiarity are as follows: We joined in a training session in order to develop others and to give them more opportunities and more freedom in their work. I really believe that everybody can change, and can want to take on more responsibility. (C04) It is not a problem if somebody is not an expert at something, but they should respect others. This is also a type of subsidiarity. We solve problems at the level at which is appropriate. My laboratory technician is a much better trained expert in inspections than me. This implies that if I talk to him, I talk with respect. (C06) Local independencies are not broadening but narrowing in multinational companies. This is the case in our company as well. My personal viewpoint can be deemed my creed, according which we should search for ways of effectuating our Christianity within the system. I strive for this, and I have been very surprised that we would be able to identify a vast number of opportunities if we wanted to go to the furthest point. (C11)

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The value of freedom is included in the value orientations of three Christian entrepreneurs (C02, C05, C10). Freedom denotes independence and opportunity for employees, and organizational flexibility for the company. Ideas about freedom are as follows: There is always a space between the stimulus and the response. This gives us freedom to fill this space with whatever we want. The same circumstances can make somebody a pig or a saint. This is exactly the same in business. We have freedom, and we must fill this space with meaning. (C02) Freedom and responsibility should be given to employees. From theory to practice: if an employee works on a project, it is their freedom and responsibility to say if they are stuck and needs help. But if they do not say a word, then they have to solve the problem alone. (C05) A certain level of freedom characterizes our organization. In many cases we try to adjust the company to our employees’ goals and desires. This is easier until we are relatively small. Maybe it will be a bit more difficult in the future if we grow. (C10)

The value of charity is included in the value orientations of three Christian entrepreneurs (C01, C04, C09). Charity denotes the importance of expressing Christian love and giving in business. Ideas about charity are as follows: For me, the pursuit of mutual love is a specific trait. I try to feel and live accordingly in my everyday life and also in work. This corresponds to all stakeholders in business. This love should be mutual, sustainable, continuous, and all-encompassing, even with my partners and employees in business. (C01) I always practice charity personally, but we also do this at our company. There is an institution whose employees are given our services for free twice a year. This means a large loss of income, but I have no tension or debate concerning whether this is the correct behavior, and I always do it with pleasure. (C04) This company was founded precisely in order to allow me to support my charitable mission. The company is only a means of charity. I invest most of the company’s profit into the charity organization: we help handicapped

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people and operate cars and vans to support charitable work. There are a lot of fallen people who are on our horizon who are supported from our profits. (C09)

The value of fraternity is included in the value orientations of seven Christian entrepreneurs (C01, C03, C05, C06, C07, C08, C11). Fraternity denotes the importance of promoting familiarity among employees and creating a friendly atmosphere at the workplace. Some examples of ideas about fraternity are as follows: We listen to each other, get to know each other, help each other, substitute each other. We are not envious of others, or at least we strive not to be. We strive to create morale without workplace stress in order to be able to work in good mood. (C03) The practice of freedom and responsibility in business means that I consider the company to be a community of people. It is not necessarily an organization, but a more humane form of one that is mainly a community of people. (C05) I learnt in a Christian community that business is about being in a special community. This allows us to collaborate, to solve problems together, and to help even different values flourish. Here we have good collaboration, which represents a deeply Christian value for me. (C06) Money is not important, or only to a point where it is enough. My basic principle is to retain only 10 percent of my profit. If I make some extra, I share it with my employees. I do not aim to maximize it, but to create a homely workplace. This idea came from inside as I always wanted to work in a homely workplace. (C07) Another important issue is community. Our colleagues should feel good at this place, as they spend a lot of time working here. It is not healthy if they come here with a lump in their stomachs or to be sore at each other. If a conflict occurs, I personally try to solve it. Hence, this company slowly has become a community. I have heard about that this is not the case at competitors’ organizations, and that this is not typical of our sector. (C08)

The value of common good is included in the value orientations of four Christian entrepreneurs (C07, C08, C09, C11). Common good denotes the cultivation of social well-being and the promotion of the well-being

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of the enterprise’s working community. Ideas about common good are as follows: My company is a social undertaking, the embodiment of a social pledge toward the common good. It is a big problem in public administration that TCO calculations (total cost of ownership) are not in use. I wanted to introduce and apply the TCO method in public administration, therefore I established my enterprise. (C07) Our common interest is that our firm should perform well. We cannot make concessions at the expense of work. The firm must perform well, and this is primary because this supports the existence of employees, which is of primary importance. This is more important than the private interests of people. (C08) We have an activity that involves supporting the road networks. It is an important and particular thing: we “dress up” the roads so that highways will be beautiful. (C09) I think that our profile fits the idea of common good very well, as our company operates in the telecommunication industry. We try to introduce technologies with which we can cut our CO2 emissions by substituting travel with video conferences and the like. (C11)

The value of frugality is included in the value orientations of eight Christian entrepreneurs (C01, C02, C03, C04, C06, C07, C09, C11). Frugality denotes the moderate cultivation of profit and the practice of frugal resource management in business. Some examples of ideas about frugality are as follows: As a leader I could always choose a car for myself, but I never chose a big, fancy one. My younger colleagues in the board always wanted brand new models. First it was strange for them to park next to my vehicle, but after a while I saw that they started to think about this, and it happened that some of them, when they had a chance tried to follow my example in choosing a low-keyed car. (C01) One cannot eat two dinners at once, and nor do we want to do. We can drive only one car at once, thus we do not have twice as many cars as we need at the firm. We do not spend money just to be able to say we are

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good, clever, or nice. We do not buy two pair of shoes if we need only one, but everyone has a pair of shoes so as not to go barefoot. (C03) We run a laboratory. People who come to work here as a technologist, do not came here because of money, but because they want to enjoy this profession. We give decent salary, but not money, rather the love of our profession’s challenges is in the center. (C06) It sometimes happens that I have to outsource some work because I do not want the company to grow. So, the maximization of profit in itself is not a goal for me. (C07) It is liberating not to chase money, income, and profit endlessly. We do not want to generate income but rather create value by engaging in fair, honest, and transparent work according to our mission, which was created in a Christian spirit. (C09)

The value of responsibility is included in the value orientations of eight Christian entrepreneurs (C01, C02, C03, C05, C06, C07, C09, C10). Responsibility is interpreted as the entrepreneur’s duty toward their employees, society, and the environment. Some examples of ideas about responsibility are as follows: My financial assistant has three children and her husband has a very poorly paid job. She feels a sense of stability because she can be at home with her three children as we give her the greatest possible flexibility and allow her to do her whole job at home. She gets support without which she and her husband could not take care of their children, although they wanted them very much. I have another example. Once we had to do some costcutting for one of our partners. The company had to decrease the number of employees from 1500 to 600, which is a drastic step. We helped them not to sack anybody, but to outsource their activities, thereby creating new job opportunities for the same employees. (C01) A leader has their own responsibility. A leader must lead. This does not mean that I should only speak about good news. It’s like the weather forecast; they do not only say that the sun will shine every day. Practicing responsibility means that we have to communicate in a straightforward way, like Jesus told us. (C03)

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Freedom and responsibility should be given to employees who can handle it. This is one of the most important tasks of a leader. (C05) I do not exercise employers’ rights directly in our company, but as a director I have a certain responsibility for the way things go with my people. (C06)

Similarly to the value orientations of Buddhist entrepreneurs, assigning the corresponding Christian values one by one to respondents allows us to summarize the typologies of Christian value orientations in a table. Table 6.2 has twelve rows. The first eleven rows include the value orientations of Christian entrepreneurs, while the last includes the frequency of occurrence of the constituent values of Christian value orientations. The first column of Table 6.2 includes the respondents’ codes (C1–C11), the following eleven columns include the relevant Christian values for business, and the last column includes the number of values that are identified in the entrepreneur’s value orientation. Similarly to Table 6.1 which includes the value typologies of Buddhist entrepreneurs, each row depicts the value typology or value orientation of the respondent. Values that characterize an entrepreneur are indicated with a “1.” These are the constituent values of the respondent Christian entrepreneurs’ value orientations. Values that do not characterize an entrepreneur are indicated with a “0.” According to this logic, the value orientation of entrepreneur C04, for instance, is characterized by the values of dignity, justice, subsidiarity, charity, and frugality as these are the constituent values of the given entrepreneur’s value orientation. On the other hand, the values of truth, solidarity, freedom, fraternity, common good, and responsibility are not a constituent part of the value orientation of entrepreneur C04. The value orientations of the rest of the Christian entrepreneurs can be defined by applying the same logic for each respondent. Table 6.2 will be used in the following qualitative comparative analysis as a “truth table” (Ragin 1994). After setting up a typology for respondents’ value orientations, the following sections include the comparative analysis of the value orientations of Buddhist and Christian entrepreneurs.

1 1 1 1 1 1 0 1 0 0 1

8

C01 C02 C03 C04 C05 C06 C07 C08 C09 C10 C11

Frequency of value

2

0 1 1 0 0 0 0 0 0 0 0

Truth

Source Author’s construction

Dignity

10

1 1 1 1 1 1 1 0 1 1 1

Justice

9

1 0 1 0 1 1 1 1 1 1 1

Solidarity

4

0 0 0 1 1 1 0 0 0 0 1

Subsidiarity

3

0 1 0 0 1 0 0 0 0 1 0

Freedom

Value orientations of Christian entrepreneurs

Code

Table 6.2

3

1 0 0 1 0 0 0 0 1 0 0

Charity

7

1 0 1 0 1 1 1 1 0 0 1

Fraternity

4

0 0 0 0 0 0 1 1 1 0 1

Common good

8

1 1 1 1 0 1 1 0 1 0 1

Frugality

8

1 1 1 0 1 1 1 0 1 1 0

Responsibility

7 6 7 5 7 7 6 4 6 4 7

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6.3

A Comparative Analysis of Buddhist and Christian Value Orientations

Chapter 4 has summarized the conceptions of Buddhist economics, while Chapter 5 introduced the Christian approach to social issues and economics by providing a review of the main documents of Catholic Social Teaching (CST). Buddhism and Christianity assign different sets of relevant values to business, but on a theoretical and practical level their approaches show major similarities. The importance of meeting basic needs appears in both the Buddhist and the Christian approaches to economics. They similarly urge making a basic distinction between wants and needs. Needs ought to be contrasted with mere wants, which might be characterized as desires that do not contribute to human well-being in any way. Based on this reasoning, both Buddhist economics and Catholic Social Thought argue that economic activities should focus on meeting basic human needs instead of satisfying consumer desires (Payutto 1994; Pontifical Council for Justice and Peace 2011). Both the Buddhist and the Christian approaches place particular importance on work and are like-minded in the way they characterize that. According to the Buddhist interpretation, work is a fundamentally important activity that allows people to develop their general and creative faculties, to overcome their egocentrism by working together with others, and to facilitate the production of the goods and services necessary for creating the basic necessities that human beings require (Schumacher 1975). According to Christianity, work has a theological dimension as it is a task that is given by the Creator. By indulging in work people imitate God’s creative pursuit and fulfill his first commandment to be fruitful and multiply. In the light of faith, work is a vocation for all people (Percy 2010). In a paper entitled “Spirituality and Management,” Donald W. McCormick (1994) argues that the concept of Right Livelihood resonates with the concept of vocation. Although Right Livelihood is originally a Buddhist term, the idea of choosing one’s work based on spiritual considerations applies to all other spiritual traditions, including Christianity. Pope John Paul II (1981) teaches that work sanctifies people as it can help promote man’s spiritual perfection. People themselves are perfected by indulging in work. Moreover, work is a profoundly social activity, thus working within a community constitutes the very nature

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of work. Furthermore, both the Buddhist and the Christian approaches identify the creative dimension of work. Finally, but not less importantly, neither Buddhist economics nor Catholic Social Teaching constitutes an economic system, but rather represent a problem-solving strategy. As Clair Brown and Laszlo Zsolnai (2018) argue in their paper “Buddhist Economics: An Overview,” any enterprise can be categorized as Buddhist if it meaningfully employs Buddhist values and principles in business. The authors also draw attention to the fact that a wide range of such enterprises exists in the world, in Buddhist and non-Buddhist countries alike. On the other hand, CST neither proposes specific economic and political systems or programs, but rather actively supports any collaboration that respects and promotes humanism (Doménec Melé 2011; Pope John Paul II 1987). Except for the similarities between some of their economic conceptions and ideas, Buddhism and Christianity represent different value perspectives (Zsolnai 2007), primarily because of their different ontological approaches (Smart 1993). It follows that, besides some similarities, there is a remarkable difference in the relevant sets of spiritual values for business. Here our focus is on how the constituent values in the value orientations of Buddhist and Christian entrepreneurs differ. Only one value is included in both sets of relevant values for business, which is responsibility. In a paper entitled “Overcoming the Grip of Consumerism,” Stephanie Kaza (2000) emphasizes that responsibility cuts across denominations and religious belief systems as it is a spiritually inspired value that can be found in every tradition. Kaza introduces the importance of spiritually inspired responsibility not only in terms of consumer behavior, but also in business (especially in production and leadership). She argues that responsibility contributes to right behavior, and through right behavior to the reduction of the environmental impact of economic activities. There are spiritually inspired values in Buddhism and Christianity that are interpreted quite differently. Sulak Sivaraksa (1998), in a paper entitled “Buddhism and Human Freedom,” emphasizes for instance that freedom as a concept has many different interpretations and meanings. He argues in conjunction with David R. Loy (2014) that freedom in the Christian sense concerns freedom from external limitations, restrictions, and oppression. Shinichi Inoue (1997) adds furthermore that this approach to the concept revolves around the rights of the individual (i.e., the freedom to do what one wishes). But the authors also warn

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that this kind of perception in Western culture has resulted in environmental degradation and deterioration and a lack of resources to support an increasing population at a defined standard of living. On the other hand, Inoue (1997) argues that from a Buddhist perspective freedom means freedom from personal desire and attachment. Sivaraksa (1998) adds that this is identical to freedom from suffering—the achievement of following the precepts of the Noble Eightfold Path or cultivating the threefold training. Freedom in the Buddhist sense is psychospiritual (Loy 2014) and involves liberation which incorporates a decent level of happiness. From a Christian approach, freedom is a precondition of business, but from a Buddhist approach it is the consequential outcome or the fruit of leading a Buddhist life. The divergence in the interpretations means that freedom as a value is included only in the relevant set of Christian values for business, but not within the relevant set of Buddhist values. The situation is very similar in the case of wisdom. Doménec Melé (2009), in a paper entitled “Integrating Personalism into Virtue-Based Business Ethics: The Personalist and the Common Good Principles,” argues that, from a Christian viewpoint, practical wisdom means that decisions must be based on adhering to a set of virtues instead of following clear-cut principles. In business, this is identical to, for instance, respecting the inherent dignity of stakeholders and practicing solidarity toward them. On the other hand, Sivaraksa (2002), in a paper entitled “Economic Aspects of Social and Environmental Violence from a Buddhist Perspective,” argues that wisdom together with compassion is the outcome of practicing meditation. He considers both wisdom and compassion to be important factors in leading an alternative lifestyle that overcomes greed and consumerism. Thus, wisdom in the Christian tradition is related to virtues, while in the Buddhist tradition it is the outcome of Buddhist meditation practice. Hence, the relevant set of Christian values for business does not include wisdom but includes the values that support the necessary virtues of wisdom. In contrast, the relevant set of Buddhist values for business includes the value of wisdom explicitly. The relevant sets of Buddhist and Christian values for business comprise different values which reflect the divergence of their corresponding worldviews. The typologies of the value orientations of the respondent entrepreneurs are constituted of various combinations of spiritual values. Comparison of the value orientations of Buddhist and Christian entrepreneurs takes place at the level of value groups, or value dimensions, represented by irreducible core values instead of at the level

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of discrete values. To effectuate the comparison, a highly simplified version of qualitative comparative analysis (QCA) was applied to establish the corresponding value dimensions. Charles C. Ragin (2000), in a book entitled Fuzzy-Set Social Science, argues that qualitative comparative analysis represents a “middle way” between quantitative and qualitative methodologies which is applicable to the study of a moderate number of cases—here, Buddhist and Christian entrepreneurs—in a comprehensive manner, and represents a way to balance generality and complexity. The method assists in examining patterns of similarities, differences, causation, and causal complexity. The qualitative research tradition is fully present in the method, while QCA is essentially case oriented (Ragin and Zaret 1983). In line with this, cases of Buddhist and Christian entrepreneurs, are examined as whole units. Each of them is comprised of specific combinations of attributes along which the comparison may take place. Entrepreneurs’ attributes are the constituent spiritual values from the corresponding set of relevant values for business and every entrepreneur may be described in terms of the presence or the absence of spiritual values that are relevant for business. The relevant spiritual values are not considered conventional, analytically distinct, independent attributes, but the raw materials of coherent configurations that characterize particular entrepreneurs. A combination of attributes is a configuration which is identical to an entrepreneur’s value orientation. The constituent values of a given value orientation are the attributes that are at the same time causal conditions. Every case is thus a combination of causal conditions (Ragin 1994); that is, every entrepreneur may be characterized by a value orientation. Kriss Drass and Charles C. Ragin (1989) in a book entitled QCA: Qualitative Comparative Analysis, argue that qualitative comparative analysis may be used to analyze combinations of causal conditions. Researchers may thus move in either of two main research directions. They can (i) try to find cases with the same outcome and examine the extent to which they display the same configurations; or (ii) look for examples of configurations and examine whether these experience the outcome (Ragin 2000, 2008). The value commitment of Buddhist and Christian entrepreneurs is the outcome that is explained by different combinations of attributes (configurations) that are the value orientations of entrepreneurs. This chapter is devoted to investigating cases with

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the same outcome, so the comparative analysis of Buddhist and Christian entrepreneurs belongs to the above-mentioned first category. Thus, the outcome (i.e., the spiritual value commitment of Buddhist and Christian entrepreneurs) is considered to be present in each of the investigated cases. Ragin (2008) emphasizes that the first step in qualitative comparative analysis is to identify causally relevant attributes, which are the relevant Buddhist and Christian values for business. For the analysis, Tables 6.1 and 6.2 represent truth tables with similar structures that (respectively) summarize the respondent Buddhist and Christian entrepreneurs’ value orientations in a clear-cut way. Truth tables are key tools for the systematic analysis of causal complexity that facilitate the analysis of similarities and differences (Ragin 2000). The columns of the truth tables are attributes or causal conditions that denote the constituent spiritual (e.g., Buddhist and Christian) values in business. Each combination of attributes is represented in a row as a value orientation, characterizing an entrepreneur. Crisp set qualitative comparative analysis is one of the three types of QCA (Ragin 2000) that uses a binary set (i.e., “true” or “false”) to indicate the presence or absence of attributes (causal conditions). Values that are present in an entrepreneur’s value orientation are designated as “true” (1) in the row that represents the given entrepreneur. Values that are absent from the entrepreneur’s value orientation are designated as “false” (0) in the corresponding row that represents the given entrepreneur. In this way, entrepreneurs are represented in rows of the truth tables according to the specific descriptive spiritual values they infuse into business. On the other hand, the outcome score stands for each respondent as only entrepreneurs with Buddhist and Christian value orientations participated in the research. Thus, the truth tables do not contain the outcome column, which would be “true” (1) for each respondent. Ragin (2008), in a book entitled The Comparative Method: Moving Beyond Qualitative and Quantitative Strategies, argues that the most important characteristic of qualitative comparative analysis is its set theoretical approach. Crisp set QCA is based on Boolean algebra—the algebra of sets and logic—which is a holistic approach suitable for investigating complex causation. The value orientations of entrepreneurs are defined by multiplying the causal conditions with the utilization of a logical “and” relationship between the constituent spiritual values that are relevant for business. In line with this logic, the value orientation

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of entrepreneur B09, for instance, is defined by multiplying the values of moderation, wisdom, mindfulness, interconnectedness, and generosity; while the values of simplicity, nonviolence, compassion, responsibility, well-being, contentment, and genuine care do not characterize the value orientation of entrepreneur B09. The value orientation of entrepreneur C08 (a Christian respondent) is defined by multiplying the values of dignity, solidarity, fraternity, common good; while the values of truth, justice, subsidiarity, freedom, charity, frugality, and responsibility do not characterize the value orientation of entrepreneur C08. Values that do not constitute an entrepreneur’s value orientation are excluded from the process of comparative analysis. Ragin (1994) in a book entitled Constructing Social Research, argues that the simplification of truth tables (in this case Tables 6.1 and 6.2) is an integral part of the qualitative comparative analysis. The procedure also uses the rules of Boolean algebra through the inspection of subset relationships. Ragin argues that the investigation of subset relationships is the best way to check which of the original terms are covered by which simplified terms. A Boolean expression is said to imply another Boolean expression if the membership of the second term is a subset of the membership of the first. Subset relationships are examined by applying a logical “or” function. A subset relationship is defined as existing when membership scores in one set are consistently less than or equal to their corresponding membership scores in another set. In the present case, if a spiritual value is not a constituent part of an entrepreneur’s value orientation, then we classify it as “0.” Its subset, the implied spiritual value, can only be “0” in the case of the same entrepreneur. On the other hand, if a spiritual value is a constituent part of an entrepreneur’s value orientation, then it is classified as “1.” Its subset, the implied value, may be either “1” or “0” in the case of the same entrepreneur. Nevertheless, subset relationships must stand for all cases to be considered as true, thus the implied relationship between any spiritual values stands as valid only if the abovedescribed subset relationship is true for all entrepreneurs in the Buddhist or the Christian subpopulations. In the case of Buddhist entrepreneurs, for instance, Table 6.1 shows that—according to the above-mentioned formula—the value of simplicity is a subset of the value of well-being, mindfulness, generosity, and interconnectedness. Table 6.3 includes all the feasible subset relationships of the relevant Buddhist and Christian values for business.

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Table 6.3 Feasible subset relationships of the relevant Buddhist and Christian values for business Feasible subset relationships of Buddhist values

Feasible subset relationships of Christian values

simplicity ⊂ well-being simplicity ⊂ mindfulness simplicity ⊂ generosity simplicity ⊂ interconnectedness simplicity ⊂ nonviolence simplicity ⊂ compassion simplicity ⊂ moderation contentment ⊂ compassion contentment ⊂ moderation contentment ⊂ well-being contentment ⊂ generosity genuine care ⊂ compassion genuine care ⊂ mindfulness generosity ⊂ moderation responsibility ⊂ compassion well-being ⊂ compassion nonviolence ⊂ mindfulness wisdom ⊂ mindfulness

truth ⊂ human dignity truth ⊂ responsibility truth ⊂ justice truth ⊂ frugality subsidiarity ⊂ human dignity subsidiarity ⊂ justice freedom ⊂ responsibility freedom ⊂ justice responsibility ⊂ justice charity ⊂ justice charity ⊂ frugality frugality ⊂ justice fraternity ⊂ solidarity common good ⊂ solidarity

Source Author’s construction

The composition of subset relationships in the case of Buddhist and Christian entrepreneurs matches the patterns of the constituent spiritual values in the truth tables. Ragin (2008) emphasizes that although subset relationships connect attributes causally, or in an integral manner, these relationships are not definitional in nature. He further argues that the simplification procedure should not be applied in a mechanistic fashion as it is theory and knowledge dependent, and all of the applied subset relationships require explanation. According to this claim, the following step of the analysis is the inspection of subset relationships among the relevant values for business. Table 6.3 includes the subset relationships that are confirmed by empirical evidences, so the simplification of the truth tables is based primarily on empirical data. On the other hand, only those subset relationships can be considered relevant that are in line with prior knowledge about Buddhist and Christian values and the context of the research (Ragin 2008).

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The empirical data relating to the relevant set of Buddhist values for business suggest that the value of simplicity is a subset of the values of well-being, mindfulness, generosity, interconnectedness, nonviolence, compassion, and moderation. As outlined by Ernst Friedrich Schumacher (1975), simplicity is a value which means that people want and consume less of the scarce resources of the environment. Sivaraksa (2002) articulates this more explicitly when he identifies simplicity with moderation, and asserts that simplicity means that people take from nature as little as possible in order to live harmoniously with their natural surroundings. Taking these ideas into account, the value of simplicity is understood as a subset of the value of moderation, instead of other possibilities. The empirical data concerning Buddhist values also suggest that the value of contentment is a subset of the values of compassion, moderation, well-being, and generosity. According to the Buddhist precepts, contentment is the positive outcome of refraining from sense pleasures. Sivaraksa (2002) affirms that contentment is a Buddhist virtue, praised by the Buddha himself as he urged people to be content with a simple lifestyle and with a moderate level of consumption. Venerable P. A. Payutto (1994) also finds contentment and moderation to be closely related by interpreting them in the context of economic activities. Thus, the value of contentment is interpreted as a subset of the value of moderation. Finally, according to the empirical data, the value of genuine care is a subset of the values of compassion, and mindfulness. Sivaraksa (2002) argues that caring about others is a fundamental component of compassion in Buddhism, thus the value of genuine care is understood as a subset of compassion instead of mindfulness. There are other possible subset relationships in the relevant set of Buddhist values for business. The value of generosity can be understood as a subset of the value of moderation. Juliana Essen (2011) confirms this relationship as she argues, that in an economic context, generosity means giving surplus to others, thus practicing moderation, and fueling the process of reciprocity according to which people tend to reciprocate by giving back more in value to the donor than they were given. Taking this into consideration, the value of generosity is interpreted as a subset of the value of moderation. The value of responsibility and well-being can be interpreted as subsets of the value of compassion. In a paper entitled “Buddhist Economics,” Schumacher (1975) proposed that responsibility and compassion together should determine economic actions. Payutto (1994) furthermore argues

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that personal, social, and environmental responsibility must be the guiding principle of economic activities that aim to bring about harmony in the spirit of compassion on all three planes of existence. Sivaraksa (2002) argues furthermore that Buddhism places fundamental importance on promoting others’ well-being out of compassion. Thus, both the value of responsibility and well-being are understood as subsets of the value of compassion. The empirical data suggest that the values of nonviolence and wisdom can be interpreted as subsets of the value of mindfulness. Gábor Kovács and András Ócsai (2016) argue that mindfulness needs a moral guiding principle to avoid becoming an instrumental means. They assert that the practice of nonviolence should support, complement, and be a part of mindfulness practice in business. The idea of the “threefold training”—that mindfulness deepens wisdom—is also emphasized by Sivaraksa (2002), who argues that the outcome of mindfulness practice is the deepening of wisdom. According to these arguments, both the values of nonviolence and wisdom are interpreted as subsets of the value of mindfulness. The empirical data relating to the relevant set of Christian values for business suggest that the value of truth is a subset of the values of human dignity, responsibility, justice, and frugality. Christian teachings emphasize that truth means accepting the reality of God’s existence in relation to human beings and their role and place in creation (Melé 2011; Pope Benedict XVI 2009; Pope Leo XIII 1891). Taking this into account, the value of truth is interpreted as a subset of the value of human dignity instead of its other possible relationships. The empirical data also show that the value of subsidiarity can be interpreted as a subset of either the value of human dignity or the value of justice. The term was introduced by Pope Pius XI (1931). Subsidiarity is a procedural principle of Christian social philosophy that allows decisionmaking to be practiced by intermediate levels of society, thus avoiding the undue concentration of power. According to this reasoning, the value of subsidiarity is understood as a subset of the value of justice instead of the value of human dignity. Proceeding with the same argument, the value of freedom can be interpreted as a subset of the values of responsibility, and justice. Nevertheless, the value of responsibility alone can be also understood as a subset of the value of justice. Catholic Social Thought considers freedom to be an inalienable human right, but John B. Cobb (2002) supplements freedom

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with the responsibility that was given to human beings during creation. Andrew M. Yuengert (2014) also argues that freedom and responsibility are closely connected and inseparable. They are together the expressions of justice, and neither is subordinate to the other. Thus, both the values of freedom and responsibility are understood as subsets of the value of justice. The empirical data also suggest that the value of charity is a subset of the values of justice, and frugality. Furthermore, the value of frugality can also be understood as a subset of the value of justice. David J. O’Brien and Thomas A. Shannon (2016) emphasize the importance of charity with regard to justice. They argue that justice can only bring about peace of hearts and minds if it is supplemented by charity, by which people love their neighbors as themselves. Frugality, as imitating the poverty of Christ through a low level of material consumption and opening the mind to spiritual flourishing is the Christian way of temperance. It is the community-oriented utilization of wealth (Pope Pius XI 1931) that plays a major role in the new lifestyle of ecological citizenship (Pope Francis I 2015). For these reasons, both the values of charity and frugality are understood as subsets of the value of justice. There are two more possible subset relationships in the relevant set of Christian values for business. The values of fraternity and common good are subsets of the value of solidarity. Stefano Zamagni (2010) argues that fraternity complements solidarity. Solidarity enables unequals to become equals, but fraternity enables equals to be diverse. Luigino Bruni and Robert Sugden (2013) argue furthermore that fraternal relations are characterized by friendliness, goodwill, and mutual respect. Pope Leo XIII (1891) identified common good as the first and foremost law of social coexistence; an obligation to alleviate poverty as early as in the first encyclical letter of CST. Samuel Gregg (1999) deepens this notion further and asserts that economic activities should be directed toward the service of the whole of mankind. Taking these ideas into consideration, both the values of fraternity and common good are interpreted as subsets of the value of solidarity. The subset relationships of Buddhist and the Christian subpopulations that are applied in the simplification of the truth tables are included in Table 6.4. All these subset relationships stem from the empirical data that describe the value orientations of Buddhist and Christian entrepreneurs and are in accordance with the aforementioned theoretical knowledge about the field and the context of the research.

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Table 6.4 values

Applied subset relationships of the relevant Buddhist and Christian

Applied Buddhist subset relationships

Applied Christian subset relationships

genuine care ⊂ compassion well-being ⊂ compassion responsibility ⊂ compassion simplicity ⊂ moderation generosity ⊂ moderation contentment ⊂ moderation wisdom ⊂ mindfulness nonviolence ⊂ mindfulness

truth ⊂ human dignity responsibility ⊂ justice subsidiarity ⊂ justice charity ⊂ justice frugality ⊂ justice freedom ⊂ justice fraternity ⊂ solidarity common good ⊂ solidarity

Source Author’s construction

A set of twelve relevant values for business were applied to describe the value orientations of the respondent Buddhist entrepreneurs. Four of these values (interconnectedness, moderation, mindfulness, and compassion) are not subsets of any other values according to Table 6.4. Three of them are “implying values” as they dispose of certain values that make up their subsets. Interconnectedness is not an implying value as it has no subset. All four are irreducible core values that constitute separate value groups or value dimensions. The rest of the values from the relevant set of Buddhist values for business are subsets of one of these core values. The first value dimension is interconnectedness, which does not imply other values. It represents the ontological conception of Buddhism for economics which provides a framework for business activities. Interconnectedness encompasses selflessness and interdependence, and the lack of the existence of a stable self. The second value dimension is moderation, which implies the values of simplicity, generosity, and contentment. Moderation corresponds to the outcomes of business and the execution of business activities. The third value dimension is mindfulness, which implies the values of wisdom and nonviolence. It includes values that are related to Buddhist meditation practice as concomitant preconditions or outcomes of deepening mindfulness. The fourth value dimension is compassion, which implies the values of genuine care, well-being, and responsibility. It represents the “other directedness” of business activities. Thompson (2008) argues that from a Buddhist perspective these are not disjoint, but rather intertwined dimensions of spirituality in business. He argues that Buddhist spirituality which entails mindfulness practice

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brings about an ever-greater sense of interconnectedness which on the other hand contributes to the deeper practice of moderation, and also a sense of deepening compassion. Sivaraksa (2002) depicts the working mechanism of Buddhist economics, emphasizing the importance of the same core values. He asserts that Buddhism renounces greed because this can never lead to satisfaction, but only to suffering. In contrast, Sivaraksa argues that compassion, mindfulness, moderation, and selflessness must replace selfishness, delusion, acquisitiveness, and competitiveness; the very things that capitalism promotes. Buddhism seeks to show how to be content by practicing moderation, and to be aware by practicing mindfulness. Furthermore, it emphasizes the importance of compassionately caring about and promoting the well-being of other sentient beings and nature. Sivaraksa argues that following these values in business brings about freedom that is interpreted as societal liberation, social justice, and ecological balance. On the other hand, a set of eleven relevant values for business were applied to describe the value orientations of the respondent Christian entrepreneurs. Three of these values (human dignity, justice, and solidarity) are not subsets of any other values according to Table 6.4. These are implying values, disposing of all other relevant Christian values for business as their subsets. They are, at the same time, irreducible core values that constitute separate value groups or value dimensions. The first value dimension is human dignity which implies the value of truth. Both values refer to the basic principle of Christian teachings, which is the central importance of the human being created in the image of God. This represents the ontological conception of Christianity in business. The second value dimension is justice, which implies the values of responsibility, subsidiarity, charity, frugality, and freedom. All subset values describe the way business activities are executed. The third value dimension is solidarity, which implies the values of fraternity and common good. Solidarity means the practice of other directedness in business. Cobb (2002) acknowledges that every human creature has value in itself in the Christian tradition, which implies responsibility toward the common good. He argues furthermore that nothing is more central in the Christian tradition than justice. Its absence from business and economics has immense consequences for society as a whole. But justice may move the economy in a direction where genuine concern for meeting the basic needs of all in the spirit of solidarity can exist.

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As a result of the simplification process, two reduced truth tables may be constructed, both of which summarize the simplified typologies of Buddhist and Christian value orientations. They contain the value dimensions, represented by corresponding irreducible core values. Each of the eleven rows of the tables represents one entrepreneur. The columns of the table indicate the codes of the respondents, and the value dimensions, represented by irreducible core values, created as a result of simplifying the relevant set of spiritual values for business by inspecting subset relationships. The simplified truth tables represent the complete set of relevant Buddhist and Christian values for business, as the original set of spiritual values are condensed into specific value dimensions represented by irreducible core values. These value dimensions or core values are interconnectedness, moderation, mindfulness, and compassion in the case of Buddhist entrepreneurs; and human dignity, justice, and solidarity in the case of Christian entrepreneurs. The simplified truth tables, entailing the value orientations depicted by value dimensions, are included in Table 6.5. The simplified truth tables summarize and arrange the value orientations of Buddhist and Christian entrepreneurs by means of four irreducible core Buddhist values and three irreducible core Christian values, respectively. Table 6.5 shows that Buddhist entrepreneurs effectuate their spiritual value commitment in business by adhering to one of the seven combinations of the four core Buddhist values. Two respondents (B03, B04) realize this by being committed to the core values of mindfulness, and compassion; one respondent (B01) realizes it by being committed to the core values of moderation, mindfulness, and compassion; another respondent (B02) by commitment to the core values of interconnectedness, mindfulness, and compassion; another (B05) by interconnectedness, and mindfulness; another (B09) by interconnectedness, moderation, and mindfulness; another (B10) by interconnectedness, moderation, and compassion; and four respondents (B06, B07, B08, B11) realize this by being committed toward all of the core values; namely, interconnectedness, moderation, mindfulness, and compassion. Table 6.5 also shows that Christian entrepreneurs effectuate their spiritual value commitment in business by following one of the four combinations of the three core Christian values. Three respondents (C07, C09, C10) realize this by being committed to the core values of justice, and solidarity; one respondent (C08) by human dignity, and solidarity; two respondents (C02, C04) by human dignity, and justice; and five

Source Author’s construction

1 0 0 0 0 1 1 1 1 1 1

1 1 1 1 1 1 1 1 1 0 1

1 1 1 1 0 1 1 1 0 1 1

C01 C02 C03 C04 C05 C06 C07 C08 C09 C10 C11

1 1 1 1 1 1 0 1 0 0 1

1 1 1 1 1 1 1 0 1 1 1

Justice

1 0 1 0 1 1 1 1 1 1 1

Solidarity

0 1 0 0 1 1 1 1 1 1 1

Human dignity

B01 B02 B03 B04 B05 B06 B07 B08 B09 B10 B11

Compassion

Code

Mindfulness

Value dimensions, describing Christian entrepreneurs

Moderation

Interconnectedness

Code

Value orientations depicted by core values

Value dimensions, describing Buddhist entrepreneurs

Table 6.5

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respondents (C01, C03, C05, C06, C11) realize this by being committed to all of the core values; namely, human dignity, justice, and solidarity. The truth tables can be further simplified by contracting the value orientations that include the same combination of core values to reveal the occurrent combinations of core values. The contraction also reveals the frequency of the combinations, although the number of entrepreneurs who effectuate their value orientations by following the same core values is not significant information in terms of causal complexity (Ragin 1994). Table 6.6 includes the combinations of the core Buddhist and Christian values by which the respondent entrepreneurs effectuate their value commitment in business. Table 6.6 includes the corresponding frequencies of the combinations too. Table 6.6 shows that the most typical value orientation includes all of the four irreducible core values in the case of Buddhist entrepreneurs. Besides this, the dominance of the core value of mindfulness is apparent in the Buddhist value orientations as mindfulness is included in six typologies of value orientations out of the seven. The core values of compassion and interconnectedness are constituent parts of five typologies of value orientations. Last, the core value of moderation is included in four typologies. Further simplification can be undertaken by identifying the patterns among the four irreducible core Buddhist values in Table 6.6 through data reduction. The aim of this method is to obtain simpler combinations of causal conditions. According to the rule of simplification, only one core Buddhist value at a time allowed to vary in the value orientations. In this way, the varying core value has no discernible impact on the value commitment of Buddhist entrepreneurs and thus can be eliminated from the value orientation. Putting it differently, if two rows of a truth table differ only regarding one causal condition (core Buddhist value), yet result in the same outcome (the value commitment of Buddhist entrepreneurs in business), then the given causal condition that distinguishes the two rows can be considered irrelevant and can be removed to create a simpler combination of core Buddhist values. This simplification process can be carried on iteratively until no more simplification is possible (Ragin 1987).

0 1 0 0 1 1 1

Source Author’s construction

1 1 0 1 1 0 1

1 1 1 1 0 1 1

0 0 1 1 1 1 1

Compassion 1 1 2 1 1 1 4

Frequency [number] 0 1 1 1

1 0 1 1

Justice

Human dignity

Mindfulness

Interconnectedness

Moderation

Christian entrepreneurs

Combinations and frequencies of the core Buddhist and Christian values

Buddhist entrepreneurs

Table 6.6

1 1 0 1

Solidarity

3 1 2 5

Frequency [number]

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The seven combinations of the four core Buddhist values that constitute Buddhist value orientations in business are as follows: 1. 2. 3. 4. 5. 6. 7.

mindfulness × interconnectedness moderation × mindfulness × interconnectedness compassion × mindfulness compassion × mindfulness × interconnectedness compassion × moderation × interconnectedness compassion × moderation × mindfulness compassion × moderation × mindfulness × interconnectedness

In the first step, Row 1 is combined with Row 2 (eliminating the core value of moderation as this is the only core value that varies in the rows), Row 3 is combined with Row 4 (eliminating the value of interconnectedness), and Row 5 is combined with Row 7 (eliminating the core value of mindfulness). The remaining combinations of the four irreducible core Buddhist values that constitute Buddhist value orientation in business after the first step of simplification are thus as follows: 1–2. 3–4. 5–7. 6.

mindfulness × interconnectedness compassion × mindfulness compassion × moderation × interconnectedness compassion × moderation × mindfulness

The same technique is iterated in the second step of simplification when Row 3–4 is combined with Row 6 (eliminating the core value of moderation as this is the only core value that varies in the rows). The remaining combinations of the four core Buddhist values that constitute Buddhist value orientation in business after the second step of simplification are as follows: 1–2. 3–4–6. 5–7.

mindfulness × interconnectedness compassion × mindfulness compassion × moderation × interconnectedness

The remaining configurations of the four core Buddhist values that constitute the Buddhist value orientation in business cannot be further simplified. The findings suggest that the core value of mindfulness has an important role in Buddhist value orientations, but they also show that

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mindfulness alone is not a necessary condition of effectuating Buddhist value commitment in business. This affirms the findings of Kovács and Ócsai (2016) who emphasize that the practice of mindfulness in business without a moral foundation does not contribute to more ethical business activities. The findings show furthermore that practicing the other three core Buddhist values, namely, interconnectedness, moderation, and compassion simultaneously without mindfulness is also a way of effectuating Buddhist value commitment in business. Table 6.6 shows furthermore that, similarly to the Buddhist entrepreneurs, the most typical value orientation of Christian entrepreneurs includes all irreducible core Christian values; namely, human dignity, justice, and solidarity. Besides this, each core value appears in three different value orientations out of the total four combinations, denoting their similar importance for Christian value commitment in business. The four combinations of the three irreducible core Christian values that constitute Christian value orientations in business can be simplified similarly to the Buddhist configurations, applying the same technique of data reduction and identifying the patterns that exist among the core values in Table 6.6. According to the rule of simplification, the typologies of value orientations can be combined if they differ only in one causal condition. In this case, the varying core values have no discernible impact on the value commitment of Christian entrepreneurs and can be eliminated from the value orientation (Ragin 2008). The four combinations of the three core Christian values that constitute Christian value orientations in business are as follows: 1. 2. 3. 4.

justice × solidarity human dignity × justice human dignity × solidarity human dignity × justice × solidarity

According to the rule of simplification Row 4 can be combined with any other row as it differs only in relation to one core Christian value from them. Thus, Row 3 may be combined with Row 4 by eliminating the value of justice as the varying causal condition. The remaining combinations of the three core Christian values that constitute the Christian value orientation in business after the simplification are as follows:

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justice × solidarity human dignity × justice human dignity × solidarity

1. 2. 3–4.

The remaining configurations are no longer reducible according to the rule of simplification. The findings show that the combination of any two of the three irreducible core Christian values, namely, human dignity, justice, and solidarity, effectuates Christian value commitment in business. Christian value orientation can be thus described not only by the simultaneous implementation of all three core values, but also by practicing any of the two core values which is a sufficient condition for achieving Christian value commitment in business. 6.3.1

Common Dimensions of Value Orientations

In a paper entitled “Toward a Theory of Spiritual Leadership,” Louis W. Fry (2003) argues that spiritual leadership is a necessary condition for organizations to be successful in today’s economic environment. According to his interpretation, spiritual leadership entails (i) creating a vision, and (ii) establishing an organizational culture based on altruistic love. The three aspects of business spirituality are (i) a vision; (ii) an organizational culture entailing the procedural dimension of business; and (iii) genuine care for others. All religious and spiritual traditions espouse a particular vision of economics that is an ontological conception that includes a future-oriented vision of business. The vision influences the organization’s core values and forms the basis of organizational culture that entails the procedural dimension of business activities. Genuine care for others means practicing altruistic love by considering others to be as important as oneself. It entails the “other directedness” of business activities. McCormick (1994), in a paper entitled “Spirituality and Management,” also acknowledges that spiritually committed managers can have different religious backgrounds with divergent ontological values in relation to business. He emphasizes that, despite following different spiritual paths, spiritually committed managers share concerns for the procedural dimensions of business, and the aspect of caring for others. Both the relevant core Buddhist and Christian values for business can be categorized in terms of these three aspects of business spirituality. A set of twelve relevant values for business describes the value

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orientations of the respondent Buddhist entrepreneurs. Four of them (interconnectedness, moderation, mindfulness, and compassion) are not only irreducible core values but also distinct value dimensions that are comprised of subsets of other values. The first value dimension is interconnectedness which represents the ontological conception of Buddhism for economics and provides the framework for business activities. The second and the third value dimensions are moderation and mindfulness, respectively, which correspond to business outcomes and the method of executing business activities. The fourth value dimension is compassion, which represents the other directedness of business activities. In the case of Christian entrepreneurs, a set of eleven relevant values for business describes the value orientations of the respondents. Three of them (human dignity, justice, and solidarity) are irreducible core values that constitute separate value dimensions. The first is human dignity, which represents the ontological conception of Christianity in business. The second value dimension is justice, which describes the way business activities are executed in practice. The third is solidarity, which corresponds to other directedness in business. Table 6.7 summarizes the relevant core Buddhist and Christian values for business in terms of the three aspects of business spirituality; namely, the vision which represents the ontological conception of the corresponding spiritual tradition, the procedural dimension of business activities, and caring for others, which represents other directedness in business. Buddhist and Christian value orientations have different ontological conceptions in business as they have different ontological approaches in general. Data show that the determinative ontological conception of Buddhist entrepreneurs is interconnectedness. In contrast, the ontological conception that determines the approach of Christian entrepreneurs is human dignity, while the central conception of the Christian worldview Table 6.7

Comparison of the core Buddhist and Christian values in business

Value dimensions

Core Buddhist values

Core Christian values

Vision: ontological conceptions Procedural dimension Caring for others: other directedness

interconnectedness moderation, mindfulness compassion

human dignity justice solidarity

Source Author’s construction

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is the human being created in the image of God. This reflects the suggestions of many scholars who argue that Christian value orientations are fundamentally individualistic, personalistic, or anthropocentric (Allport 1978; Gasparski 2011; Doménec Melé 2011; Thompson 2011). Charles Morris (1956) also affirms these ideas as he arrived at the conclusion that a contrast may be drawn between the more self-centered orientation of Western people and the more society-centered orientation of Asian people from comparisons he undertook among university students. Daryl Koehn (1999) also argues that, contrary to the Western approach, Eastern traditions reject the atomistic understanding of human beings and consider that to be human inescapably involves being involved in a matrix of interrelated relations. The vision or the ontological conception of Buddhist entrepreneurs is more communitarian, while the ontological conception of Christian entrepreneurs is more individualistic. There is also a difference between the core Buddhist and Christian values in business in the procedural dimension. Michael von Brück (2006) argues that there is no concept that corresponds to justice in Buddhism as it is understood in the Judeo-Christian tradition. Justice is God’s divine promise that, despite life’s ambiguities, anybody can trust in God’s all-encompassing benevolence. Brück asserts that, in a sense which corresponds to ultimate reality, wisdom is the only similar conception to justice in the Buddhist tradition, which means an insight into impermanence and selflessness. The Christian standard of justice refers to activities that create good business (Johnston 2002). Gasparski (2011) claims that justice includes responsibility and can be defined as keeping the prescriptions of just conduct and fairness. Data show that in the procedural dimension of the implementation of business processes the core value of justice determines business practices, which implies affective (charity) and procedural (responsibility, subsidiarity, moderation, and freedom) aspects. The procedural dimension in the case of Buddhist entrepreneurs is determined by the core values of moderation and mindfulness. Moderation has a major influence on business activities in establishing well-being and sustainability (Bouckaert et al. 2011). Although both moderation and mindfulness stem from exercising Buddhist meditation practices, the findings confirm that mindfulness in itself is not sufficient for a spiritual value commitment in business (Kovács and Ócsai 2016). In the procedural dimension, the value orientations of Buddhist entrepreneurs are more individualistic due to the

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implementation of moderation and mindfulness, while the value orientations of Christian entrepreneurs are more communitarian through the implementation of justice. The dimension of caring for others shows similarities in the case of Buddhist and Christian entrepreneurs. Data show that the relationship with others is determined by compassion in the Buddhist value orientations, and by solidarity in the Christian value orientations. Robert C. Solomon (1998) in a paper entitled “The Moral Psychology of Business: Care and Compassion in the Corporation” argues that caring for others in business is a psychological necessity. It is included in Buddhism as compassion (Dalai Lama 2012), and as solidarity in the Christian conception of integral human development (Doménec Melé 2011; Pope John Paul II 1987). Compassion and solidarity both focus on the common good and the well-being of others. Sarah Katherine Pinnock (2004) argues in a paper entitled “Overcoming Violence in Practice” that both Christian solidarity and Buddhist compassion reflect an identification with other beings and their suffering, and involve similar practices (for instance, sympathy, kindness, and generosity). Richard Reilly (2006), in a paper entitled “Compassion as Justice,” introduces the Golden Rule as the fundamental notion behind compassion and solidarity. He asserts that the Golden Rule is the notion that one’s own desires can serve as a standard for how one treats others. However, Reilly draws attention to the differences between the Christian and Buddhist approaches to the concept. The Golden Rule can be formulated either positively or negatively. The Western tradition formulates it positively as “do to others what you want them to do to you,” but on the contrary, Eastern traditions tend to formulate it negatively as “do not do to others what you do not want done to yourself.” Reilly argues that the Golden Rule is rationalized by a supplementary principle and thus functions as a standard of moral conduct. In the Christian tradition, this supplementary principle is love, and the rule functions as “love your neighbor as yourself.” In the Buddhist tradition, this supplementary principle is compassion. To see oneself and others as suffering beings and to wish for oneself and others protection against suffering out of compassion is the logic behind the Golden Rule according to the Buddhist approach.

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6.4

Conclusions

The findings of the comparative analysis of the value orientations of Buddhist and Christian entrepreneurs affirm the structural difference that Paul F. Knitter (2004) finds between Christian and Buddhist approaches. Knitter argues that when Buddhists seek to indulge in social and economic issues with the intention of changing the world, they seem to go about it at a personal level. Knitter (2004) and Sivaraksa (2002) both argue similarly that as a result of mindfulness practice people become less selfish; moreover, it deepens their wisdom, from which compassion toward others intensifies. Compassion is important for leading an alternative lifestyle and overcoming greed which in turn bring about social justice, and ecological balance. In contrast, Christians explicitly insert justice between personal spiritual transformation and the transformation of society or business. The Christian concern for justice gives further content or directionality in relation to caring with others. Justice is effectuated by ensuring human rights for all, or effectuating subsidiarity and responsibility, all of which are the duties of social and economic institutions. Smart (1993) asserts that Buddhism and Christianity both reflect on the same issues from different approaches, so he concludes that they are complementary worldviews, disposing of converging ideals. Buddhism has a highly detailed and practical approach to self-training which is not readily evident in the Christian tradition, thus, as Kaza (2000) emphasizes, Buddhism may be helpful in aiding and inspiring the similar efforts of Christianity. On the other hand, Smart (1993) emphasizes that the new awareness of the “socially engaged Buddhism” movement is very much stimulated by modern Christian developments and inspired by the social Gospel of Christianity. David L. Barnhill (2004) argues that socially engaged Buddhism is a way of confronting the social poisons that threaten our world. It is an extension of the Buddhist analysis of reality that goes beyond the psychological and the metaphysical to the social, structural dimensions of socioeconomic institutions. Socially engaged Buddhism gives us a vision of a social alternative; one that is based not on greed, but on generosity, compassion, and wisdom. In a paper entitled “Why Buddhism and the Modern World Need Each Other: A Buddhist Perspective,” Loy (2014) differentiates between the personal and the institutional levels regarding socioeconomic transformation, and also argues that Buddhism maintains a bottom-up, while Christianity represents a top-down approach to transformation.

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Modern economics promotes personal suffering built into delusions of consumerism, while it also promotes structural suffering by institutionalizing greed. While Buddhism addresses personal greed and selfcenteredness, Christianity and the Abrahamic traditions in general tend to impose legal and institutional limits on structural greed. The findings of the comparative analysis affirm furthermore Loy’s (2014) ideas that the traditional Western focus on social transformation must encounter the traditional Buddhist focus on individual awakening as both need each other in order to actualize their own ideals. Loy argues that social structures can never be good enough. Even the best possible economic system cannot be expected to function well if the people within that system are motivated by greed. This obviates the need for people to be good. Thus, the modern emphasis on social transformation is necessary, but not sufficient. And it is here that the importance of Buddhism that focuses on personal transformation is revealed. The Buddhist perspective does not focus on social justice, because—according to the Buddhist worldview—the basic problem is personal delusion rather than injustice. The alleviation of suffering, which entails the cessation of delusion, is at the heart of Buddhism. Buddhist practice starts from the level of the individual, yet it does not ignore the shortcomings of the economic system, and nor is it inconsistent with the Abrahamic approach, but rather represents an alternative, personal perspective. Taking this into consideration, we need both approaches—the personal approach of Buddhism complemented by Christianity’s institutional focus—to realize the spiritual transformation of business.

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CHAPTER 7

Spirituality and Materialism in Business

Spirituality and materialism are two different value orientations that are in opposition. Business is a sphere of life in which the dominant value orientation is materialism, predominantly influenced by material values such as money, profit, status, fame, and growth. Buddhist and Christian entrepreneurs effectuate their value orientations by adhering to distinct combinations of the irreducible core values of their corresponding spiritual traditions, as introduced in Chapter 6. This chapter widens the argument further by introducing the relationship between spiritual and material values in business in the case of Buddhist and Christian entrepreneurs. It analyzes how spiritually oriented entrepreneurs perceive the role of spiritual values in relation to material values in business. The first part of the chapter introduces two types of disposition of Buddhist and Christian entrepreneurs toward profit, and entrepreneurial income and reveals that neither of them involves striving to maximize those. The first type of disposition is represented by “beyond-profit” entrepreneurs who consider that profit is a beneficial outcome of a spiritual value commitment in business. Such individuals focus on the personal development of their internal stakeholders, or on promoting the mission of their enterprises. The second type of entrepreneurial disposition toward profit and income entails “moderately materialistic” entrepreneurs who consider profit to be necessary, but not the ultimate goal of business. These entrepreneurs focus on promoting the mission of their enterprises © The Author(s) 2020 G. Kovács, The Value Orientations of Buddhist and Christian Entrepreneurs, Studies in Buddhist Economics, Management, and Policy, https://doi.org/10.1007/978-3-030-46703-6_7

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while acknowledging that the cultivation of profit is unavoidable to a certain extent. The second part of the chapter introduces the idea that Buddhist and Christian entrepreneurs do not experience a tension between spirituality and materialism in business because of their spiritual value orientations. Rather, in most cases, their spiritual value orientations fully dominate their professional work, leadership practice, and business decisions. Nevertheless, there are a few spiritually committed entrepreneurs from both traditions who, influenced by the ownership structures of their firms or by the main characteristics of their industries, must make compromises and effectuate their spiritual values within a limited set of opportunities.

7.1

Material Values in Business

In a paper entitled “Materialism and Well-Being: A Conflicting Values Perspective” James E. Burroughs and Aric Rindfleisch (2002) argue that materialism is generally associated with an emphasis on the acquisition of material objects. Building on the value-conceptualization of Milton Rokeach (1973), Marsha L. Richins and Scott Dawson in a paper entitled “A Consumer Values Orientation for Materialism and Its Measurement: Scale Development and Validation,” define materialism as a “set of centrally held beliefs about the importance of possessions in one’s life” (1992, p. 308). Hans Joas (2000) emphasizes the instrumental aspect of materialism and identifies a materialistic value orientation with an instrumental value orientation; the terms are used synonymously in his book The Genesis of Values. Tim Kasser (2002) refines the idea in a book entitled The High Price of Materialism in which he argues that materialism is a value orientation that focuses primarily on the cultivation of material values. The latter are wealth, material welfare, possession, money, comfort, status, image, fame, progress, and the likes (Gustavsson 2008; Kasser 2011; Kasser and Ryan 1993). The twentieth century has witnessed the evolution of consumption society, in which the acquisition of material goods has become a culturally accepted means of seeking success and happiness (Burroughs and Rindfleisch 2002). Many argue that materialism has gradually become the most influential value orientation of our age (Kasser and Ryan 1993; Mick 1996; Richins and Dawson 1992). Kasser (2002) emphasizes that

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the messages of consumerism proclaim that material pursuits, the accumulation of things, and the presentation of the “right” image can create real worth, deep satisfactions, and a genuinely meaningful life. Put more simply, materialism assumes that well-being can be enhanced through one’s relationships with objects. Burroughs and Rindfleisch (2002) argue that materialism and wellbeing clearly conflict. The fact that people tend to confuse well-being with material welfare contributes to the excessive focus on materialism. Nevertheless, a significant distinction should be made between these two conceptions. Material welfare incorporates an abundance of material goods, material wealth, riches, property, and an accumulation of things. On the other hand, well-being is a more complex phenomenon. As Luk Bouckaert et al. (2011) argue, well-being incorporates a certain degree of material welfare, but exceeds this in scope to include mental health and spiritual integrity. A moderate level of material welfare—the satisfaction of basic material needs—is both necessary and required for the realization of well-being. Abraham H. Maslow (1943), in his model of hierarchy of needs, acknowledged that some level of material comfort is necessary. The bottom of Maslow’s pyramid is defined by material needs and the need for security. Materialism is thus a constituent part of human fulfillment, an indispensable basis of a whole life. Materialism is, on the one hand, a symptom of an underlying insecurity, and on the other, a coping strategy deployed to satisfy needs. Thus, insecurity is the key cause of materialism which is rooted in people’s aspirations for security and safety (Kasser 2002). As Kasser (2002) argues, a need, in the sense used here, is not something a person desires or wants, but something that is necessary for survival, growth, and optimal functioning. According to Kasser’s interpretation, needs can be either material or psychological and may be classified into four categories: (i) material needs; (ii) competence and esteem; (iii) connectedness; and (iv) autonomy. Material needs include the need for safety, security, and material sustenance. Competence and esteem are feelings that describe our ability to do what we set out to do and to obtain the things we value. Connectedness involves the need to be connected and related to other people, as we strongly desire intimacy and closeness with others. Last, autonomy is the need to feel autonomous and authentically engaged in our behavior as we constantly

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strive for increased freedom and more opportunities to experience life in a self-directed manner. Materialism in itself is not harmful, as material needs must be met in order for humans to feel fulfilled. But in the case if people engage in materialism beyond their material needs—i.e., when they focus excessively only on the acquisition of material goods—then the balance between the four categories of needs becomes upset. With excessive materialism, competence and self-esteem, connectedness and autonomy become degraded, and trade-offs come to dominate the relationship between material needs and the other three dimensions of needs. Thus, a focus on materialistic values becomes unhealthy when the former values are significantly and relatively deprecated (Kasser 2002). In the following discussion the terms “materialism” and “excessive materialism” are both used to highlight an excessive focus on the acquisition of material goods in the personal sphere of life and the cultivation of profit and entrepreneurial income in the professional sphere of life and in the case of business organizations. Kasser (2002) refers to Maslow (1954) when he emphasizes that from the viewpoint of humanistic and existential psychology, a strong focus on materialistic values signals alienation from what is truly meaningful and what construes the core of psychological health—namely authentic selfexpression, intimate relationships, and contributing to the community. In short, materialism is not inherently destructive as long as material desires do not take priority over other needs and values, as only an excessive focus on materialistic values detracts from well-being. Having a materialistic value orientation has serious consequences for the ecological, social, and personal planes of existence. Humanity is exerting an enormous impact on essential planetary processes. Based on twelve global socioeconomic indicators, including population, real GDP, foreign direct investment, urban population, primary energy use, fertilizer consumption, number of large dams that exist, water use, paper production, the number of new motor vehicles per year, the sum of fixed and mobile phone subscriptions, and the number of international tourist arrivals per year, Will Steffen et al. (2015) arrive at the conclusion that the prime driver of change of the Earth’s system is predominantly the global economic system, and that materialism is at the heart of the prevailing economic paradigm. The exponential growth in the acquisition of material goods is one of the fundamental problems that threatens the ecological integrity of the planet.

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The most serious outcome of the domination of materialistic values is the ecological burden. The modern economy is destroying the resources and ecosystems of the planet. The consequences are deforestation, soil degradation, loss of biodiversity, extinction of species, resource depletion, and climate change (Kovács 2011; Meadows et al. 1972; World Commission on Environment and Development 1987). Complex forces threaten Earth’s well-being, and there is substantial evidence that individual choices and behavior based on a materialistic value orientation are hostile toward nature. The fact that human beings are social creatures has been affirmed by psychologists. Good interpersonal relationships and involvement in one’s community are two cornerstones of personal psychological wellbeing. But people who focus on materialistic values often do so at the “expense” of their social relationships, as materialistic values crowd out the former phenomena. Excessive materialism devalues close relationships and connectedness; and decreases individuals’ ability to satisfy their needs for intimacy by decreasing the desire for healthy relationships. Furthermore, materialistic values appear to damage aspirations toward community involvement (Kasser 2002). Nathan L. Tierney (2006), in a paper entitled “Religion, the Globalization of War, and Restorative Justice,” argues that the globalized economic system is exerting a powerful influence on the uptake of materialistic values which is undermining and replacing the communal bonds of religious life. Materialistic values are typically associated with making more antisocial and self-centered decisions. The Catholic Church has also acknowledged the dangers of materialistic values. Pope Paul VI (1967) in an encyclical letter entitled Populorum Progressio emphasized the importance of taking into consideration the difference between “having” and “being” in relation to consumption. He warned that the most dangerous feature of consumerism is confusing the hierarchy of values, in which the “having” of a few can be detrimental to the “being” of many others. Joel C. Magnuson (2008, 2011) also argues that materially oriented economics is creating significant social damage. Despite growth in GDP (the measure of economic growth), ever increasing social inequality, poverty, and a concentration of economic and political power are specific characteristics of Western societies. In a paper by Tim Kasser and Richard M. Ryan (1996), as well as in a book by Kasser (2002), four consequences of excessive materialism on the

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personal level of existence are identified. The authors argue that people with strong materialistic orientation tend to: (i) suffer from insecurity and anxiety, thus they are at greater risk of depression, and experience more frequent somatic irritations; (ii) have low self-esteem and run on a neverending treadmill trying to prove their competence, thus have less vitality; (iii) experience a lack of close interpersonal relationships; and (iv) have a lower quality of life. Materialistic values can damage psychological health. Furthermore, aspiring to greater wealth or more material possessions is likely to be associated with increased personal unhappiness. Kennon M. Sheldon and Tim Kasser (2001), in a paper entitled “Getting Older, Getting Better: Personal Strivings and Psychological Maturity Across the Life Span,” argue that materialistic values detract from well-being, and the negative relationship between a materialistic value orientation and well-being holds for people of all ages and for both genders. People who are highly focused on materialistic values have less personal well-being and poorer psychological health than those who believe that materialistic pursuits are relatively unimportant. Pope Paul VI (1967) argues that the fruit of blind submission to pure consumerism is a radical form of dissatisfaction, because the more one possesses, the more one wants, as deeper aspirations remain unsatisfied and are perhaps even stifled. Kasser (2011) and Stanislav Grof (1998) assert similar ideas when they argue that a material value orientation is a losing strategy because it aims at the satisfaction of people’s ever-growing desire for money, possession, and status that can only become the cause of even greater desire, and lead to the emergence of a vicious circle. Laszlo Zsolnai (2011) supplements this argument with the idea that dissatisfaction follows when people seek to satisfy their desires but fail to reach their goals, and more importantly, that even when they succeed this does not bring about the satisfaction they had hoped for. Thus, even the successful pursuit of materialistic ideals turns out to be unsatisfying, does not necessarily improve well-being, and may fail to increase happiness; it generates only a temporary, short-lived improvement in mood. The following section of the chapter introduces the disposition of Buddhist and Christian entrepreneurs toward profit and entrepreneurial income, thus depicting the influence of a spiritual value orientation on one of the most important material values in business.

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The Disposition of Buddhist and Christian Entrepreneurs Toward Profit

The excessive cultivation of profit and income is a major characteristic of materialism in business. Profit is considered to be a fundamental material value which can be the basis of other material values, and desire for it leads to profit-maximization, which fuels the economy. Profit can be translated to the personal level as the cultivation of money which fosters the consumption of material goods by which status and image can be bought. This section of the chapter presents the opinions and the dispositions of Buddhist and Christian entrepreneurs toward profit-making in business and gives an account on their success definitions. Following qualitative content analysis, two main types of dispositions are defined that apply in the case of Buddhist and Christian entrepreneurs. The first type includes “beyond-profit ” entrepreneurs and includes the majority of the respondents, regardless of their spiritual orientations. All the former articulated explicitly or alluded to the fact that profit is not important for them at all, as they consider it the unequivocal outcome of spiritually committed business practice. Beyond-profit entrepreneurs focus primarily on people’s development (employees and their own) or on promoting the mission of their enterprise. The second type of disposition entails “moderately materialistic” entrepreneurs who consider profit a necessary constituent of business, an economic requirement, but not the ultimate goal of their organizations. Moderately materialistic entrepreneurs are only a minority of respondents. Beyond-profit entrepreneurs include both Buddhist and Christian respondents who admit that profit is not an important component of doing business. These people consider profit to be a direct outcome of their spiritual value orientations in business and can be categorized into two subsets. The majority of these entrepreneurs claim that, instead of profit, the most important aim of business is to allow internal stakeholders, either employees or the entrepreneurs themselves, to develop and flourish. Ideas of beyond-profit entrepreneurs who focus on the development of people include the following: Our primary aim is not the cultivation of profit, but rather success in the long run, and to have a good time as long as we are working here. With our employees we should aim to develop ourselves during our work. Our goal is to let our employees come here willingly and find tranquility and harmony so they can work in a peaceful environment. (B01)

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People have to have their own goals, and if bosses recognize that their inferiors do not have goals, they have to motivate them, to put them into independent situations in which they feel that they are whole people. But most of the time these situations are not profitable. (B03) It is very important that my company is of only secondary importance. I run it only to allow me to engage with Buddhism, because for me Buddhism and my progress in Buddhism is primary. (B06) Sometimes up, sometimes down—our income moves similarly. Sometimes our profit is high, other times it is low. But for me the most important thing is that we create and provide jobs and contribute something to the common good. We make a profit, but not at any cost. Individuals are in the first place. Economic value involves the possibility of profit, but persons dispose of much higher and a different kind of value. (C03) We do not want to become bigger. There is no plan to make an enormous organization, but rather we would like to allow our employees to perfect themselves through teamwork. (C05) Money is not important, or only to a point where it is enough. My basic principle is to retain only 10 percent of my profit. If I make some extra, I share it with my employees. I do not aim to maximize it, but to create a homely workplace. This idea came from inside as I always wanted to work in a homely workplace. It sometimes happens that I have to outsource some work because I do not want the company to grow. So, the maximization of profit in itself is not a goal for me. (C07) I think the most important thing is respecting people. I do not consider my employees to be the producers of profit and my salary, although I know that there are many managers who think this way. They hire them to produce a profit and generate the wages of the CEO. (C08)

The second subset of beyond-profit entrepreneurs also includes Buddhist and Christian entrepreneurs who claim that, instead of profit, the most important aim of business is to promote the mission of the organization. The ideas of beyond-profit entrepreneurs who strive to realize their mission in business include the following:

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Our predecessors wanted to close their store because it was not profitable. But this store is a living legend and represents amazing value in the underground culture. Therefore, although it was not profitable, I decided to take it over. And now we are working with all our strengths to make it profitable somehow. (B02) The enterprise is just a legislative form of my profession. I would do the same coaching activity without having a company. Sometimes I do it for free, because it happened once that one of my close friends needed help, but he could not afford to pay for it. (B08) It is vital not to only look at money and profit. Although this is important, other people in their wholeness are much more important than this. If a group of people arrive, I do not consider the amount of money they have, but rather I see an opportunity to please them. And if serving customers comes with income, we will not refuse it. (C04) It is liberating not to chase money, income, and profit endlessly. We do not want to generate income but rather create value by engaging in fair, honest, and transparent work according to our mission, which was created in a Christian spirit. (C09) I grew up reading Jim Collins and I very much believe that profit does not have to be the foremost goal of a business. A venture must have a mission which in turn is rewarded with profit. Thus, we have organized ourselves according to Christian principles, so I do not see any contradiction between Christianity and business. (C10)

The other type of entrepreneurial disposition toward profit entails a moderately materialistic approach which also includes both Buddhist and Christian entrepreneurs. Moderately materialistic entrepreneurs consider profit as an economic requirement, but by no means the ultimate goal of business. These respondents admit that the cultivation of profit is unavoidable, but the most important aim of business is to promote the mission of their organizations. Moderately materialistic entrepreneurs entail only a minority of respondents. Their ideas include the following: Our mission includes the principle that we must be profitable. This is unavoidable, as our business model would collapse without some profit. But our objectives and principles always precede the profit motive. We follow our principles, and strive to accomplish our mission, and profit will

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consequently come. Our principles and our mission cannot be subordinated to profit or income. We want to do good to others and we want to serve society. Our mission is inspired by this idea. (B07) It is obvious that having a minimum amount of money is inevitable for running the organization. This is a must. But our mission is to help. We did not establish this company to make money, or to make new products, but to help people in Bhutan. And those who are involved in the organization can subsist on it. I can pay my bills and it gives me the freedom to work. This is the real success for us. (B11) Profit in itself is not an evil, but a necessity, as things cannot go on without it. An enterprise is not sustainable without profit. On the other hand, this firm was not established to make a profit, but to fulfill its mission and vocation. The most important issue is the utilization of profit, in which faith and mentality play a fundamental role. (C01) It is interesting. I attended a training event for Christian business leaders once. We agreed that there must be profit, as this is the “cost of staying in business.” I think the problem is not profit in itself, but time horizon in which we think is too short. The same logic could eventuate the right solutions if we consider one, two or more generations-time, not only a quarter year. (C11)

The typology of dispositions toward profit in the case of Buddhist and Christian entrepreneurs is summarized in Table 7.1. Entrepreneurs who Table 7.1 Typology of entrepreneurs, arranged by disposition toward profit Beyond-profit entrepreneurs Disposition toward profit

The aim of business

Source Author’s construction

Moderately materialistic entrepreneurs

Profit is not important at Profit is required, but by no all, but is the outcome of means the ultimate goal of spiritual value commitment business in business Fostering the development of internal stakeholders (employees, owners, managers) Promoting the mission of the enterprise

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emphasize that profit is not important for them at all may be classified as beyond-profit entrepreneurs. These individuals consider profit as the outcome of their spiritual value commitment in business and are categorized further into two subsets. They claim that allowing their employees or themselves to develop and flourish is the foremost aim of their enterprise. The other subset of the beyond-profit entrepreneurs say that the aim of their enterprise is the realization of its mission. Entrepreneurs who consider profit to be a requirement, but not the ultimate goal of business, constitute the moderately materialistic type. They admit that the cultivation of profit is unavoidable but confirm that the aim of a business is the realization of its mission. The results of the investigation show that some of the respondent Buddhist and Christian entrepreneurs acknowledge what Kasser (2002) and Maslow (1943) claim: that material needs (e.g., profit in business) should create the basis for further human fulfillment. Nevertheless, the findings also affirm the assertions of Arnold C. Cooper (1993), who argues in a paper entitled “Challenges in Predicting New Firm Performance” that entrepreneurs can and tend to define success not only in financial terms, but also in terms of morality and personal development. Jerry I. Porras et al. (2007) found in their book entitled Success Built to Last: Creating a Life that Matters that these kinds of intrinsic factors are more significant motivators for successful business owners than financial gains. Jeffrey R. Cornwall and Michael J. Naughton (2003) add in their paper “Who Is the Good Entrepreneur? An Exploration Within the Catholic Social Tradition” that while the mainstream approach to business defines entrepreneurial success in terms of financial performance, Christian entrepreneurs tend to define success differently, as financial measures are of minimal importance to them. On the other hand, the inquiry in this section demonstrates that Buddhist entrepreneurs also define success more broadly than financial growth. This way, Buddhist and Christian entrepreneurs are similar in the sense that excessive materialism is not at all their characteristic trait. None of the respondents emphasized that profit or income is the primary motivation for their business activities. Rather, Buddhist and Christian entrepreneurs focus on higher-order goals that include: (i) the personal development of internal stakeholders (employees and self); or (i) promoting the mission of their enterprise.

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7.2 The Relationship Between Spirituality and Materialism in Business The previous section introduced materialism as the prevailing value orientation of the current economic paradigm. It was shown that profit, one of the most fundamental values associated with materialism, does not play a significant role for the Buddhist and Christian entrepreneurs in the sample as they do not strive for profit or income maximization in business at all. This section explores how the respondent Buddhist and Christian entrepreneurs perceive the relationship of two value orientations—spirituality and materialism—in business. Furthermore, it aims, inter alia, to increase the small but growing strand of research that utilizes Schwartz’s values framework to interpret entrepreneurial activity (Dougherty et al. 2019). Rokeach (1979) argues that institutions in society can be clustered according to their own subsets of values. The commitment attached to these value systems eventuates distinct value orientations. Rokeach furthermore draws attention to the fact that value-based conflicts can occur between various value systems and value orientations, especially when these include radically distinct values. Burroughs and Rindfleisch (2002) come to a similar conclusion, arguing that any two values may come into conflict, but research suggests that such conflict will occur more often and with greater intensity when two values fundamentally oppose one another. This is also true in the case of value orientations. Materialism and the self-centered values that underlie it (e.g., acquisition) may conflict more readily with spirituality and its self-transcendent values (e.g., altruism). Kasser (2011) argues that material values are incompatible with spiritual values as long as people focus excessively on the former. In this case, individuals tend not to make space for spiritual values at all. Schwartz et al. (2012) also affirm that spiritual values are not present in the materialistic value orientation, but the spiritual paradigm provides some space for materialistic values. As outlined in Chapter 2, Shalom H. Schwartz’s (1992) circumplex model of human values includes ten general value types in a two-dimensional circular structure, oriented by the two axes of selfenhancement versus self-transcendence, and openness to change versus conservation. The ten general value types are power, achievement, hedonism, stimulation, self-direction, universalism, benevolence, tradition,

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conformity, and security. Self-enhancement includes self-oriented values like hedonism, power, and achievement, while self-transcendence includes other-oriented values like benevolence, and universalism. Openness to change entails the presence of the value of stimulation, while conservation means the preservation of the status quo, which includes values like conformity, tradition, and security. In the circumplex model of human values, adjacent value types reinforce each other as they comprise complementary values that most people experience as relatively compatible, whereas opposing value types are experienced by most people as contradictory (i.e., conflicting and competing with each other). Schwartz (1992, 1994, 2012) argues that individuals who subscribe to competing values may experience considerable psychological tension in the form of nervousness, mental strain, and discomfort. Although the model is too broad for interacting directly with materialism and spirituality, this scale is important as it confirms the general value structures. Neither materialistic nor spiritual values were explicitly measured in the former model, although in the case of materialism several individual values were coalesced into a group containing what other researchers describe broadly as materialistic tendencies (for instance power, achievement, and hedonism). On the other hand, selftranscendence entails the values of benevolence and universalism, both of which indicate spiritual tendencies. Schwartz defines benevolence as the “preservation and enhancement of the welfare of people with whom one is in frequent personal contact” (1992, p. 11; 1994, p. 22) which means valuing loyalty, responsibility, honesty, and helpfulness, and desiring friendship and love. He furthermore defines universalism as “understanding, appreciation, tolerance, and protection for the welfare of all people and for nature” (1992, p. 11; 1994, p. 22) which means an appreciation of social justice, peace, equality, and being broad-minded. Material values are aligned with self-enhancement and its corresponding value types in the model, while spirituality is most strongly aligned with self-transcendence and its corresponding value types. According to this arrangement, the self-centered values of materialism are inherently opposed to the collective-oriented or self-transcendent values of spirituality, which fact draws attention to their conflicting nature. Schwartz suggests that pursuing both self-enhancement and selftranscendent types of values is likely to bring about strong internal and social conflict, as “acceptance of others as equals and concern for their

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welfare interferes with the pursuit of one’s own relative success and dominance over others” (1992, p. 15). Burroughs and Rindfleisch (2002) emphasize that a material value orientation in itself is not at odds with well-being, because the former is necessary for the latter. Well-being may decrease if materialism becomes excessive or if a strong material value orientation becomes coupled with a high spiritual value orientation, in which case massive psychological tension arises between the two opposing value orientations (Lozano and Ribera 2004; Rokeach 1973; Sheldon and Kasser 1995; Thompson 2008). In this case, egocentric material values come into conflict with spiritual values, leading to the disregard of higher-level psychological needs, and resulting in a decrease in well-being and an increase in unhappiness (Ash 2007, 2011). A material value orientation and specific material values are dominant in shaping economic behavior, thus the two value orientations of spirituality and materialism can easily conflict in business (Kasser and Ryan 1993; Mitroff and Denton 1999). In line with this, Tierney (2006) argues that through the process of globalization market capitalism allows little space for the values of religion and spirituality. He emphasizes that Western culture tends to relegate religion to the private sphere, while the materialism of the global market economy tends to undermine and replace the communal bonds of religious and spiritual life with a materialistic value orientation. Furthermore, materialism decreases intrinsic motivation and the ability to attain flow, an experience that is closely connected to and shares the same characteristic traits of spirituality as Grof (1998) describes in a book entitled The Cosmic Game: Explorations of the Frontiers of Human Consciousness. The works of Kasser (2002), Sheldon and Kasser (1995), and Kasser and Ryan (1996) introduce intrinsic values as an alternative to materialistic values. The authors suggest that materialism is an extrinsic value orientation, as its core values aim at accomplishing extrinsic goals (e.g., wealth or financial success), thus they are less effective than intrinsic values. Intrinsic values are based on people’s real psychological needs, support their personal growth and development, and are inherently satisfying to pursue. The authors identify three main intrinsic values—namely, (i) self-acceptance and personal growth; (ii) relatedness and intimacy; and (iii) community feeling and helpfulness. All these values resonate with the main characteristics of spirituality as outlined in Chapter 2. Intrinsic or

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spiritual values are typically connected with internal goals (e.g., interconnectedness or self-esteem). Kasser (2002) argues furthermore that those who are more committed to intrinsic values report enhanced happiness, greater psychological health, better interpersonal relationships, contribute more to the community, and have more concern for ecological issues. Kasser (2002) draws parallels between the teachings of ancient spiritual teachers like Lao Tzu and Muhhamad with the works of modern psychologists such as Burrhus F. Skinner, Albert Bandura, John Watson, Carl Rogers, and Erich Fromm. He emphasizes that thousand-year-old teachings warn people of the dangers of materialism, which approach runs counter to that of spirituality. Sages from various spiritual and philosophical traditions have similarly insisted that focusing on materialism detracts from what is meaningful in life. The various schools of psychology also come to the conclusion that materialistic values undermine quality of life. In a book entitled Buddhism: A Historical Introduction to Buddhist Values and the Social and Political Forms They Have Assumed in Asia, Peter A. Pardue (1973) argues that Buddhism has found appeal in the Western world exactly because it symbolizes a spiritual alternative to the ideologies of “materialism,” which was one of the main criticisms of the West from the Eastern-inspired counterculture in the USA in the 1960s. Lionel Obadia (2011) identifies the same reasons for the spread of Buddhism in the West, and argues that Buddhism opposes materialistic modernity which is based on the prevailing value of greed and the dominant behavior of consumption. The following part of this chapter introduces how Buddhist and Christian entrepreneurs perceive the relationship between spirituality and materialism in business. The results of qualitative content analysis show that, regardless of their Buddhist and Christian backgrounds, two main types of relationships describe spiritually oriented entrepreneurs. In the first type of relationship, spirituality dominates materialism, even in business. The vast majority of the respondents can be classified into this category, in which spirituality determines the mission of the enterprise, the business model, the organizational structure, the scope of activities, and the way these activities are executed. The second type is a relationship of compromise between spirituality and materialism in business. A minority of Buddhist and Christian entrepreneurs argued that although external circumstances impose significant business-related responsibilities

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on them, they are able to willingly effectuate their spiritual value orientations within these boundaries of material values. In a relationship of compromise the logic of business imposes external, material objectives on behavior. In many cases it determines the mission of the enterprise, the business model, and the organizational structure. However, it also gives space to spirituality, which determines how business activities are implemented and executed by spiritually oriented entrepreneurs. Relationships in which spirituality dominates are expressed by the respondent Buddhist and Christian entrepreneurs’ references to their corresponding spiritual tradition directly, or by emphasis on the importance of specific Buddhist or Christian values that determine the formers’ spiritual value orientations in business. The ideas of six Buddhist entrepreneurs who articulated the dominance of spirituality by referring directly to Buddhism include the following: Buddhism is a thing that totally interweaves life from every perspective. Of course, it also determines business. (B01) You cannot separate Buddhism from business. After a while, the philosophy and the experiences of Buddhism cannot be torn out of everyday life, which I think is right. (B03) It is only meaningful to me if I apply spirituality directly in every sphere of my everyday life, which also means that I continuously inspect the foundations of my personality and my being. Spirituality is indispensable for business. (B05) It is very important that my company is of only secondary importance. I run it only to allow me to engage with Buddhism, because for me Buddhism and my progress in Buddhism is primary. (B06) The turning point was my contact with Buddhism through meditation practice—when I started meditation and partaking in meditation courses. Buddhist spirituality and the new conditions that accompanied meditation clearly indicated that the conventional business practice would not be enough. It is very important in my Buddhist practice that I do not just read a book and think about it, but that it is a livable experience that changes my mind. Our mission includes the principle that we must be profitable. This is unavoidable, as our business model would collapse without some profit. But our objectives and principles always precede the profit motive.

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We follow our principles, and strive to accomplish our mission, and profit will consequently come. (B07) It was a great turning point in my journey to becoming an entrepreneur when I comprehended deeply that the more I understood from the Dharma, the more I would be able to help others. And I also understood that coaching is a perfect means of helping others. For me it was a real breakthrough, an unforgettable moment. (B08)

The dominance of spiritual values over material values in business is expressed by one of the Buddhist entrepreneurs with an emphasis on the importance of simplicity and mindfulness, both of which are relevant Buddhist values for business as demonstrated in Chapter 4: We do not think only about “made in Bhutan” products, because this is a limited approach, and transportation implies problems. Thus, ours is an “inspired by” solution, which comes from Bhutan. We deliver and export inspiration from Bhutan, and people who want money from this inspiration must return something from it to Bhutan through us. (B11)

Six of the respondent Christian entrepreneurs expressed their ideas about a value relationship in which spirituality dominates material values in business. Their ideas are as follows: Faith is not a separate layer of my life which can be installed or removed, but an integral part of my personality and my way of thinking. For me, Christianity is not about Sunday mornings, but also about Mondays and Tuesdays. If one does not live according to faith in the workplace where one spends most of the time, then it will only be a form of role play, a part-time job, or a hobby. It is very important that I want to live an integrated life which means that Christianity is also a determinative aspect in work. Harmony in this case is not enough; it must be determinative. Thus, Christianity is expressed in my decisions, and all things that exist in an enterprise, like market, marketing, profit, competition, and so forth, can be experienced in line with my faith. One does not need to be schizophrenic to be both a CEO and a Christian. (C01) It is not possible to separate the firm from my personality. It would be an enormous mistake if this ever happened. (C03)

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Being Christian means following Christ. This is the primary statement. The secondary statement is that I am a Christian, which is a way of life. It is not possible that I can be a Christian in my private life, but not a Christian in business. Nor the other way around. Christianity is the only value system that guides my actions. (C05) If a person is seriously religious, then religion is a lifestyle. They have to live according to this in every sphere of life. (C08) I am a Christian, which means that I am theistic and religious. This defines my life. This company was founded precisely in order to allow me to support my charitable mission. The company is only a means of charity. I invest most of the company’s profit into the charity organization: we help handicapped people and operate cars and vans to support charitable work. There are a lot of fallen people who are on our horizon who are supported from our profits. (C09) I grew up reading Jim Collins and I very much believe that profit does not have to be the foremost goal of a business. A venture must have a mission which in turn is rewarded with profit. Thus, we have organized ourselves according to Christian principles, so I do not see any contradiction between Christianity and business. (C10)

The dominance of spiritual values over material values in business is expressed by two Christian entrepreneurs with an emphasis on the importance of human dignity in the first case (C04), and the importance of common good in the second (C07). Both human dignity and common good are relevant Christian values for business, as demonstrated in Chapter 5: It is vital not to only look at money and profit. Although this is important, other people in their wholeness are much more important than this. (C04) My company is a social undertaking, the embodiment of a social pledge toward the common good. (C07)

The majority of the respondent Buddhist and Christian entrepreneurs depicted a relationship of values in which spirituality dominates materialism in business. Six Buddhist entrepreneurs mentioned this relationship

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directly, and another one alluded to the dominance of spirituality in business by referring to Buddhist values that are relevant for business (in the case of Christian respondents, the corresponding numbers are six, and two, respectively). Accordingly, 15 out of the 22 respondents argued that rather than material values their spiritual value orientations determine their business activities. The minority of respondents, both Buddhists and Christians entrepreneurs, displayed a relationship of compromise in terms of spirituality and materialism in business. A relationship of compromise indicates the boundaries imposed by material values on spiritual values in business. There are cases in which external circumstances impose the need for material values and business objectives on both Buddhist and Christian entrepreneurs, who can effectuate their spiritual value orientations only within these boundaries. In these cases, materialism determines the mission of the enterprise, the business model, and the organizational structure, but it allows space for spirituality in the implementation of business activities. Entrepreneurs who talked about a relationship of compromise between materialism and spirituality articulated that, despite the fact that they pursue business objectives in the framework of materialism, their execution of activities is determined by their spiritual value orientations. Their behavior does not reflect a purely materialistic approach, as these entrepreneurs do business with a focus on ethical solutions that stems from their spiritual value commitment. Four of the Buddhist respondents expressed explicitly or alluded to a relationship of compromise between spiritual and material value orientations in business. Their ideas are as follows: Sometimes it happens that the best merchant sells pencils with broken points. And this is a good example. Sometimes we know that the product is not exactly as good as it is described in the brochure, or not exactly like in the picture. We always try to convince our buyers not to purchase these things, but people want them anyway. Our foremost aim is to try to create real value for money if someone comes to us to buy something. (B02) The basics of Buddhist economics and ethics dwell on the Hinay¯ana level. This concerns how to bring Right Livelihood, which is part of the Noble Eightfold Path, to public awareness. Focusing on doing “right” already contributes a lot to cleansing business. But life is more complex. The way of the bodhisattva in Mah¯ay¯ana is a form of entrepreneurship in itself which helps alleviate the suffering of others. Finally, Vajray¯ana or tantric

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Buddhism means the identification and the transformation of disturbing emotions by which we can, for instance, transform anger or consumer desires into a mirror-like wisdom. The three levels organically belong together, all of which relate to recognizing the potentiality of being. (B04) I am not an innkeeper, but sometimes we sell foodstuff that would not be sold if I were the owner of the company. Sometimes we must make decisions that are not compatible with Buddhist economics for sure, but all of these are compromises. (B09) Buddhism is rather a philosophy and an approach to life which is woven through life. It has its own benefits, not only for yourself, but also for all the people around you. I am not sure that I can act according to Buddhism always and in every circumstance in my work, because often work is about fluttering between expectations and doing good for the people who are involved. (B10)

Three Christian entrepreneurs expressed explicitly or alluded to a relationship of compromise between spiritual and material value orientations in business. Their ideas are as follows: People do things in a particular way and they tend to accept these as they are. I have my own example: I travel a lot by airplane because of my job. I have a footprint that is bigger than ten average people. When I travel for quite a few hours, it always occurs to me that I should explain this somehow to myself. Why am I privileged? It is a typical situation. Furthermore, if I undertake a deep examination of my conscience, I am sure that there is level about which I do not really know. (C02) Road construction can be a storehouse of environmental protection. It should be undertaken in a way as we manage our national treasures. Opposing to some other benchmarks by which 90 percent of the materials must be recycled and rebuilt in the construction processes, we have a regulation for only a level of 10 percent in our country. It is a sin against God, so we have to fight against that in every possible way to reach better outcomes. I also do this. I strive to employ as many environmental-friendly technologies and solutions as possible, but in doing so I have to take on many conflicts in my work. (C06) Local independencies are not broadening but narrowing in multinational companies. This is the case in our company as well. My personal viewpoint

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can be deemed my creed, according which we should search for ways of effectuating our Christianity within the system. I strive for this, and I have been very surprised that we would be able to identify a vast number of opportunities if we wanted to go to the furthest point. (C11)

In the case of Christianity, the conception of a divided life has already been discussed in Chapter 5 along with the introduction to Catholic Social Teaching. The conception was mentioned in the social teachings of the Catholic Church as early as 1965 in Gaudium et Spes (Vatican Council II 1965). The document speaks of a split between business people’s confessed faith in their daily life and their lived faith at the workplace, which is considered one of the most serious flaws of modernity. The conception is the starting point of the discussion in the booklet “Vocation of the Business Leader” (Pontifical Council for Justice and Peace 2011) which aims to provide guidance for helping resolve the problems associated with leading a divided life. In contrast to the warnings included in CST, the research outcomes here testify that none of the Christian entrepreneurs experience any tension between their private and professional life in the light of their Christian faith. Moreover, many of them (C01, C03, C05, C08, C09, and C10) emphasize that they integrate their private and professional lives. Even in the case of a relationship of compromise between spirituality and materialism in business, Christian entrepreneurs strive to do everything they can to live according to their confessed faith at their workplaces too. One of the practices by which the integration of faith and work happens is described as follows: I have a cross on my desk, and a vase from the Jesuits with the words “What Would Jesus Do?” on it. I often look at it and consider what God’s decision in certain situations might be. What would Jesus’ decision be? This helps me a lot in every case. (C03)

This routine conforms to the propositions of Mark S. Schwartz (2006) and Mario Fernando and Brad Jackson (2006). Schwartz (2006) argues in a paper entitled “God as a Managerial Stakeholder?” that God should not be “checked at the office door” but should be taken into account when business decisions are made. Fernando and Jackson (2006) assert in their paper “The Influence of Religion-Based Workplace Spirituality on Business Leaders’ Decision-Making: An Inter-faith Study” that religion plays a significant role in influencing spiritual-based decision-making for

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entrepreneurs by providing a frame of reference for seeking guidance and avoiding unethical decisions. To summarize the findings above, there are two main types of relationships between spirituality and materialism in business that describe Buddhist and Christian entrepreneurs. The majority emphasize that their Buddhist or Christian spirituality dominates materialism when doing business. On the other hand, a minority of entrepreneurs mentioned a relationship of compromise between their Buddhist or Christian values and materialism in doing business. 7.2.1

Analysis of Exceptions—Commercial Enterprises and Nonowner Managers

According to the findings, none of the entrepreneurs perceive spirituality and materialism as being conflicting value orientations in business. The quotes from respondents do not confirm the presumption of a value conflict between these contrasting value orientations, as suggested by Rokeach (1973), Burroughs and Rindfleisch (2002), and Kasser (2002). The accounts testify that, even in a relationship of compromise, spirituality has a determining role in business in the case of the respondent Buddhist and Christian entrepreneurs. This rather confirms the ideas of Clyde Kluckhohn (1951) and Schwartz (1992) who introduce the notions of central (dominant) and peripheral values. The former authors argue that all values can coexist side by side, but in case of value conflicts, a value hierarchy between central and peripheral values becomes determinative. In this hierarchical structure, central values overcome peripheral values. Buddhist and Christian entrepreneurs perceive the constituent values of spirituality to be central in business, thus opposing and overcoming the peripheral values of materialism. Although some respondents speak about a compromise between spirituality and materialism, these cases also depict a situation in which spiritual values are perceived as central. Proceeding with the thread of the discussion about spirituality and materialism, it seems plausible that the relationship between spiritual and material values is influenced by the role of the entrepreneur in the organization. Based on a qualitative exploratory study conducted with 35 entrepreneurs, Sandra King-Kauanui et al. (2005), in a paper entitled “Entrepreneurship and Spirituality: Integration of Spirituality into the Workplace,” draw the conclusion that living and practicing spiritual values in business becomes much easier once entrepreneurs are no longer

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employed by someone else. Their research strongly suggests that when it comes to integrating spirituality into work, owner-entrepreneurs feel more at ease than managers. This does not mean that applying spirituality in work is impossible for managers and CEOs but suggests that effectuating spiritual values in business in the case of leaders without ownership rights is more challenging than for leaders who are also owners of their companies. Analogously to the findings of King-Kauanui et al. (2005), it is most likely that a relationship of compromise exists between spirituality and materialism when entrepreneurs are not the owners of the companies at which they work, because usually owners define the business models and the organizational structures of these organizations. Consequently, these business models and organizational structures determine and often delimit the opportunities of entrepreneurs in mediating and effectuating their Buddhist or Christian values in business. The relationship between spiritual and material values in business and the ownership structure of the companies in the cases of the respondent entrepreneurs is described in Table 7.2. The table includes the codes of entrepreneurs, the corresponding relationship category from the analysis (i.e., whether spirituality dominates or a relationship of compromise exists), and whether the entrepreneur is simultaneously the owner of the company. According to Table 7.2, spirituality dominates materialism in all but one case of owner-entrepreneurs. On the other hand, a relationship of compromise characterizes all but one case of nonowner managers. These data underpin the findings of King-Kauanui et al. (2005) who argue that effectuating spirituality in business becomes much easier in cases in which entrepreneurs are the owners of their organizations. 7.2.1.1 Spiritual Value Orientation and the Conflict of Commerce Table 7.2 shows that a relationship of compromise between spiritual and material values in business characterizes the business activities of seven entrepreneurs. There is only one of them, who is at the same time the owner of the enterprise (B02). It is plausible that the scope of activity accounts for this phenomenon as the enterprise operates in the commercial sector (see Table 1.1 in the Introduction). There are two other Buddhist entrepreneurs who run commercial organizations (B07 and B09), and all of them mentioned further sector-specific traits that could narrow their options for effectuating spiritual values in business.

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Table 7.2 Relationship between spiritual and material values in business and company ownership Code

Relationship category

Company ownership

Code

Relationship category

Company ownership

B01

Spirituality dominates Compromise Spirituality dominates Compromise

Yes

C01

Yes

Yes Yes

C02 C03

No

C04

Yes

C05

Yes

C06

Spirituality dominates Compromise Spirituality dominates Spirituality dominates Spirituality dominates Compromise

Yes

C07

B02 B03 B04 B05

Yes

C08

B09

Spirituality dominates Spirituality dominates Spirituality dominates Spirituality dominates Compromise

No

C09

B10

Compromise

No

C10

B11

Spirituality dominates

Yes

C11

B06 B07 B08

Spirituality dominates Spirituality dominates Spirituality dominates Spirituality dominates Compromise

No Yes Yes Yes No Yes No Yes Yes No

Source Author’s construction

Entrepreneur B02 asserts that fashion retail is a sector that is very much influenced by fashion trends. Thus, it may happen that not all products are in accordance with the expectations and the requirements of the entrepreneur in terms of quality, although he must still sell them: I cannot say that the “truth at all costs applies to sales,” but I strive for the truth at all cost. This is because I cannot convince our customers not to buy certain products, even if I try to do this in each and every case. It is impossible. Today, for instance, everybody wants a certain brand of shoes, but I know exactly that they are crap. This brand makes bad quality shoes. If I insisted on the truth to the end, I would not sell any of these products because they are not the quality that I want to represent. But I have to admit that people are not primarily concerned about the quality of products anymore. People have wants and the money to satisfy these wants. They will spend their money somewhere else if I am not in the

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system. But I do my job with the intention of helping them choose the right product, which sometimes happens, and with the intention of using the money I earn to offer merit to them. In this way, they win even if they are not aware of it. (B02)

In this case the entrepreneur has a strong spiritual commitment, but cannot eliminate some of the retail-specific traits (customers with materialist desires) that stem from the influence of fashion trends and interfere with spirituality. His Buddhist value orientation is mediated within the potential opportunities represented by commercial business activity. Entrepreneur B09 confirms that they encounter the same difficulties which stem from retail activity: I am not an innkeeper, but sometimes we sell foodstuff that would not be sold if I were the owner of the company. Sometimes we must make decisions that are not compatible with Buddhist economics for sure, but all of these are compromises. (B09)

In this case the decision about what to sell is made by the owners of the company and the entrepreneur can only strive to effectuate Buddhist values in business within a strongly defined framework of activities. However, entrepreneur B07, the owner of the third commercial enterprise, managed this conflict with a business solution that is unique: I have an example of this situation. It is not a new thing for us, and it fits our mission well. We have a 100-percent, money-back guarantee for all of our goods with no time limit. It is unique in retail, even in on-line or off-line commerce. You cannot find a thing like this anywhere, not even abroad. There is something that is similar to this in the USA, but it is not so broadly interpreted. It has occurred to some of my colleagues that perhaps this is not good, because somebody could wear a suit for five years until it become threadbare and then come back and get a refund. But the guarantee is a gesture by which we want to send a message to people that we are selling really good products. And if the goods have some problems that transpire after one or two years, we take them back, exchange them, or give back the money with no questions or any inconvenience. This lifelong money-back guarantee is a good embodiment of our mission, and I know it precisely well that it is a very profitable thing too. Individual transactions are very rarely loss-making, but instead are very profitable as customers believe in us, and it creates trust. I have one further remark, but only in brackets: introducing such a guarantee represents a mental barrier

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to every merchant. None of my closest friends dare to do anything similar to offering a lifelong money-back guarantee. (B07)

The inherent conflicts associated with commercial activity were mentioned by all three spiritually oriented entrepreneurs who took part in the investigation. It seems that commerce is a sector in which effectuating a spiritual value orientation is more difficult. One of the entrepreneurs was able to manage such a conflict by applying a radically creative solution which was inspired by his meditation practice—the introduction of a lifelong money-back guarantee. Bouckaert (2011) in a paper entitled “Spirituality and Rationality” affirms that spirituality opens up space from the pressures of the market and the routines of business-as-usual, and this distance is a necessary condition of developing innovative ethical ideas and practices. In a paper of my own, “Rethinking Fashion Retail: The Case of MrSale” (Kovács 2019), I argue that, besides contributing to innovative business practices, a spiritual value orientation can facilitate business practices that are seemingly “irrational” or run counter to the logic of mainstream business, such as providing a lifelong money-back guarantee. In the case of entrepreneur B07, his spiritual practice (Buddhist meditation) contributed to helping him overcome a “mental barrier” related to commerce and allowed him to effectuate his spiritual value orientation in business instead of developing a relationship of compromise between spiritual and material values. This case is an example to spiritual leaders who experience difficulty effectuating their spiritual value orientations in business in general, or in the field of commerce specifically. 7.2.1.2

The Dominance of Spirituality in the Case of Nonowner Managers Table 7.2 indicates that a relationship of compromise between spirituality and materialism characterizes all but one case of nonowner managers. Entrepreneur C08 is the only exception for whom spirituality dominates materialism in business despite the fact that the entrepreneur is not the owner of the enterprise. His ideas about the situation are as follows: We have a very special situation. We are a fully state-owned company, thus we always have purchasing orders. I do not have any experience, but maybe it is harder to be Christian at a company where there is persistent fight for work and orders, and plans cannot be made for more than two or three months in advance. We are in a much peaceful and easier situation as we

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see 80 percent of our annual income in advance, and I am aware that this is very rare for other companies in this sector. We are very lucky from this point of view. It is thus very easy for me to radiate this Christian tranquility and effectuate Christian values in business as we do not have that kind of stress on ourselves at all. (C08)

The case demonstrates that in an organizational arrangement such as a state-owned company it may be easier for spirituality to take precedence over materialism. The former entrepreneur considers the ownership structure to be the main reason for this, but these assumptions cannot be confirmed to a greater extent as there are no more state-owned companies in the sample population.

7.3

Summary

This chapter has described how Buddhist and Christian entrepreneurs conceive of the role of profit and the relationship between spirituality and materialism in business. Profit is one of the central values of materialism, although Buddhist and Christian entrepreneurs assert that it does not play a decisive role in their business practices. Some entrepreneurs are beyond-profit entrepreneurs and focus primarily on people’s development (employees and their own) or on promoting the mission of their enterprise. Other entrepreneurs consider profit and income to be an economic requirement, but not the ultimate goal of business. They concentrate only on the acquisition of the minimum income needed to support promoting the mission of their enterprise. In general, spirituality and materialism are opposite value orientations. In the case of Buddhist and Christian entrepreneurs, the relationship of the former may be one in which spirituality dominates materialism, or one in which the relationship involves compromise. The findings of the study are in accordance with Bouckaert’s (2011) ideas that spirituality and materialism can be harmonized in business by prioritizing spirituality over materialism. The findings of the inquiry confirm what Fraya Wagner-Marsh and James Conley (1999) stress in a paper entitled “The Fourth Wave: The Spiritually Based Firm”: namely, that spiritually based firms always put their all-pervasive philosophy first. Even when spirituality and materialism exist in a relationship of compromise, such entrepreneurs strive to take

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advantage of all opportunities to effectuate their spiritual value orientations in business. The next chapter summarizes the business activities, solutions, and practices by which Buddhist and Christian entrepreneurs effectuate their spiritual values in business.

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CHAPTER 8

Spiritually Inspired Business Practices

This chapter presents the spiritually inspired business practices of Buddhist and Christian entrepreneurs and the activities by which they effectuate the constituent values of their spiritual value orientations in business. The presentation is based on qualitative content analysis of the interviews of eleven Buddhist and eleven Christian entrepreneurs. Spirituality is one of the sources and determining factors of people’s values and their value orientations. It is of central importance in the case of Buddhist and Christian entrepreneurs, who are able to instill and infuse their spiritual values into business. Louise W. Fry (2003) affirms this phenomenon arguing that entrepreneurs’ spiritual values can have a direct effect on their organizations. Val M. Kinjerski and Berna J. Skrypnek (2004), in a paper entitled “Defining Spirit at Work: Finding Common Ground,” argue that although most individuals have difficulty providing a comprehensive definition of business spirituality or workplace spirituality, they find it very easy to recall and describe its features and practical forms of implementation. In line with this assumption, many pieces of work deal with the influence of business spirituality by taking up different viewpoints and investigating various outcomes of a spiritual value commitment in business. Angela M. Balog et al. (2014), in a paper entitled “Religiosity and Spirituality in Entrepreneurship: A Review and Research Agenda,” argue © The Author(s) 2020 G. Kovács, The Value Orientations of Buddhist and Christian Entrepreneurs, Studies in Buddhist Economics, Management, and Policy, https://doi.org/10.1007/978-3-030-46703-6_8

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that entrepreneurship is a value-based phenomenon, thus business spirituality is able to influence business through the spiritual value orientation of businesspeople. Balog et al. introduce business spirituality by differentiating between the numerous influences of spiritual values within the field of entrepreneurship. They identify four micro-level influences, which are: (i) attitudes toward entrepreneurship; (ii) responsible business behavior; (iii) physical health and psychological well-being; and (iv) employees’ well-being and performance. On the macro level, the spiritual values of entrepreneurs influence (i) organizational culture; (ii) firm creation; (iii) firm performance; (iv) the sociocultural environment; and (v) personal and professional networks and social capital. The spiritually inspired business practices of Buddhist and Christian entrepreneurs are categorized similarly but not identically to as in Balog et al. (2014) categorization. Taking the former’s division of micro- and macro-level influences into consideration, this chapter considers spiritually inspired business practices as corresponding to attitudes toward entrepreneurship, responsible business behavior and employees’ wellbeing and performance on the micro level, and practices corresponding to organizational culture, firm performance, and sociocultural environment on the macro level. Before introducing spiritually inspired business practices, the following sections of the chapter include some general reflections by Buddhist and Christian entrepreneurs about (i) the most important features of business spirituality; and (ii) the temporal perspectives of business activities. After this, the chapter introduces spiritually inspired business practices and activities which are the outcomes of Buddhist and Christian spiritual value orientations and which testify to how the respondent entrepreneurs implement their spiritual value commitment in business. The business practices that characterize Buddhist and Christian entrepreneurs are: (i) committed stakeholder management; and (ii) setting examples.

8.1

General Reflections on Business Spirituality

Nabil A. Ibrahim et al. (1991), in a paper entitled “Characteristics and Practices of ‘Christian-Based’ Companies,” argue that self-described Christian companies are those that declare their belief in the possibility of successfully merging biblical principles with business activities. Analogously to the logic above, self-described Buddhist and Christian

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entrepreneurs are businesspeople who successfully merge Buddhist and Christian values with their business activities. Self-described Buddhist and Christian entrepreneurs are aware of the importance of the role that a spiritual value orientation plays in business. Most of them emphasize this by alluding to this fact, but one of the respondents characterized the role of Christian faith in business as follows: I am a weak high-jumper, but I carry my faith with me like a pole, so I can jump higher than any of the high-jumpers as they do not use a pole. And this is not an undue advantage, as everybody has the opportunity to use this pole with which extraordinary things can be achieved in business. (C01)

Most of the respondent entrepreneurs are also aware of the fact that a spiritual value orientation contributes to the realization of genuine ethical behavior in business. This affirms the central idea of Luk Bouckaert (2011) who stresses in a paper entitled “Spirituality and Rationality” that spirituality is the only form of genuine business ethics that can resolve the paradox of ethics management. One of the Buddhist entrepreneurs argues that: The basics of Buddhist economics and ethics dwell on the Hinay¯ana level. This concerns how to bring Right Livelihood, which is part of the Noble Eightfold Path, to public awareness. Focusing on doing “right” already contributes a lot to cleansing business. (B04)

Ian I. Mitroff and Elizabeth A. Denton (1999), in a book entitled A Spiritual Audit of Corporate America: A Hard Look at Spirituality, Religion, and Values in the Workplace, and Margaret Benefiel (2010) in a paper entitled “Methodological Issues in the Study of Spirituality at Work” argue that spirituality is not only a necessary precondition of genuine ethical behavior, but it could be the ultimate competitive advantage, since spiritually oriented organizations can achieve goals that ordinary business organizations cannot, or can only with difficulty. The fact that a spiritual value orientation may be a competitive advantage is explicitly emphasized in an example provided by one of the respondents, who asserts that: We do not want to generate income but rather create value by engaging in fair, honest, and transparent work according to our mission, which was

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created in a Christian spirit. We have been in business for 25 years. I met a person yesterday and he argued that he would choose to work with us because he met me 15 years ago through the business and we made a very good impression on him with our work. (C09)

Creativity is at the core of entrepreneurship. Bouckaert (2011) argues that entrepreneurship involves bringing about something new, which supposes an irreducible creativity that makes entrepreneurship an art. In an earlier paper entitled “From Business Ethics to Business Spirituality: The Socratic Model of Leadership,” Bouckaert (2010) adds that business spirituality establishes and intensifies creativity. Christopher P. Neck and John F. Milliman (1994) and Sukumararakurup Krishnakumar and Christopher P. Neck (2002) affirm this fact, but further add that business spirituality helps not only entrepreneurs, but also employees to utilize their creative potential. Riane Eisler and Alfonso Montuori (2010) also argue that spirituality eventuates a more humane workplace which is more creative. Remarkable business solutions are being practiced by both Buddhist and Christian entrepreneurs which express the creative potential of a spiritual value orientation. The most important of these creative business practices are as follows: We have a call center here. There are legislative prescriptions which regulate the maximum amount of time that one may spend on the line, and the amount of rest one should have per hour. We follow these regulations but employ a performance-based approach. We assign a decent number of successful calls per hour. If somebody accomplishes this, they can have a break or work more for a bonus. This approach is quality- not quantityoriented. One of our partners did a survey and concluded that we were the best call center from a group of ten from ten different countries. (B01) I have an example of this situation. It is not a new thing for us, and it fits our mission well. We have a 100-percent, money-back guarantee for all of our goods with no time limit. It is unique in retail, even in on-line or off-line commerce. You cannot find a thing like this anywhere, not even abroad. There is something that is similar to this in the USA, but it is not so broadly interpreted. It has occurred to some of my colleagues that perhaps this is not good, because somebody could wear a suit for five years until it become threadbare and then come back and get a refund. But the guarantee is a gesture by which we want to send a message to people that we are selling really good products. And if the goods have some problems

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that transpire after one or two years, we take them back, exchange them, or give back the money with no questions or any inconvenience. This lifelong money-back guarantee is a good embodiment of our mission, and I know it precisely well that it is a very profitable thing too. Individual transactions are very rarely loss-making, but instead are very profitable as customers believe in us, and it creates trust. I have one further remark, but only in brackets: introducing such a guarantee represents a mental barrier to every merchant. None of my closest friends dare to do anything similar to offering a lifelong money-back guarantee. (B07) I learnt the Vocation of the Business Leader thoroughly and acknowledged one of its principles, which is that business has to stand in solidarity with people who are deprived and underserved. It took me a lot of time to understand this and to translate it into activity. As a consultant, I have a very high daily fee, so there are a lot of small and micro enterprises that cannot be my clients as they cannot afford my services, although they badly need them. I decided to figure out something to solve this problem and started to do consultancy for small businesses. My basic methodology is to undertake only those tasks that are absolute necessary for the project, and to delegate the rest to the client; to plan projects with more flexible deadlines that allow me to work with them when I have time; to do jobs on-line as much as possible so as not to waste my time in travelling. I thought up another method for doing consultancy for many small companies in parallel so they can share the cost, in a way which is very similar to a course. I offer eight courses about eight different issues in a service which is called a “compact consultancy.” This is very successful among small enterprises. (C07)

The above-mentioned creative business solutions affirm that business spirituality contributes to “exploiting” the creative potential and creative power of entrepreneurs. Krishnakumar and Neck (2002) argue that the four main outcomes of business spirituality are (i) intuition and creativity; (ii) honesty and trust; (iii) personal fulfillment; and (iv) commitment. Thus, creativity together with intuition is one of the four main outcomes of spirituality in business, all of which lead to better organizational performance.

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8.2

Reflections on the Temporal Perspectives of Business

Carol Johnston (2002), in a paper entitled “A Christian Critique of Economics,” designates spiritual traditions as wisdom traditions and argues that wisdom traditions involve accumulating practical experience about how to survive and how to keep things going in the long term, and one of the most important aims of wisdom traditions is to cultivate a healthy community over time. In a paper entitled “Family Firms as Incubators for Spirituality in the Workplace” Judi Neal and Manuel C. Vallejo (2008) argue that the workplace spirituality literature often refers to long-term orientation as this is one of the internal characteristics of spiritual businesses that incorporates, for instance, compassionate and enlightened leadership, creativity, familiarity, etc. The authors define a long-term orientation as a willingness to make business decisions based on the common good, rather than a short-term emphasis on maximizing profit. Both Buddhist and Christian entrepreneurs assign crucial importance to the temporal perspectives of their activities. One of the distinctive features of their spiritual value orientations in business is a long-term orientation, or long-term thinking. In contrast to mainstream business practices, Buddhist and Christian entrepreneurs tend not to focus on quarterly or half-yearly outcomes, thereby eliminating short term, mostly profit-oriented thinking. Rather, they strive to consider the future impacts of their business activities. Some of the most important ideas of Buddhist and Christian entrepreneurs about having a long-term orientation are as follows: Our primary aim is not the cultivation of profit, but rather success in the long run, and to have a good time as long as we are working here. (B01) If I want to articulate our philosophy according to Buddhist values, then I would say we think only in the long term. (B03) We think in the long term in business in a broad sense, and consider the interests of others. (B06) Bhutanese people need resources in the long term to continue to cultivate what they have already cultivated for centuries. We try to contribute to

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supplying them with these resources through our activities on the one hand, but on the other we strive to acquire and transplant their philosophy about long-term success into our business. (B11) My business philosophy is very simple: decent and honest business makes the most profit in the long term. (C03) It is vital not to only look at money and profit. Although this is important, other people in their wholeness are much more important than this. If a group of people arrive, I do not consider the amount of money they have, but rather I see an opportunity to please them. And if serving customers comes with income, we will not refuse it. And it is much more profitable, than the approach according to which nothing else just money matters. The latter is short-term thinking. But taking the interests of other stakeholders, especially our customers, into consideration is a long-term approach, and we practice long-term thinking. (C04) We never force anything: that approach works only in the short term, but not in the long term. In opposition to companies with other core values, we do not torture our employees with overtime and stress in the short term and change them for others instead, but we think in the long term, which is in our best interest. (C05) We are in a much peaceful and easier situation as we see 80 percent of our annual income in advance, and I am aware that this is very rare for other companies in this sector. We are very lucky from this point of view. It is thus very easy for me to radiate this Christian tranquility and effectuate Christian values in business as we do not have that kind of stress on ourselves at all. Thus, we can and do make long-term plans as persons and as a firm, as we have long-term safety here which is our most important, core value. (C08) I have colleagues with whom I have worked here for more than twenty years. We still plan for the long term, and I trust them. (C09) I had a dispute with the head of our back office. He asked me why we don’t increase the wages for back-office staff similarly to consultants’ wages. I told him that I have already experienced this situation at another company—the overhead costs of the back office became so large that the company had to lay off many of its employees. I told him that I would not like to do the same here. I would like to keep our back-office employees

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employed on a decent wage for a long time instead of laying them off. (C10) I think the problem is not profit in itself, but time horizon in which we think is too short. The same logic could eventuate the right solutions if we consider one, two or more generations-time, not only a quarter year. (C11)

Neal and Vallejo (2008) argue that the decisions of spiritually oriented organizations may appear to be at odds with the short-term interests of mainstream business organizations, as they challenge the prevailing business paradigm that focuses too much on quarterly financial returns. The life spans of the participating Buddhist and Christian entrepreneurs’ organizations attest that a long-term orientation pays off and can play an important role in the success of spiritually oriented businesses (the life spans of the entrepreneurs’ organizations are detailed in Tables 1.1 and 1.2 in the Introduction).

8.3

Committed Stakeholder Management

Edward R. Freeman, in a book entitled Strategic Management: A Stakeholder Approach, defines a stakeholder as “any group or individual who can affect, or is affected by, the achievement of a corporation’s purpose” (1984, p. vi). This section of the chapter utilizes Freeman’s stakeholder definition and introduces the spiritually inspired stakeholder management practices of Buddhist and Christian entrepreneurs. Marjolein Lips-Wiersma and Venkataraman Nilakant (2008) argue in a paper entitled “Practical Compassion: Toward a Critical Spiritual Foundation for Corporate Responsibility” that workplace spirituality can enhance the understanding of the holistic and complex nature of stakeholder management. Fry (2008) adds furthermore that spiritually oriented leaders (including managers and entrepreneurs) are more likely to develop “other centeredness” that involves respect for their key stakeholders. Sandra King-Kauanui et al. (2005) conducted a qualitative exploratory study of the activities of 35 entrepreneurs with the aim of ascertaining the “visible actions and behaviors” of entrepreneurs who espouse a spiritually focused approach in their organizations toward their stakeholders, concentrating on employees, customers, and suppliers. In a paper entitled “Entrepreneurship and Spirituality: Integration of Spirituality into

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the Workplace” they give an account of the fact that all their research participants found a way to integrate spirituality into stakeholder relations. In their research Ibrahim et al. (1991) identified similar stakeholder groups as being at the center of attention in the case of self-described Christian companies. The authors argue that employees, customers, communities, and suppliers are given special attention by organizations run by Christian entrepreneurs. The investigation revealed that some behaviors are widely practiced by most of the respondents, although there are differences as to how these companies behave toward the four stakeholder groups. The analysis also indicated that there were significant differences across different industries for all stakeholder groups with the exception of employees, which shows the special role of employees in the case of Christian entrepreneurs. Still with a focus on a Christian approach, Jose Luis Retolaza et al. (2019) stress in a paper entitled “Stakeholder Theory Through the Lenses of Catholic Social Thought” that stakeholder theory and Catholic Social Thought are not only fully compatible perspectives, but they are complementary: together they can help solve the stakeholder conflicts that occur in business. The authors believe that stakeholder theory in itself has limitations regarding its ethical and anthropological foundations, but that integrating the values and the principles of Catholic Social Thought into stakeholder theory contributes to solving emerging stakeholder conflicts. Buddhist and Christian entrepreneurs profess to being committed to stakeholder management. The following part of the chapter introduces business practices that stem from spiritually oriented entrepreneurs’ value orientations which aim at effectuating their commitment toward their internal and external stakeholders. 8.3.1

Relationships with Employees

Freeman (1984) identifies employees as one of the most important internal stakeholders of organizations. Employees’ well-being and performance is one of the most popular topics in business spirituality research, along with the influence of spiritual values in business (Balog et al. 2014). Milliman et al. (2003), in a paper entitled “Workplace Spirituality and Employee Work Attitudes,” found that from the employees’ perspective, meaning at work, having a sense of community, and being in alignment with an organization’s values and mission have a positive effect on employee attitudes to work, such as organizational commitment,

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intrinsic work satisfaction, job involvement, low intention to leave, and satisfaction with organizational role. Robert A. Giacalone and Carole L. Jurkiewicz (2010) in a paper entitled “Toward a Science of Workplace Spirituality” affirm the above-mentioned findings that the integration of spirituality and spiritual values into business leads to beneficial employee outcomes such as increased job satisfaction and commitment. However, they also find that business spirituality contributes to improving employee productivity and reducing absenteeism and turnover. Two main areas can be identified in the business practices of Buddhist and Christian entrepreneurs regarding employees: (i) the treatment of employees and providing good working conditions; and (ii) employee retention and dismissal. The consequences of these committed stakeholder management practices toward employees result in: (i) greater employee loyalty and a lower rate of employee fluctuation; (ii) greater opportunities for hiring well-qualified people; and (iii) better performance from employees. The first area of focus of committed stakeholder management regarding employees concerns the treatment of employees and providing good working conditions. King-Kauanui et al. (2005) argue that spiritually oriented entrepreneurs express their respect for their employees, strive to develop a friendly workplace atmosphere, and often refer to their colleagues as family members. Christian entrepreneurs treat their employees with deep respect, while human dignity is of central importance among the relevant Christian values for business (its role was also already emphasized in Chapter 5). Nevertheless, similar considerations are found to be in evidence among Buddhist entrepreneurs when they talk about their employees. Spiritually oriented entrepreneurs tend to use the words “fellow workers” or “colleagues” instead of “workforce” or “laborers” when referring to their employees. Furthermore, they strive to take their employees’ interests into consideration, whether they are owner-leaders or managers. Besides their respectful attitude toward employees, many Buddhist and Christian entrepreneurs also strive to provide good working conditions for their colleagues by creating a family-like, friendly and harmonious workplace. The most important ideas about the treatment of employees and working conditions of the former are as follows: There are certain things that are not solved by rational means. When we moved here, the building could have been renovated more cheaply, but not

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as well. We decided that we had to make it good quality for our employees in order that they would come to work willingly and feel good, and find harmony and peace, and give them the opportunity to work undisturbed. (B01) We regard our clients as equal partners, and we strive to form friendly relationships between each other at our company. (B06) I heard back from other managers that people like to work in our team more than in other teams. Maybe this is only a rumor, but I heard that people feel that it is more relaxed here than anywhere else. Employees come to work with pleasure and there is not so much stress here. I have a colleague who told me that he likes to work here as the cohesion is great, and because we talk with each other a lot. We have meetings when I only listen to people, because I think this is very important. Many managers do not have time for this, but I strive to do it very mindfully. (B10) My mother was born in 1930 and worked for Csonka’s machine factory. Csonka, who was the founder-owner of his company, went among his employees every day to make contact with them. This was typical of him, and I also do it this way. It is interesting that when a new employee comes here, he immediately recognizes that he feels good here, and everyone is very helpful to him. There is none of the contempt which could probably occur elsewhere. (C04) The practice of freedom and responsibility in business means that I consider the company to be a community of people. It is not necessarily an organization, but a more humane form of one that is mainly a community of people. Our common interest is that all of us have to work well, but this is only one part of our interdependent relationship based on freedom and responsibility which in turn makes us a community. We do not want to become bigger. There is no plan to make an enormous organization, but rather we would like to allow our employees to perfect themselves through teamwork. (C05) Another important issue is community. Our colleagues should feel good at this place, as they spend a lot of time working here. It is not healthy if they come here with a lump in their stomachs or to be sore at each other. If a conflict occurs, I personally try to solve it. Hence, this company slowly has become a community. I have heard about that this is not the case at competitors’ organizations, and that this is not typical of our sector. (C08)

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We consider our colleagues and business partners to be humans. This is fundamental here. A certain level of freedom characterizes our organization. In many cases we try to adjust the company to our employees’ goals and desires. This is easier until we are relatively small. Maybe it will be a bit more difficult in the future if we grow. (C10) I strive to make work as humane as possible. We do certified work in a very harmonious environment in which we strive to create friendly working conditions. (C11)

Other proof of the provision of good working conditions is Christian entrepreneurs’ endeavors to create family friendly workplaces and restrict or prohibit overtime. This attitude toward employees was not mentioned either in the work of King-Kauanui et al. (2005) or in the work of Ibrahim et al. (1991) and seems to be a special dimension of the treatment of employees in the case of Christian entrepreneurs. Their ideas about family friendly working conditions and overtime include the following: My financial assistant has three children and her husband has a very poorly paid job. She feels a sense of stability because she can be at home with her three children as we give her the greatest possible flexibility and allow her to do her whole job at home. She gets support without which she and her husband could not take care of their children, although they wanted them very much. (C01) There are legendary stories about the boss staying behind until ten pm so everybody has to stay until ten pm. And what do employees do for 14 hours? Not work! In these cases, they spend half of their time pretending to work. Here we do not need to do this because people can come and go whenever they want, provided that the job is done. (C03) We strive to be very conscious about working hours. One of our central concerns is preserving the balance between work and family. Work cannot be done at the expense of family and private life. Of course, there are periods when we have to work more than average, but in general we are looking for equilibrium. (C05) First, I forbade overtime for mums, then I forbade it for everybody. I want everyone to go home to their families, as I want to work with relaxed, joyful people. (C07)

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Another special dimension of the treatment of employees which was also not mentioned in the work of King-Kauanui et al. (2005) or Ibrahim et al. (1991) is that Buddhist entrepreneurs tend to directly educate their employees with Buddhist techniques (skillful means) by increasing their awareness, or helping them perfect themselves, or raising their sensitivity to the subtle dimensions of work. Ideas of Buddhist entrepreneurs about educating employees are as follows: I teach my colleagues to experience flow. As the first step I try to convince them to organize their days. This is very difficult with my men, but much easier with women. My male colleagues wrap their days up with cigarette breaks, chats, and the like, and their energy levels fall drastically. They are constantly losing the thread. So, I always try to teach them how to work in a mindful and focused way by organizing their tasks and using notes if necessary. My saleswomen are much better. They can focus on their work and perform much better. (B02) I have to pay attention to our employees. People who work for us are happy, but they had to learn a lot when they came here. It is not a coincidence that there are bosses and inferiors. People have to have their own goals, and if bosses recognize that their inferiors do not have goals, they have to motivate them, to put them into independent situations in which they feel that they are whole people. But most of the time these situations are not profitable. If I leave two of our people with some work, I am sure that they will work less efficiently. But if I make them aware of the fact that they must do the work whatever happens, they will work with double the zeal, and they recognize that they can go home earlier when the job is done. (B03) I always want to see people in my team who really like their jobs and feel content about what they do. I am fully aware that we work for a bank, which is not the best work in the world compared to that of the work of artists, but it is very important that our work makes my teammates satisfied and content. (B10) I experienced that people in Bhutan are in the “flow,” even when they do business. And we would like to copy this. It is important for us not to let ourselves get distracted and strive to realize flow in our organization. (B11)

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The second area in which spiritually oriented entrepreneurs’ committed stakeholder management regarding employees can be identified corresponds to employee retention and dismissal practices. Both Buddhist and Christian entrepreneurs emphasize the importance of fostering active employee retention and having humane and helpful dismissal procedures when laying off workers is unavoidable. Active retention practices are those endeavors of entrepreneurs which support the organization’s employees to remain together. The most important ideas of Buddhist and Christian entrepreneurs about active workforce retention are as follows: And if somebody does not feel comfortable, then I try to rotate them in order to find the appropriate place for them. And if somebody proves themselves and finds their place, they will be acknowledged and fully supported. (B10) Once the bank asked us why we do not lay off some of our employees when things go wrong. My colleague, who is also a deeply Christian woman, told them that we cry and laugh together, and we also take care of each other. When incomes go down, all of our salaries go down, mine also. When I have to cut wages, I cut mine first. (C03) I am thinking about a specific example: sometimes it happens that people are fired when they do not deserve it. This happens in the government sector and can happen anywhere else. And I fight for them. This is solidarity. People who belong to me cannot be grieved for. Nobody has been fired from here. (C06) It is very rare that we dismiss an employee. Somebody once changed behavior as something had happened in his private life, and he did not want to work anymore. I tried to talk with him and tell him that he should not behave like this, and tried to convince him that he was precious to us. After a while he started to become a hypochondriac. We followed up the case, and found that he was not sick at all. I tried to convince him once again, but I did not succeed. Finally, he left us by himself. We wanted to help him, but we could not do anything. (C08)

Closely connected to employee retention are idiosyncratic employee dismissal practices. Respondents emphasized the importance of engaging in humane and helpful workforce dismissals in the case if dismissal is

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unavoidable. The most important ideas about workforce dismissal are as follows: We very rarely dismiss anybody. If this happens, we help them to get a new job according to their abilities and working speed. It is very important for me not to put anybody out on the street, but to help them get a job which is suitable for them. (C08) The question is how somebody can be dismissed with love. It has happened many times that I had to dismiss many of our employees because they did not fit here, and they felt bad. This is not an easy decision, so I do it personally every time. I sit down with them and explain that the problem is not their ability or personality, but simply the working environment in which they have to work. I always try to give them advice about where to go and what to look for so they can get a job in which they feel good. When it happened last time, two out of three of our former employees called me and thanked me for helping them because they felt much better at their new places. If a similar situation in which an employee is stuck emerges, and I see that they cannot change, then I have to do something. And I think that this is fully my responsibility. The real question is not what to do, but how to do it. (C10) Sometimes certain functions removed from us from our area of responsibility, and we must sell off teams, but we always help our colleagues in a humane manner. It has happened that we had to relinquish a team of thirty. We found work for ten people in other departments in the company. The rest of them were given outplacement support, and finally everyone found a new job within six months. (C11)

The first consequence of the committed stakeholder management of Buddhist and Christian entrepreneurs is a higher level of employee loyalty or lower rate of fluctuation. Robert H. Frank (2004) in a book entitled What Price the Moral High Ground? Ethical Dilemmas in Competitive Environments argues that employee loyalty is one of the main beneficial outcomes of ethical conduct in business. King-Kauanui et al. (2005) also argue that spiritually oriented entrepreneurs experience increased commitment and loyalty from employees and lower turnover rates. Increased commitment and loyalty that result in the endeavors of employees to remain at their workplaces as a result of committed stakeholder management may be understood as another feature of entrepreneurs’ active

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employee retention. Spiritually oriented entrepreneurs may enjoy the loyalty of employees, although Buddhist entrepreneurs did not express this fact directly but only by alluding to it. On the other hand, many Christian entrepreneurs believe that they can observe employee loyalty directly. Their ideas about this topic are as follows: The thing which almost tangible is the workplace atmosphere. The way people talk with and about each other, the place, and their boss. It is tangible that they are ready to make big sacrifices, they are proud of their work and they are very loyal to the company and the cause. (C01) Fluctuation is very low at our company. It is almost zero. Sometimes people go on maternity leave, die, or retire. We have got rid of two colleagues since we started this business in 1992. This is all of our fluctuation. There is no more. (C03) Our company is not necessarily a twenty-year-old companionship of close friends, but it is a community in a deep sense. It is very hard to describe this, but shared feelings, emotions, and experiences make these people a real community. Thus, we have never fired anybody, but very rarely it happens that one of our employees quits. But this is not typical at all. (C05) The spirit of many of our leaders involves a sense of humanity. We work like this. I remember once when a pie chart was presented and an HR manager from the USA asked us about the reasons for the low rate of fluctuation in our country compared to the high level everywhere else in the world. The reason is that we have these positive values as parameters that are not included in this model. (C11)

The second consequence of the committed stakeholder management of Buddhist and Christian entrepreneurs is the opportunity to hire wellqualified people more easily. Although neither King-Kauanui et al. (2005) nor Ibrahim et al. (1991) highlight hiring practices as being potentially influenced by business spiritually, Frank (2004) argues that ethical business practices contribute to the easier hiring of quality employees, as occurs in the case of Buddhist and Christian entrepreneurs whose ideas about taking on well-qualified people include the following:

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We have been employing a girl for a year who has a very serious job, a task that belonged to my former leader, who was the CEO. This task is very important, but I do not apply the rules. She does this job because she is very keen and an expert. In my team, delegation works according to ability. (B10) We run a laboratory. People who come to work here as a technologist, do not came here because of money, but because they want to enjoy this profession. We give decent salary, but not money, rather the love of our profession’s challenges is in the center. (C06) We have employees that could earn a lot more abroad than they do in this country, but still they work here. I am sure that this is because they like to work here and having assessed the risks of working abroad, they say that it is not worth it. They do not need more money if they know that they can have a comfortable life at a good workplace. (C08) I try to surround myself with clever people who can tell me what I do wrong. And I try to take their advice, because this is not an issue of vanity for me. Many leaders chase clever people away, as they are afraid of losing their positions. This creates stupid decisions. I want deputies and assistants cleverer than me who dare to tell me when I am wrong. (C09)

The third consequence of the committed stakeholder management of Buddhist and Christian entrepreneurs is better employee work performance. King-Kauanui et al. (2005) found that because of spiritually inspired business practices employers benefit from the increased motivation of employees. Ibrahim et al. (1991) argue that employee-centered behaviors contribute to increasing productivity and profitability. Frank (2004) found that the employees of ethical business organizations tend to work harder and often for less remuneration. Most of the Buddhist and Christian entrepreneurs acknowledged the better work performance of their employees by alluding to this fact in one of the above-mentioned quotations, and also by explicitly mentioning it. The most important ideas about the influence of spiritual business practices on work performance are as follows: All our salespeople have 100 percent authority regarding gifting or pricecutting. It is not common in retail, but I try to motivate my employees

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to think and work more freely which influences their performance and work-mood positively. (B07) According to my experience, the more equal leaders consider their employees to be, the more efficiently the organization will work. Topdown orders are often opposed. But if I treat and regard my employees as equal partners, they will work more enthusiastically and more efficiently. (C05) A major point is the way one treats his fellow workers. For me, people are not “workforce,” but have their own value. They make a profit, but for me this is not the most important point, but rather that I devote quality time to my employees. There is no Christianity and no Christian entrepreneurship without this, and it pays off. If you take people seriously, they will work as if the company were theirs. And this will result in profit, but also much more. (C06)

Tim Kasser (2002) in a book entitled The High Price of Materialism argues that a spiritual value orientation affects the way entrepreneurs interact with people; for instance, with their employees. According to Kasser, people with materialistic value orientations tend to consider people as objects. In the case of Buddhist and Christian entrepreneurs, however, the exact opposite is perceivable. Spiritually oriented entrepreneurs approach their employees genuinely by treating them humanely, providing them with good working conditions, and striving to retain them. In return, their employees are more loyal, and their work-related performance is better. Furthermore, these entrepreneurs can easily hire well-qualified employees. The findings of the inquiry also reveal that it is not only Christian organizations that pay special attention to their employees, as Ibrahim et al. (1991) argue, but the same is true of the self-described Buddhist entrepreneurs and their organizations. 8.3.2

Relationships with External Stakeholders

Freeman (1984) argues that organizations dispose of various external stakeholders. These are, for instance, customers, suppliers, financial institutions, other subcontractors, local communities, etc. The works of Ibrahim et al. (1991) and King-Kauanui et al. (2005) investigate the relationship between spiritually oriented entrepreneurs and their external

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stakeholders too. Both groups of authors argue that these leaders strive to develop long-term relationships with their customers, suppliers, and surrounding communities which are built on trust and mutual respect. Buddhist and Christian entrepreneurs implement committed stakeholder management as regards to their external stakeholders. The principles that penetrate these relationships are equality, respect, and prudence. The respondent entrepreneurs’ ideas about the basic principles of external stakeholder management include the following: I would like to do the best in all situations and take the interests of everybody equally into consideration. I would like to consider the interests of an extensive range of stakeholders. And more precisely, take the interests of all my partners into consideration beyond their own interests. (B06) We do not scam our clients, or our subcontractors, because from my point of view a customer is also a supplier, and a supplier is also a customer. Firms normally make a sharp distinction between these: a customer is somebody who pays them; a supplier is somebody who is paid by them. But for me and for us in the company suppliers are also customers. (C03) I think the most important thing is to respect your fellow beings. This means respecting your colleagues and your customers. Put simply, it means respecting all your stakeholders. (C04) I always say that we do not have any competitors in our business relations. We only have various kinds of partners in business. (C10)

Most of the Buddhist and Christian entrepreneurs emphasize the importance of having balanced forms of cooperation with their business partners, the prerequisite of which is effectuating committed stakeholder management toward customers, suppliers, and subcontractors. They argue that committed stakeholder management toward external stakeholders is an essential part of a well-functioning business. Buddhist and Christian entrepreneurs engage in committed stakeholder management toward their: (i) customers and clients; (ii) suppliers and subcontractors; and (iii) local communities, culture and the natural environment. Customers and clients play the most important roles in the life of Buddhist and Christian entrepreneurs. Many of the respondents talked explicitly about the idea of focusing on customers, taking on their

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perspectives, and serving them fully, while the rest of the respondents alluded to similar ideas about the centrality of customers and clients in their business. The importance of customers was also emphasized by King-Kauanui et al. (2005) who argue that spiritually oriented entrepreneurs’ top priority is building long-term relationships and a reputation for integrity among their customers. Ibrahim et al. (1991) complement this claim by noting that the main motivation of Christian companies’ client-oriented behavior and practices is achieving customer satisfaction. They also argue that Christian companies actively proselytize among customers, but this does not characterize our sample of Christian entrepreneurs at all. The most important ideas about the centrality of customers and clients in the life of Buddhist and Christian entrepreneurs are as follows: In the case of sales we always focus on our customers’ personality. Customers are not only payers, but people with whom we want to make personal contact and to get know something about, and give our attention to. Or when people bring back products with complaints, I draw their energy out and then I use their own energy to support them, like in Aikido. This approach comes from my meditation practice, and I strive to teach these techniques to my employees. Thus, we always stand on our customers’ side when they complain out of a sense of empathy and compassion. Sometimes I offer a solution that represents a financial loss for the shop or for myself personally, but it pays off as these people often come back. (B02) We examine things from the perspective of our clients. We try to bring the best out of situations, and always keep in mind their interests. We draw attention of our clients to every circumstance, even if we are not asked or paid to do so. We strive to be comprehensive. We want our partners to get all the information that can help them, even if we do not have a mandate to do this in a strict sense. Sometimes we give them information even after we are paid for our assignments. We often serve our former clients if we get information that could be useful to them. (B06) We have no bonus system. We try to eliminate the idea of concentrating solely on extracting money from the system—to discourage thinking that if I sell two more units then I will get an extra euro—, but rather to concentrate on customers and their real needs. Our salespeople will earn the same when they obtrude and when they do not obtrude. Naturally it is also a goal to sell more, but the first is always the customers itself. (B07)

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If we are in business, we have to make good deals. But what is a good deal? In the case of coaching, this means a situation that is appropriate to both parties, and involves the necessity of connecting with each other. If I am stressed about our deal, then I cannot concentrate on my work, but if my client is stressed, then our relationship will not work, because they will not be able to be open to me. Deals are a matter of trust, not of exploiting the other party. (B08) Our clients must feel that they are fully served and also that they get what they do not expect, which is not in the contract, but which is something extra. This always enhances their loyalty toward us. Sometimes we do business with our clients without an official contract and finalize the paperwork only after the deal. In these cases, there is mutual trust and generosity on both sides of our partnership. (C01) We treat our clients at the highest possible level as people and as human beings. This is the very foundation of our philosophy. (C10)

Suppliers and subcontractors who are business partners are the second most important external stakeholders for Buddhist and Christian entrepreneurs. Owner-leaders and managers who take into consideration the interests of suppliers and subcontractors talk about similar issues; namely, the importance of fairness and honesty in business partnerships. Furthermore, they argue that establishing long-term business relationships is a direct consequence of committed stakeholder management toward suppliers and subcontractors. Ibrahim et al. (1991) arrive at these very same conclusions in the case of Christian organizations. On the other hand, King-Kauanui et al. (2005) argue that certain spiritually oriented entrepreneurs aim to build a reputation for integrity among their business partners, besides building long-term relationships, but the research participants did not mention this form of motivation at all. The most important ideas of Buddhist and Christian entrepreneurs about their relationship with their business partners, suppliers, and subcontractors are as follows: I do not mislead anybody, I make fair contracts with my subcontractors, and when problems emerge, I contact them immediately to solve them. Paying my subcontractors and suppliers in time and precisely are the most important components of our long-term co-operation. (B01)

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I maintain correct, honest relationships with my partners and subcontractors. This is fundamental in business. I—as I run a project venture—always pay my subcontractors in advance when they have accomplished their work. I do not wait for my own income to arrive because my subcontractors also need money. These are the basis of our long-term, trustful business relationships. (C07)

King-Kauanui et al. (2005) and Ibrahim et al. (1991) both argue that taking the interests of local communities into account is one of the characteristic traits of spiritually oriented entrepreneurs. Many Buddhist and Christian entrepreneurs engage in various kinds of voluntary charitable activities by donating goods, services, and money to artists, foundations, and charity organizations. They implement various CSR programs or fund such institutions on an ad hoc basis. Their charitable activities aim at supporting society and local communities by helping people and their initiatives, promoting art, helping minorities catch up by funding their education, and providing work for underprivileged people. Ibrahim et al. (1991) and Ibrahim and Angelidis (2005) found that self-described Christian companies habitually support both Christian and secular organizations and charities. The findings here show that Buddhist entrepreneurs also engage in charitable activities, so this is not a characteristic trait of Christian entrepreneurs but tends to be a general feature of spiritually oriented entrepreneurs. Some ideas of Buddhist and Christian entrepreneurs about charitable activities are as follows: If I can do something which is good for others and not bad for us, then I do it, even if this means extra work or extra effort. If goodwill activities are required, we always provide resources. If somebody needs charitable support, we are open to helping. We have a van that is used in the summer to help a Christian organization to organize camps for small children. We used to collect money to support foundations. Once, one of our colleagues’ close relatives passed away and we collected donations. (B01) We strive to connect ourselves and the company with valuable initiatives. We support local underground art activities. This gives special value to the community, and I think that if I closed the shop, nobody would support them. (B02) We support a pianist by helping organize house concerts for him. We have also established a literature prize to help authors and poets to publish

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their first books. Three books have been published through this project, and our intention is to make the initiative economically self-sustaining. We are participating as donors in a mentoring project which supports the education of local minorities. Our employees have chosen to support a substantial part of a young woman’s higher education costs. (B07) The enterprise is just a legislative form of my profession. I would do the same coaching activity without having a company. Sometimes I do it for free, because it happened once that one of my close friends needed help, but he could not afford to pay for it. (B08) We take our products to environmentally damaged areas. This is very common; we always do it. In addition, we often take sweets to kindergartens and schools. (B09) We help a foundation to employ underprivileged people, and people with altered working abilities to reintegrate into the labor market by offering them jobs. Thus, these people can experience that they do not need to live on subsidies but can provide for their own upkeep. (C01) I always practice charity personally, but we also do this at our company. There is an institution whose employees are given our services for free twice a year. This means a large loss of income, but I have no tension or debate concerning whether this is the correct behavior, and I always do it with pleasure. (C04) This company was founded precisely in order to allow me to support my charitable mission. The company is only a means of charity. I invest most of the company’s profit into the charity organization: we help handicapped people and operate cars and vans to support charitable work. There are a lot of fallen people who are on our horizon who are supported from our profits. (C09) We support a foundation every year at Christmas time. Last year we made donations to a children’s home. The company provided financial aid, and our employees donated clothes, toys, and other equipment. We had to rent three vans to carry the stuff, which was extremely satisfying. (C10)

Balog et al. (2014) also acknowledge that spiritually oriented organizations tend to engage in charitable activities and donate various resources to charity. The authors argue that donating to charities has a fundamental

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place in the operations of these organizations, and should thus be one of the performance metrics of the success of spiritually oriented enterprises. Neither King-Kauanui et al. (2005) nor Ibrahim et al. (1991) emphasize that spiritually oriented entrepreneurs tend to focus on cultural or environmental issues. Nevertheless, Fabien Martinez (2019) in a paper entitled “On the Role of Faith in Sustainability Management” argues that spirituality fundamentally shapes how managers and owners of companies relate to the natural environment. In line with this, one Buddhist and two Christian entrepreneurs pay distinct attention to preserving culture and the natural environment, which are considered the most vulnerable stakeholders. They have incorporated the issue of environmental preservation into their mission statements and claim that they practice environmentally friendly business activities. One of these companies organizes its core business activities around the protection of nature and the preservation of cultural heritage, considering this activity to be the foremost aim of the enterprise. Ideas of Buddhist and Christian entrepreneurs about cultural and natural preservation are as follows: If I go to Bhutan, I can become immersed in the culture and nature and I will get inspiration from them. Then I will make a product inspired by Bhutan and sell it at an expensive price. In this case, I must return some of my income to where the inspiration come from. And this is a wise decision, as Bhutanese people also need resources to maintain their cultural heritages and natural environment that they have been maintaining for centuries. We established our enterprise to contribute to this activity. (B11) Road construction can be a storehouse of environmental protection. It should be undertaken in a way as we manage our national treasures. Opposing to some other benchmarks by which 90 percent of the materials must be recycled and rebuilt in the construction processes, we have a regulation for only a level of 10 percent in our country. It is a sin against God, so we have to fight against that in every possible way to reach better outcomes. I also do this. I strive to employ as many environmental-friendly technologies and solutions as possible, but in doing so I have to take on many conflicts in my work. (C06) We have developed a mobile application called “Clear up the countryside” with the aim of heightening the environmental awareness of people. When people see garbage in the forest, they can take a photo of it and upload the picture to a website. Other people, when they plan a trip to the same

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location, can take bags with them to clean the mess up, take another photo, and upload it next to the former picture, so others can see that the mess has been cleaned up. (C08)

In a paper entitled “Implementing Responsible Business Behavior from a Strategic Management Perspective” Daniela O. Avram and Sven Kühne (2008) argue that responsible business behavior is a stakeholderoriented approach to business that entails ethical business activities. Buddhist and Christian entrepreneurs effectuate responsible business behavior by indulging in committed stakeholder management practices by which they develop “other centeredness” toward their key stakeholders (Fry 2008). They focus primarily on their employees, but also on various external stakeholders like customers, clients, suppliers, subcontractors, local communities, culture, and the natural environment by which they can implement ethical business practices that are inspired by their spiritual value orientations which help resolve the paradox of business ethics.

8.4

Setting an Example

This book focuses mostly on the ability of entrepreneurs to infuse and instill their spiritual values into business. This section includes another aspect of the phenomenon, as it introduces some of the behavioral patterns by which spiritually oriented entrepreneurs become examples to members of their organizations and other stakeholders. Peter Pruzan (2011) introduces the notion of spiritual-based leadership, meaning when leaders lead from a spiritual basis. Gerrit Broekstra and Paul de Blot (2011) argue that deep leadership is a way of leading by which leaders can instill their deeply rooted values into business. Both leadership models testify that leaders can influence their organizations by setting an example for followers. Fry (2003), in a paper entitled “Toward a Theory of Spiritual Leadership,” argues that transformational leadership is an intrinsically based motivational process aimed at creating change in both followers and organizations that raises their level of effort and moral aspirations. Fry refers to Bernard M. Bass (1998) who argues that transformational leaders inspire their followers to maximize their potential for development and go beyond their own self-interest for the good of the group. On the other hand, William C. Miller (2011) defines a transformative leader as a person who bases their leadership practices on spiritual values. Many

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Buddhist and Christian entrepreneurs demonstrate the characteristics of transformative leaders as they tend to set an example for their employees based on their spiritual values. Their ideas about setting examples include the following: Setting an example is very important in a job like ours. If you can be with your employees twice, they will do the work alone the third time as they know that the boss could also do it if he were there. Setting an example is important in this sense. I do not expect more from my employees than I would do myself. This is very inspiring for them, and I can ask them whatever I want because they know that I myself could also do the job instead of them. Or, if I say that we will go to the countryside to work for three days, then we will go together, and they will not say a single word because I am with them. (B03) Management literature is very rich in strategies. There is one called “change the game.” When things do not work, you can create a tabula rasa and introduce a totally new model. It is like a Zen koan. I apply it often when something goes wrong to guide people and help give them new impressions for the future. (B05) I think I am appreciative and compassionate. But it is also very important that I support my employees with advice and by setting an example. (B10) As a leader I could always choose a car for myself, but I never chose a big, fancy one. My younger colleagues in the board always wanted brand new models. First it was strange for them to park next to my vehicle, but after a while I saw that they started to think about this, and it happened that some of them, when they had a chance tried to follow my example in choosing a low-keyed car. (C01) Sooner or later the philosophy of the organization and the philosophy of salespeople will become the same as the philosophy of management. This is why setting an example is very important. (C03) As an owner and a manager, every employee should conform to my personality, because we should all go in the same direction. Maybe this direction is not one hundred percent perfect, and there are some exceptions, but it is very important to go in the same direction and to know that what we do is good. My employees are not clearly Christians, but they can see the exactitude in work and follow my path. (C09)

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As long as we are relatively small, everything is alright. When the organization grows bigger, then leaders are not trained by us, but arrive from outside. Even when we conduct interviews with them to judge if they fit into our culture, the organization will not be the same anymore. And, as leaders have a huge influence on organizations and people, it will be very hard to maintain our current organizational culture. (C10)

Buddhist and Christian entrepreneurs tend to set personal examples for their employees and organizations which stem from their spiritual values. Thus, they are regarded as transformative leaders according to the definition of Miller (2011), who emphasizes the importance of leading by example, and the significance of the spiritual aspects of a leader’s personality.

8.5

Summary

This chapter has described the spiritually inspired business practices of Buddhist and Christian entrepreneurs, and the activities by which they effectuate the constituent values of their spiritual value orientations in business. The findings testify that spiritually inspired creativity plays an important role in business both in the case of Buddhist and Christian entrepreneurs. Furthermore, these spiritually oriented businesspeople maintain a long-term perspective regarding the temporal aspects of their core business activities. Fraya Wagner-Marsh and James Conley (1999) in a paper entitled “The Fourth Wave: The Spiritually-Based Firm” identify a new wave of businesses which they define as spiritualizing business organizations that have the goal of creating spiritually-based firms. The authors identify six basic attitudes and practices that appear to be essential for success in maintaining a spiritually-based business culture. Two of these are: (i) mutual trust and honesty with others; and (iv) commitment to employees. In line with this categorization, both factors appear in the committed stakeholder management of Buddhist and Christian entrepreneurs regarding their internal and external stakeholders. Buddhist entrepreneurs devote special attention to their employees, as tend to educate them by skillful means, while Christian entrepreneurs tend to strive to create a familiar atmosphere at the workplace. The relationship between Buddhist and Christian entrepreneurs and their customers, clients, suppliers, subcontractors, local communities, culture, and the natural environment is characterized by the

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principles of equality, respect, and prudence. Furthermore, Buddhist and Christian entrepreneurs are transformative leaders as they set examples to members of their organizations and other stakeholders by effectuating their spiritual value orientations in business. Mitroff (2003), in a paper entitled “Do Not Promote Religion Under the Guise of Spirituality,” argues that in the case of spiritual organizations both employees and organizations themselves are able to develop ethically to a great degree. Mitroff finds that spiritually oriented leaders conceive that if their organizations want to be successful, they have no choice but to base their operations on a spiritual foundation. This is affirmed in case of Buddhist and Christian entrepreneurs who emphasize directly or indirectly that spirituality has a determinative influence on their core business practices, their ethicality, and the success of their businesses. This chapter has introduced various business practices and activities that are the outcomes of the value orientations of Buddhist and Christian entrepreneurs. The findings also show that the intrinsic ethical commitment of spiritually oriented entrepreneurs contributes to solving the paradox of ethics management in the case of both Buddhist and Christian entrepreneurs.

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CHAPTER 9

Conclusions and Way Forward

This final chapter reviews the key findings of the book and discusses their implications. Moreover, it identifies the limitations of the work and discusses the generalizability of the findings. The chapter concludes by highlighting some future research directions.

9.1

Key Findings and Their Implications

The focus of the book is a comparison of the value orientations of Buddhist and Christian entrepreneurs. Values are interpreted as abstract ideals that organize our systems of action as standards for consistent behavior. Buddhism and Christianity, as different spiritual traditions, are both sources of values that fundamentally determine human behavior, including the behavior of Buddhist and Christian entrepreneurs. Buddhist and Christian value orientations provide the foundation for obtaining desirable goals based on deeply rooted spiritual values. This book introduces how Buddhist and Christian entrepreneurs instill and practice their spiritual values in business. Spirituality is a multifaceted concept that has many dimensions. It can be interpreted as a search for a purpose in life or a search for wholeness, as the experience of interconnectedness, or as transcendence. The findings attest to the fact that a standardized and substantive definition of

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the term spirituality cannot be created. Regardless of their spiritual backgrounds, both Buddhist and Christian entrepreneurs define spirituality as “interconnectedness,” or as the “beyond-material” aspect of life. The history of business ethics testifies that introducing ethics management as a managerial tool into business leads to a paradox. The ethics management paradox is that applying ethics in instrumental ways undermines intrinsic moral commitment. Resolving this paradox necessitates a paradigm shift in business ethics by which intrinsic ethical commitment, ensured by spirituality, comes to the fore. Accordingly, business spirituality has gradually gained importance in management studies and management practice and has contributed to the emergence of spiritually inspired leadership practices. Moreover, it became clear that business spirituality can lead to competitive advantage, superior organizational performance, and serve as a foundation for progressive capitalism. Buddhist economics reflects the plurality of the Buddhist tradition. Eastern and Western scholars and Buddhist monks have contributed to the development of this field, which includes three distinct research tracks: (i) the exegetical; (ii) the economics of Buddhism; and (iii) the constructivist. The exegetical research track aims at interpreting the original sources of economics-related Buddhist teachings. The economics of Buddhism relate to understanding how Buddhist societies and monastic organizations apply economic working models. The constructivist research track aims to construct models, practices, and policies by which the consistency of today’s economies with the basic teachings of Buddhism on the individual, micro, macro, and global levels can be increased. This book identifies twelve relevant Buddhist values for business: simplicity, nonviolence, compassion, moderation, wisdom, responsibility, well-being, mindfulness, interconnectedness, generosity, contentment, and genuine care. The social teachings of the Roman Catholic Church, or Catholic Social Teaching (CST), constitute a body of documents published by the reigning popes and the Magisterium of the Holy See about various socioeconomic issues. Catholic Social Teaching condenses Christian teachings about economics and expresses the belief that following the example of Jesus Christ can have important consequences for individuals in society and the business world. Christianity thus does not impose a burden on business leaders, but rather reveals the spiritual importance of their

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vocation. This book identifies eleven relevant Christian values and principles for business: human dignity, truth, justice, solidarity, subsidiarity, freedom, charity, fraternity, common good, frugality, and responsibility. Buddhism and Christianity are different spiritual traditions with different value perspectives. There is a remarkable difference in the relevant sets of Buddhist and Christian values for business. The comparison of the value orientations of Buddhist and Christian entrepreneurs is undertaken at the level of value dimensions represented by irreducible core values. The value orientations of Buddhist entrepreneurs are described by four irreducible core values, which are interconnectedness, mindfulness, moderation, and compassion. The value orientations of Christian entrepreneurs are described by three irreducible core values, which are human dignity, justice, and solidarity. Core Buddhist and Christian values correspond to the ontological conceptions, the procedural level, and the “other directedness” of business activities. The ontological conception is described by interconnectedness in the case of Buddhist entrepreneurs, and by human dignity in the case of Christian entrepreneurs. Thus, the ontological conception of Buddhism in business is more communitarian than the more individualistic ontological conception of Christianity. The procedural dimension in the case of Buddhist entrepreneurs is determined by moderation and mindfulness, and by justice in the case of Christian entrepreneurs. In the procedural dimension the value orientations of Buddhist entrepreneurs are more individualistic and reflect the practice of moderation and mindfulness, while the value orientations of Christian entrepreneurs are more communitarian and reflect the implementation of the principle of justice. Other directedness or caring for others is similarly present in both approaches, and it is determined by compassion in the case of Buddhist entrepreneurs and by solidarity in the case of Christian entrepreneurs. Business is a sphere of life that is usually dominated by materialism and materialistic values. Despite this, most Buddhist and Christian entrepreneurs are “beyond-profit” businesspeople, who consider profit and entrepreneurial income as a beneficial outcome of their spiritual value commitment rather than the main goal of business. Beyond-profit entrepreneurs focus on their own and employees’ personal development, or on promoting the mission of their enterprise. Some of the Buddhist and Christian entrepreneurs are “moderately materialistic,” and consider profit to be a necessary but not the ultimate goal of business. Moderately

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materialistic entrepreneurs focus on promoting the mission of their enterprise, while acknowledging that the cultivation of profit is unavoidable to a certain extent. Spirituality and materialism are two different value orientations that are in opposition. Despite this, Buddhist and Christian entrepreneurs do not experience any tension between their spiritual value orientations and the materialistic reality of business. For the vast majority of them, spirituality dominates materialism in business, as spirituality determines the mission of the enterprise, the business model, the organizational structure, the scope of activities, and the way these activities are executed. Nevertheless, the activity of a few entrepreneurs, influenced by the ownerhip structure of their firms or by the main characteristics of their industries, may be described by a compromise between spirituality and materialism in business as they must effectuate their spiritual values within a limited set of opportunities. In these cases, the logic of business imposes external, material objectives on the mission of the enterprise, the business model, and the organizational structure. However, there is still space for spirituality, which determines how business activities are implemented and executed. Buddhist and Christian entrepreneurs consider their spiritual value commitment to be a positive contribution to business. In their opinion, a spiritual value orientation creates a competitive advantage by increasing performance and fostering creative business solutions. Considering the temporal aspects of business, both Buddhist and Christian entrepreneurs think in the long term. The business practices by which they effectuate the constituent values of their spiritual value orientations include committed stakeholder management and setting an example for employees and clients. The cases of Buddhist and Christian entrepreneurs testify that a spiritual value orientation can contribute to resolving the ethics management paradox by creating genuine ethical commitment and the necessary paradigm shift, which can alleviate the instrumental use of ethics in business and management. The cases show that an intrinsic ethical commitment in business results in similar business practices, regardless of the spiritual background of the entrepreneurs. The findings of this book, based on the examples of Buddhist and Christian entrepreneurs, can thus encourage business ethicists to stop treating ethics as an instrument to be employed in the service of profit.

9

CONCLUSIONS AND WAY FORWARD

315

9.2 Limitations of the Work and the Generalizability of the Findings The main subject of this book belongs to the field of study which is usually designated as “business spirituality,” or “spirituality in management” in the European scholarship, and as “workplace spirituality,” “spirit at work,” “spirituality at workplace,” or “faith at work” in the NorthAmerican scholarship. Business spirituality incorporates ethics-, religious-, and values-based approaches in business and management. This comparison of Buddhist and Christian value orientations in business is highly exploratory in nature, thus the findings are only indicative. Nevertheless, conscious efforts were made to increase the internal validity of the study by providing supporting quotations for the arguments and increasing reliability by ensuring inter-coder agreement. The relatively small sample of Buddhist and Christian entrepreneurs from one country influences the generalizability of the findings, although generalization was not the primary objective of this qualitative explorative research. In contrast, the foremost aim of the study was to formulate new statements about spiritually oriented Buddhist and Christian entrepreneurs by which new knowledge about a less-investigated research area in the field of business spirituality could be produced.

9.3 The Way Forward---Some Future Research Directions Buddhist and Christian value orientations can be further refined by expanding the size and diversity of the respondent sample, either by involving Buddhist entrepreneurs from other Buddhist lineages or involving Christian entrepreneurs from other Christian congregations; or by involving international entrepreneurs in further research. The comparative aspect of the study can also be broadened in two directions. Involving entrepreneurs from other spiritual traditions would contribute to clarifying other relevant sets of spiritual values for business and help with understanding the differences between the value orientations of entrepreneurs from other spiritual traditions, including those who do not practice a specific faith. Involving secular entrepreneurs in the study would contribute to deepening knowledge about the relationship between material value orientation (materialism) and spiritual value orientation (spirituality) in business. The scope of the study can

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also be further widened and knowledge about the role of spirituality and the influence of entrepreneurs’ spiritual value orientations can be further deepened by investigating the organizational aspects of business spirituality; inter alia, the hierarchical structures of organizations, or organizational development. Buddhism and Christianity are different spiritual traditions that represent different worldviews. They are sources of divergent values, thus the relevant sets of Buddhist and Christian values for business also include values that can be juxtaposed only with difficulty. The core values of Buddhist and Christian value orientations in business are categorized into three value dimensions; namely, an ontological dimension, a procedural dimension, and a dimension of other directedness. The three value dimensions represent a meta level of values, which determine the business activities of Buddhist and Christian entrepreneurs and create the background to their ethical commitment in business by which they resolve the paradox of business ethics. Future research can address how Buddhism and Christianity approach other issues in the field of economics and social sciences and examine how their divergent values are embodied in these other fields of inquiry. This book has explored and compared the value orientations of Buddhist and Christian entrepreneurs. Moreover, it has described, using examples, how these businesspeople engage in values-based ethical business practices. None of the chapters analyzed the issue of firm performance directly, but the basic characteristics of the enterprises, the general reflections of entrepreneurs about business, and their ethically oriented business practices suggest that these Buddhist and Christian entrepreneurs are successful, although they do not award central importance to financial success, nor do they measure their success excessively in financial terms. Hopefully, the thoughts and ideas of Buddhist and Christian entrepreneurs contained herein will serve as benchmark examples and inspire business ethicists, academics, teachers, students, and practicing businesspeople to integrate spirituality into their lives.

Index

A Academy of Management, 67–69 Alexandrin, Glen, 113, 114, 135 Alleviate suffering, 126 Aquinas, St. Thomas, 151 Ash, Colin, 119, 131, 134, 135, 262 Authentic human development, 163, 168, 176 B Balog, Angela M., 3, 16, 32, 40, 76, 77, 79, 281, 282, 289, 303 Basic needs, 115, 116, 118, 161, 220, 231 Bem, Daryl J., 20, 21, 25 Benedict XVI, Pope, 152, 153, 164, 174–176, 180, 183, 187, 228 Benefiel, Margaret, 32, 39, 43, 71, 82, 85, 283 Bergoglio, Jorge Mario, 164 Beyond-material dimension, 33 “Beyond-profit” entrepreneurs, 15, 249, 255, 256, 259, 275, 313

Beyond rationality, 29, 32, 37, 52 Bhutan, 131, 201, 258, 265, 293, 304 Bodhisattva, 104, 130, 202, 267 The Book of Genesis, 153, 162, 166, 181 Boolean algebra, 224, 225 Bouckaert, Luk, 26, 27, 29–31, 36, 40, 41, 47, 62–69, 74, 75, 80, 81, 84, 86, 108, 131, 134, 155, 240, 251, 274, 275, 283, 284 Brown, Clair, 110–112, 117, 128–130, 132, 133, 136, 221 Bruni, Luigino, 167, 174, 175, 229 Buddha, 96–99, 104, 105, 107, 108, 112, 115–117, 133, 227 Buddha Dhamma, 97–99, 105, 116, 126 Buddhism diversity of, 96, 132 economics of, 110, 11, 133, 312 socially engaged, 242

© The Editor(s) (if applicable) and The Author(s), under exclusive license to Springer Nature Switzerland AG 2020 G. Kovács, The Value Orientations of Buddhist and Christian Entrepreneurs, Studies in Buddhist Economics, Management, and Policy, https://doi.org/10.1007/978-3-030-46703-6

317

318

INDEX

Buddhist and Christian entrepreneurs, 1, 3–6, 13, 15, 16, 19, 20, 22, 26, 31–33, 36, 37, 39, 48–50, 52, 61, 78, 80, 195–198, 200, 210, 218, 221–224, 226, 229, 232, 241, 242, 249, 250, 254– 260, 263, 264, 266, 267, 270, 275, 281, 284, 286, 288–290, 294–299, 305–308, 311–316 toward profit, disposition of, 249, 254, 255 value orientations of, 3, 4, 13, 22, 52, 61, 78, 95, 195–197, 200–218, 221, 223, 229, 231, 232, 239, 241 Buddhist economics, 1, 14, 95, 97, 105–122, 125–137, 205, 220, 267, 268, 273, 283, 312 Buddhist Economics: An Enlightened Approach to the Dismal Science, 129, 136 Buddhist Economics Research Platform, 121 Buddhist economic strategy, 127, 136 Buddhist entrepreneurs, 1, 6, 8, 35, 37, 137, 195, 196, 200–209, 218, 225, 232–234, 237, 239, 240, 265, 283, 290, 293, 313 Buddhist macroeconomics, 131 Buddhist monastic community (Sangha), ˙ 119, 120 Buddhist values for business, relevant set of, 14, 95, 112, 131, 134, 136, 200, 222, 227 Business activities, 5, 8, 49, 50, 64, 77, 79, 114, 137, 161, 181, 185, 199, 205, 210, 230, 231, 237–240, 264, 271, 273, 282, 283, 286, 304, 307, 313 paradigm shift in, 85

ultimate goal of, 15, 249, 257, 259, 275, 313 Business ethics, 62 paradigm shift in, 14, 61, 312 waves of development of, 66 Business Ethics Center of the Corvinus University of Budapest, 69 Business spirituality, 1, 3, 4, 14, 16, 61, 62, 66, 67, 69, 70, 71, 73, 74, 83, 84, 105, 239, 251, 282, 284, 285, 312, 315, 316 features of, 14, 73, 83, 282 general reflections on, 282 Business within Limits: Deep Ecology and Buddhist Economics , 120 C Calkins, Martin S.J., 63, 65, 66, 74, 188 Calling, 41, 72, 73, 82, 162, 181 “Caritas in Veritate” (On Integral Human Development in Charity and Truth), 174, 187 Catholic Social Practice, 148, 149, 189 Catholic Social Teaching (CST), 14, 145, 174, 220, 312 classic texts of, 152 ecumenical face of, 180 principles of, 172 transition period, 152 “work” in, 167 Catholic Social Thought, 145, 148–150, 154, 160, 167, 182, 183, 188, 189, 220, 228, 289 Causal conditions, 223, 224, 234 Cavanagh, Gerald F., 67, 70, 71, 77, 184 “Centesimus Annus ” (On the Hundredth Anniversary of Rerum Novarum), 169, 170, 186 Charitable activities, 302, 303

INDEX

Charitable work, 40, 215, 266, 303 Charity (caritas ), 15, 152, 156, 158, 159, 163, 173, 174, 186, 187, 210, 214, 215, 219, 225, 226, 229, 230, 231, 240, 302, 303, 313 Christian entrepreneurs, 5, 10–13 Christianity, 1, 2, 15, 24–26, 28, 32, 38, 78, 83, 84, 107, 147, 149, 152, 154, 157, 172, 182, 195–200, 213, 220, 221, 231, 242, 243, 257, 265, 266, 267, 313, 316 Christianity and Entrepreneurship, 146 Christian principles, 146, 150, 160, 185, 257, 266 Christian spirituality, 146, 147, 179, 189, 199 Christian values for business, relevant set of, 14, 15, 145, 150, 182, 183, 210, 222, 228, 229 Circumplex model of values, 42, 46, 47, 76 Civil economy, 84, 167, 174, 175, 188 Cleansing business, 205, 267, 283 Climate change, 84, 120, 130, 177, 253 Collaboration, 20, 161, 162, 165, 168, 183, 215, 221 Commitment, 4, 5, 14, 15, 25, 35, 42, 63–65, 72, 75, 76, 78, 81, 102, 187, 196, 198, 223, 224, 232, 234, 237, 238, 240, 258, 260, 267, 273, 282, 285, 289, 290, 295, 307, 314, 316 to values, 81 Committed stakeholder management, 15, 282, 288, 290, 294–297, 299, 305, 307, 314

319

Common good (bonum commune), 15, 68, 79, 84, 151, 154–158, 161, 162, 164, 165, 168–173, 175–178, 181, 182, 184–188, 210, 215, 216, 218, 225, 229–231, 241, 266, 286, 313 Communitarian, 74, 240, 241, 313 Commutative justice, 173, 175 Comparative analysis, 4, 5, 15, 39, 48, 195, 196, 200, 208, 210, 218, 224, 225, 242, 243 Compassion (karun.¯ a ), 14, 44, 79, 96, 99, 104, 105, 108, 109, 113, 114, 118, 119, 122, 124, 126, 127, 130, 135–137, 200, 201, 208, 222, 225, 227, 228, 232, 242, 300, 312, 313 Compendium of the Social Doctrine of the Church, 148, 150, 171, 172, 180, 185, 187, 188 Competitive advantage, 64, 75, 85, 283, 312, 314 Configurations, 223, 236–238 Conflict, 24, 47, 121, 166, 215, 251, 260–262, 270, 271, 273, 274, 291 of commerce, 271 Connectedness, 27–29, 32, 48, 52, 71, 73, 251–253 Connected with everything, 28 Connection, 26, 28, 43, 44, 69, 72, 77 Connection with all beings, 30 Constituent values, 24–26, 47, 195, 208, 218, 221, 223, 270, 281, 314 effectuate, 307 Constructivist research track, 111, 133, 312 Consumerism, 168, 197, 222, 243, 251, 253, 254

320

INDEX

Contentment (appicchat¯ a ), 14, 103, 115–117, 131, 135, 137, 200, 207, 208, 225–227, 230, 312 Core operating values, 195 Core values, 25, 121, 122, 196, 222, 230–234, 237–240, 249, 262, 287, 313, 316 Cornwall, Jeffrey R., 48, 49, 78, 165, 187, 259 The cosmic game: explorations of the frontiers of human consciousness , 36, 262 Craving (tanh¯ a ), 98, 100, 106, 108, 115, 121 Creative business solutions, 285, 314 Creativity, 3, 80, 85, 122, 126, 156, 200, 284–286, 307 Crossman, Joanna Elizabeth, 28, 84 Customer(s), 75, 128, 201, 202, 205, 206, 212, 257, 272, 273, 285, 287, 288, 298–300, 305 satisfaction, 300

D Dalai Lama, H.H., 32, 128, 129, 132, 241 Dana, Léo-Paul, 49, 77, 78, 199, 200 Daniels, Peter L., 122, 123, 132, 134, 135 Dattajeevo, Phadet, 117, 132, 135 Deane, Phyllis, 2, 22 Denton, Elizabeth A., 26, 68 Dependent origination (pat.iccasamupp¯ ada), 104, 105, 129, 134 Dignity (dignitas ), 80, 153, 146, 158, 161, 166, 167, 172–174, 179, 183, 185, 187, 210, 225 Distributive justice, 154, 173, 185 Divided life, 183, 269 Dodd, Sarah D., 3, 51, 76, 78

E Easterlin, Richard A., 131 Ecological conversion, 177, 179 Ecological education, 179 Ecological issues, 165, 176, 263 Ecology, 119–121, 176, 178, 197 Economic crisis, 84, 126, 174, 175 Economic value, 2, 22, 176, 256 Economism, 166 Ecumenical, 83, 160, 181, 182 Ego removal of, 29 withdrawal from, 29 Employees dismissal of, 290, 294 educate their, 293 loyalty of, 290, 296 retention, 290, 294, 296 work performance, 297 Encyclical letter, 150, 151, 153, 155, 162, 164, 165, 167, 169, 174, 176, 179, 196, 229, 253 Enlightenment, 96–98, 102–104, 113, 114, 138, 199 Entrepreneur, 6–8, 10, 11, 48, 50, 146, 161, 171, 180, 196, 208, 218, 223–225, 232, 259, 265, 270–275 Entrepreneurial vocation, 145 Entrepreneurship, 3, 5, 6, 14, 48–51, 77, 78, 81, 95, 145, 149, 152, 158, 161, 167, 169, 170, 181, 199, 200, 282, 284, 288, 298 Entrepreneurship in the Catholic Tradition, 48, 145, 151 Environmental problems, 131, 177 The essence of being, 28 Essen, Juliana, 126, 127, 136, 227 Ethical Principles and Economic Transformation – A Buddhist Approach, 121

INDEX

Ethics management, paradox of, 14, 62, 63, 66, 86, 283, 308 European SPES Institute, 69 Evangelii Gaudium, 164 Excessive materialism, 252, 253, 259 Exchange value, 2, 19, 22 Exegetical research track, 110, 117, 312 External stakeholders, 289, 298, 299, 301, 305, 307 F Fair wage, 153 Faith at work, 14, 62, 70, 84, 315 Family friendly, 292 Finn, Daniel K., 148, 171 Five Precepts, 103 Flow, 293 Fluctuation, 290, 295, 296 Following Christ, 147, 266 Fostering the development of internal stakeholders, 258 Four divine abidings (catt¯ ari brahmavih¯ ar¯ a ), 104 The Four Noble Truths, 99 The Four True Realities for the Spiritually Ennobled (catt¯ ari ani), 99, 100, 105 ariya sacc¯ Francis I, Pope, 32, 147, 152, 164, 165, 176–179, 180, 187, 229 Frank, Robert H., 128, 295–297 Fraternity (fraternitas), 15, 159, 167, 175, 186, 187, 210, 215, 218, 225, 229, 231, 313 Freedom (libertas ), 15, 21, 127, 155, 156, 158–161, 163, 169, 170, 173, 174, 181, 184–189, 207, 210, 213, 214, 215, 218, 221, 222, 228, 229, 231, 252, 258, 291, 292, 313 Freeman, Edward R., 288, 289, 298 Friendly workplace, 290

321

Frugality (frugalitas ), 15, 78, 80, 108, 134, 155, 156, 179, 181, 186, 187, 210, 216, 225, 228, 229, 231, 313 Fry, Louis W., 3, 41, 70, 76, 82, 238, 281, 288, 305 Future research directions, 311, 315

G Galeazzi, Giacomo, 165 Gasparski, Wojciech W., 50, 67, 74, 177, 196, 240 “Gaudium et Spes ” (Pastoral Constitution on the Church in the Modern World), 160–162, 182, 269 Generalizability, 16, 311, 315 Generosity (c¯ aga), 14, 79, 96, 103, 113, 114, 127, 128, 135–137, 200, 206–208, 225, 227, 230, 241, 242, 301, 312 The Genesis of Values , 42, 43, 250 Genuine care (ajjhupekkhana), 14, 82, 127, 128, 136, 137, 200, 207–209, 225, 227, 230, 238, 312 Genuine ethical behavior, 85, 128, 283 Genuine ethics in business, 16 Giacalone, Robert A., 30, 64, 66, 72, 75, 77, 79, 290 Golden Rule, 83, 178, 241 Good Work, 106 Gotama Sidhattha, 97 Gotsis, George, 3, 76, 78 Gregg, Samuel, 146, 151, 153, 155, 157, 162, 163, 167, 169, 170, 229 Grof, Stanislav, 36, 44, 254, 262 Gross National Happiness (GNH), 131 A Guide for the Perplexed, 106

322

INDEX

H Handbook of Faith and Spirituality in the Workplace: Emerging Research and Practice, 28, 61, 84 Harvey, Peter, 97, 99–104, 113 Higher being, 28, 32, 52 The High Price of Materialism, 250, 298 Hinay¯ ana, 96, 205, 267, 283 Hiring practices, 296 Holotropic states of consciousness, 36 Holy See, 14, 145, 146, 148, 185, 312 Homo spiritualis , 36 Huayan School, 104 Human dignity (dignitas ), 15, 147, 153–159, 161, 163, 166, 168, 172, 174, 178, 179, 184–188, 210, 228, 231–235, 237–239, 266, 290, 313 Humanism, 79, 147, 149, 163, 183, 221 Human life, basic necessities for, 168 Huxley, Aldous, 79 I Ibrahim, Nabil A., 5, 13, 51, 76, 282, 289, 292, 293, 296–298, 300, 301, 302, 304 Image of God, 146, 149, 153, 166, 210, 211, 231, 240 Impermanence (anicca), 97–99, 114, 240 Implying values, 230, 231 Ims, Knut J., 69, 120 Individualistic, 64, 66, 123, 240, 313 Inequality, 124, 154, 161, 164, 168, 177 Inner consciousness, 29 Inner identity, 29 search for, 27, 32, 48, 52 Inoue, Shinichi, 119, 135, 221, 222

Integral ecology, 177, 178 Integral human development, 163, 164, 168, 169, 174, 176, 179, 188, 241 Integrated as a whole person, 28 Interconnectedness (anatt¯ a ), 14, 33, 36, 37, 52, 61, 85, 99, 103–105, 119, 120, 124, 126, 129, 130, 134–137, 199, 200, 206, 208, 225, 227, 230–237, 239, 263, 311–313 Interconnection, 29, 41 Interdependence, 99, 103–105, 126, 129, 130, 134, 136, 137, 188, 206, 230 Interdisciplinary, 4, 20, 70, 125, 174, 179 Internal stakeholders, 249, 255, 259, 289 Interreligious conversation, 196 Interreligious dialogue, 15, 30, 197 Intrinsic, 43, 74, 81, 173, 188, 259, 262, 263, 290, 308, 312, 314 moral commitment, 14, 61, 64, 312 motivation, 5, 76, 262 Irreducible core values, 196, 222, 230–232, 234, 239, 249, 313 J Jesus Christ, 146, 173, 174, 312 Joas, Hans, 42, 43, 250 John Paul II, Pope, 32, 152, 164–171, 176, 180, 186, 220, 221, 241 John XXIII, Pope, 32, 150, 152, 157–160, 180, 186 Journal of Buddhist-Christian Studies, 197 Journal of Management, Spirituality, and Religion (JMSR), 69 Jurkiewicz, Carole L., 30, 64, 66, 72, 75, 77, 79, 290 Justice (iustitia), 15, 79, 152, 154

INDEX

Just wages, 159

K Kasser, Tim, 127, 250–254, 259, 260, 262, 263, 270 Key findings, 16, 311 Kingdom of God, 146, 147, 160 King-Kauanui, Sandra, 5, 33, 72, 288, 290, 292, 293, 295–298, 300–302, 304 Kluckhohn, Clyde, 20, 23, 24, 42, 270 Krishnakumar, Sukumararakurup, 29, 31, 37, 80, 284, 285

L “Laborem Exercens ” (On Human Work on the Ninetieth Anniversary of Rerum Novarum), 165 “Laudato Si’ ” (On Care for Our Common Home), 176 The Leaders Way, 128 Legal justice, 154, 173 Leo XIII, Pope, 147, 151–155, 157, 158, 180, 186, 228, 229 Liberation, 102, 103, 108, 125, 126, 222, 231 Limitations, 16, 22, 64, 111, 118, 148, 153, 221, 289, 311 Liu, Caroline H., 28, 36, 41 Long-term, 79, 123, 286–288, 299–302 orientation, 286 thinking, 175, 207, 286 Love, 44, 45, 82, 83, 130, 146, 148, 158, 173, 174, 229, 241, 261 Loy, David R., 221, 222, 242, 243 Lozano, Josep M., 29, 37, 43, 69, 81, 262

323

M Magisterium, 14, 148, 185, 312 Magna Carta of Catholic Entrepreneurship, 170 Magnuson, Joel C., 124, 125, 132, 133, 136, 253 Mah¯ay¯ana Buddhism, 97 Management, Spirituality, and Religion Interest Group (MSR), 68, 69 Managers, 6, 8, 11, 13, 50, 51, 63–65, 67, 68, 79, 81, 128, 165, 202, 213, 238, 256, 271, 274, 290 Market value, 22 Maslow, Abraham H., 251, 252, 259 “Mater et Magistra” (On Christianity and Social Progress ), 157 Material flow analysis (MFA), 122 Materialism, 15, 19, 107, 121, 249–255, 259–263, 266, 267 Materialistic value orientation, 250–254, 262, 298 Meaning-making, 32, 48, 52, 75 Meaning of life, 30 Melé, Doménec, 146–150, 153, 163, 166, 169, 170, 174, 176, 179, 183, 188, 221, 222, 228, 240, 241 Mental phenomenon, 33 Metaphysical blindness, 107 Middle Way (majjhim¯ a pat.ipad¯ a ), 100 Mindful Economy, 125 Mindfulness-meditation, 114 Mindfulness (sati), 14, 84, 96, 114, 137 Minimization, 123, 127, 134, 200 Mitroff, Ian I., 26, 28, 68, 75, 76, 80, 83, 85, 262, 283, 308 “Moderately materialistic” entrepreneurs, 15, 249, 313

324

INDEX

Moderation (mattaññut¯ a ), 14, 113, 137 Money-back guarantee, 273, 274, 284, 285 Muyzenberg, Laurens Van Den, 128, 129, 132, 136 N Natural environment, 34, 105, 119, 176, 299, 304, 305, 307 Naughton, Michael J., 48, 49, 78, 165, 183, 187 Neal, Judi, 27, 286, 288 Neck, Christopher P., 29, 31, 37, 80, 284, 285 Nelson, Julie A., 38, 123, 124, 134, 136 Nibb¯ ana (Sanskrit: Nirv¯ ana), 100 Noble Eightfold Path (ariya at..thangika ˙ magga), 100, 101 Nonconsumption, 116 Non-harming, 116, 123 Nonowner managers, 6, 13, 50, 51, 271, 274 Non-self, 98, 99, 104, 108, 124, 126, 127, 129, 130, 134, 136, 137, 206 Non-violence (ahim a ), 14, 106, 108, . s¯ 137 O O’Brien, David J., 147, 150–153, 156, 158, 160, 161, 163–166, 169, 174, 176, 188, 229 Ontological conception, 98, 230, 231, 238–240, 313 Organizational performance, 3, 73, 75–77, 80, 285, 312 Oslington, Paul, 182 “Other directedness”, 15, 230, 231, 238, 239, 313, 316

of business activities, 230 Overconsumption, 116 Owner-entrepreneurs, 271 Owner-leaders, 6–8, 10, 11, 13, 50–52, 290, 301 Ownership structure, 15, 250, 271, 275 The Oxford Handbook of Christianity and Economics , 182 P “Pacem in Terris ” (Establishing Universal Peace in Truth, Justice, Charity and Liberty), 158, 186 The Palgrave Handbook of Spirituality and Business , 26, 27, 84 The Palgrave Handbook of Workplace Spirituality and Fulfillment , 28, 84 P¯ali Canon, 95–97, 111, 112, 116, 117 Paññaism, 126 Paradox of ethics management, 14, 62, 63, 66, 86, 283 Paradox of happiness, 131 Participants, 5, 6, 16, 28, 33, 289, 301 Paul VI, Pope, 152, 162, 163, 171, 180, 182 Payutto, Venerable P. A., 114–117, 128, 132, 135, 220, 227 Peace, 30, 79, 97, 119, 125, 126, 130, 156, 158, 163, 168, 174, 179, 188, 229, 261, 291 Percy, Anthony G., 48, 49, 145, 151–153, 156–158, 161–163, 167, 169, 170, 179, 180, 220 Perennial philosophy, 79 Performance, 3, 73, 75–77, 80, 114, 119, 120, 123, 124, 129, 131, 282, 285, 289, 290, 297, 298, 304, 312, 314, 316

INDEX

Personalism, 161 Pius XI, Pope, 152, 155–158, 180, 186, 228, 229 Pontifical Council for Justice and Peace, 148, 149, 171–173, 183–185, 187, 188, 220, 269 Pontifical University of Saint Thomas Aquinas (Angelicum), 183 Poole, Eve, 3, 26, 38, 69 “Populorum Progressio” (On the Development of Peoples ), 162, 186, 253 Poverty, 80, 108, 134, 154, 155, 163, 168, 229, 253 Prayukvong, Wanna, 120, 135 Preece, Gordon R., 2, 146, 181 Preserving culture, 304 Priority of labor over capital, 166 Private property, 154–156, 166, 169, 170, 172, 178, 180, 181 Procedural dimension, 15, 239 of business, 238 Profit, 2, 3, 15, 76, 85, 114, 162, 171, 175, 212–216, 249, 250, 252, 255–260, 264–266, 275, 286–288, 298, 313, 314 Progressive capitalism, 73, 85, 86 Promoting the mission of the enterprise, 258 Property rights, 159 Protestantism, 146, 180, 181 Protestant work ethics, 181, 182 Pruzan, Peter, 16, 28 Pryor, Frederic, 112, 113, 118, 135 Psychological health, 252, 254, 263 Puntasen, Apichai, 125 Purpose and meaning, 29, 71 Q “Quadragesimo Anno” (On Reconstruction of the Social Order), 155, 186

325

Qualitative comparative analysis (QCA), 4, 5, 208, 218, 223–225 Qualitative content analysis, 4, 33, 200, 255, 263, 281

R Radiation theory, 113 Radical Buddhism, 205 Ragin, Charles C., 5, 208, 218, 223–225, 234, 237 R¯ahula, Walpola, 98–100, 134 Refraining from doing harm, 103 Relationism, 123 Relationship of compromise, 263–264, 267–271, 274, 275 between spirituality and materialism in business, 263 Relevant for business, 137, 223, 224, 267 Reliability, 5, 315 Religion, 2, 10, 14, 26–29, 37–45, 47, 65–66, 68, 95–97, 110, 112, 129, 153, 178, 196–199, 262, 269 Requisites, 113 “Rerum Novarum” (On Capital and Labor), 151, 153, 186 Research methodology, 3 Research tracks, 14, 110, 111, 117, 312 Resolving, 14, 64, 66, 86, 312, 314 Responsibility (dhura), 14, 115, 137 Retolaza, Jose Luis, 159, 163, 179, 180, 289 Ribera, Raimon, 29, 37, 43, 69, 81, 262 Right Livelihood, 100, 101, 107, 109, 121, 130, 132, 133, 220, 267, 283 Right Mindfulness, 100, 101, 114, 132

326

INDEX

Right to private property, 154, 166, 172 Right to work, 159 Roberts, Gary E., 28, 84 Robertson, Peter J., 28, 36, 41 Rokeach, Milton, 3, 20, 21, 23–25, 42, 44, 250, 260, 262, 270 Roman Catholic Church, 10, 148, 157, 180, 188, 197, 312 social teachings of, 14, 147, 149, 179, 185, 186, 312 Royal Thai Sufficiency Economy Model, 126 Ryan, Richard M., 250, 253, 262 S Santi Asoke Buddhist Reform Movement in Thailand, 126 Sarvodaya Shramadana Movement, 118 Schumacher, Ernst Friedrich, 14, 106, 227 Schwartz, Shalom H., 20, 23, 25, 45–47, 260, 261, 270 Search for meaning, 29, 69, 82 Second Vatican Council, 150, 152, 158, 160 Vatican II, 148, 159 Self-described Christian companies, 5, 282, 289, 302 Selflessness (anatt¯ a ), 98, 108, 126, 134, 137 Self-realization, 3, 30, 82, 85 Servant leadership, 67, 85 Setting examples, 282, 306 Shannon, Thomas A., 147, 150–153, 156, 158, 160, 161, 163–166, 169, 174, 176, 188, 229 Shared prosperity in sustainable world, 130 Simplicity (ekavidha), 14, 108, 134, 137

Simplification, 80, 127, 225, 226, 229, 232, 234, 236–238 of desires, 122 Skilton, Andrew, 97, 134, 196 Small is Beautiful: Economics as if People Mattered, 107, 124, 133, 135 Smart, Ninian, 2, 195, 198, 199, 221, 242 Social encyclical, 147, 157, 162, 176 Social justice, 83, 154, 156, 163, 171, 173, 175, 231, 242, 243, 261 Social problems, 112, 118, 160, 175, 177 Social transformation, 118, 243 Society for Buddhist-Christian Studies, 197 Socioeconomic transformation, 242 Solidarity (solidaritas), 15, 163, 187 “Sollicitudo Rei Socialis ” (The Social Concern), 167, 186 Spirit at work, 62, 70, 315 A Spiritual Audit of Corporate America: A Hard Look at Spirituality, Religion, and Values in the Workplace, 26, 68, 283 Spiritual-based leadership, 81, 82, 84, 305 Spiritual dimension of daily work, 158 Spirituality, 3, 16, 26, 73–75, 78, 134, 137, 146, 147, 165, 179, 189, 199, 200, 230, 239, 263–269, 281–284, 312, 316 dominates materialism, 15, 263, 270, 271, 314 in management, 26, 62, 68, 70, 315 religion and, 26, 38 source of values, 43, 74 and values, 14, 42, 74, 261 at work, 14, 62, 70

INDEX

Spiritual leadership, 3, 68, 71, 80–82, 85, 238 Spiritually-based leadership, 81 Spiritually inspired business practices, 15, 281, 297, 307 Spiritual practice (sam¯ adhi), 101 Spiritual value(s), 5, 6, 25, 48, 51, 78–82, 85, 181, 222, 223, 225, 226, 263, 311 commitment, 4, 15, 76, 224, 232, 240, 249, 258, 259, 267, 281, 282, 313 influences of, 282, 289 orientation, 14–16, 19, 25, 42, 44, 52, 73, 86, 196, 250, 254, 255, 262, 264, 267, 274, 276, 281–284, 286, 298, 305, 307, 308, 314, 316 Stakeholder, 15, 62, 66, 82, 86, 175, 206, 207, 222, 249, 255, 259, 282, 287–290, 298, 308 management, 288, 294–296, 299, 301, 305, 307, 314 State-owned company, 274, 275 Steffen, Will, 252 Stewardship, 176, 177 Strategy, 76, 81, 127, 128, 131, 221, 251, 254 Subcontractors, 7, 10, 128, 201, 205, 212, 213, 298, 299, 301, 305, 307 Subset relationship, 225–227, 229, 230, 232 Subsidiarity (subsidium), 15, 156, 187 Success, 49, 74, 76, 129, 166, 250, 255, 259, 262, 304, 307, 308, 316 Suffering (dukkha), 98 cessation of, 98 Superdevelopment, 168 Suppliers, 288, 289, 299, 301, 305, 307

327

T Temporal perspectives, 15, 282, 286 Therav¯ada Buddhism, 7, 8, 96, 97, 103, 199 This Economy Kills , 165 Thompson, Mike J., 29, 36, 41, 44, 74, 81, 199, 230, 240 “Threefold training” (sikkh¯ a ), 101 Throwaway culture, 177 Tornielli, Andrea, 165 Transcendence, 27, 29, 32, 35, 41, 48, 52, 72, 311 Transcendent phenomenon, 33 Transformational leader, 81, 305 Transformative leader, 305–308 True prosperity, 161 Trust, 61, 62, 79–81, 120, 128, 273, 285, 299, 307 Truth tables, 224–226, 229, 232, 234 Truth (veritas ), 15, 153, 187

U Underlying visions of the world, 15 Universal destination of material goods, 170–172, 178

V Vajray¯ana, 96, 204, 267 Value orientations, 2–4, 13–16, 19, 20, 22, 24–26, 39, 42, 44, 48, 50, 52, 61, 73, 76, 78, 80, 83, 86, 159, 172, 183, 195–198, 200–218, 221–225, 229–234, 236–242, 249–253, 260, 262, 264, 267, 268, 270, 273–276 typologies of, 208 Value(s), 2, 19, 42–44, 51, 64–65, 72–74, 78, 111, 118, 145, 156, 167, 175, 185, 195, 200, 215–218, 236, 241, 249,

328

INDEX

266, 274–276, 287, 289, 290, 305–308 conflict, 270 dimensions, 223, 231 effectuate, 25 groups, 231 infusion, 25, 51, 78 instill, 51, 78 orientation, 24, 44 perspectives, 221 types, 45 typologies, 195 Venture creation, 73, 77, 78, 137 Virtues (s¯ıl¯ a ), 96, 101 Vision, 15, 82, 152, 163, 178, 179, 198, 199, 238–240, 242 Vocation, 2, 145, 158, 161, 162, 165–167, 169, 174, 178, 181, 184, 189, 220, 258, 313 Vocation of the Business Leader, 14, 149, 183, 269 W Wangchuck, Jigme Singye, 131 Wealth, 2, 44, 74, 85, 108, 116, 117, 131, 132, 154–156, 171, 172, 181, 184, 197, 229, 250, 254, 262 duties of, 155

Welfare, 45, 62, 122, 131, 162, 250, 251, 262 Welford, Richard, 121, 131, 132, 135 Well-being (sotthi), 14, 116, 137 “What Would Jesus Do?”, 211 Wisdom (paññ¯ a ), 14, 96, 101, 118, 137 Work, 5, 8, 10, 14, 28, 74, 108, 110, 158, 180, 181, 197, 215, 220, 250, 263, 271 two dimensions of, 165 Working conditions, 290, 292, 298 Workplace spirituality, 14, 28, 62, 66–73, 75, 76, 80, 82, 83, 281, 286, 288 Worldview(s), 2, 3, 106, 114, 119, 121–123, 132, 195, 197–199, 222, 239, 242, 243, 316 analysis, 198 Z Zadek, Simon, 117–119, 138 Zamagni, Stefano, 40, 167, 174, 175, 188, 229 Zsolnai, Laszlo, 26, 27, 29–31, 36, 39, 41, 62, 65, 69, 74, 80, 81, 84, 85, 110–112, 117, 120, 121, 127, 128, 130, 133, 138, 221, 254