Michio Kaku said that it is the science which develops countries, if a country focused on spiritual development, they cannot achieve economic development. He said “look at those countries with sound religious practices, they are poor”.
Obviously, there is no developed country who has higher percentage of buddhists. Buddhist countries have poor development rates and plans. Strong regional variations in patterns of world economic growth reveals that cultural differences may play an important role in economic dynamics. However, the complexity of the religious-economic system is difficult to explain.
Buddhism has negatives and positives on economy and the development. Mostly Buddhism is recognized as a very pronounced other-worldliness (supramundane) and seems to be devoid of the primary motivations (Ex: Desire for material accumulation) over economic development. However, buddhism itself is becoming an expensive commodity. For example “Headspace” app worth several hundred millions. Dhamma and the meditation techniques are being sold to higher prices in the west and Australia. But, moral value of Buddhism is rather appreciated in asian countries, where it has a small commercial value.
Buddhism may emphasise (capital expenditure) on non-productive religious artefacts. This was the Chinese governments idea on buddhism when they captured Tibet, which resulted killing monks, destroying monasteries and valueble texts in 50’s (Read My land and my people by Dalai Lama).
Alongside its secular orientation, respect for education, discipline, loyalty, and work ethic, the collectivism and related solidarity and efficiency of group dynamics of Confucianism have been argued as a significant positive influence on the economic success of many East Asian economies (Johnson, 1985; Kim, 1988; Levy, 1992; Matthews, 1986).
Buddhist countries show slower development compared to western countries. Does Buddhist practice affects adversely on the Development of a country?
Is it possible to achieve economic success along with the religious practices?
What are the ethical ways to achieve higher economical growth to a country according to Buddhism?