Category Archives: Economics

Buddha v. Economics: David Loy applies Buddhist Principles to IMF and World Bank

They would never expect the Spanish Inquisition–they were merely trying to deliver so-called ‘outdated’ economic cultures from their seemingly depressive states. I assume that very few of us would accuse the World Banks or IMFs of the global economy of intentionally marching through traditional markets with a big stick filled with thorns and pipe dreams. Despite the perfusion of pretentious conspiracy theories that my liberal college peers would blatter on demand, I honestly believe that mega institutions like IMF and World Bank earnestly strive to eradicate poverty.

But I’m not writing to argue for or against the specifics of their methods (privatization, deregulation, etc.)-we have all heard enough ‘gospel’ and ‘tyrant’ stances on the matter. But I would like to share an interesting perspective that I came across while reading a collection of articles in “Subverting Greed: Religious Perspectives on the Global Economy.” The anthology, edited by Paul Knitter and Chandra Muzaffar, comprises of a series of articles from representatives of different faiths and their application of their dogma to economics. As a Christian, I have already read and heard plenty of religious interpretations of economic theories and principles. However, David Loy’s Buddhist understanding of capitalism, IMFs and free-markets has been stuck in my mind ever since reading it earlier this week.

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