Discussion Post Week 3 - Adrian Weerakkody

1 Economic Implications of Hinduism Adrian Prashantha Weerakkody Hutton & Plaster School of Business, University of the Cumberlands BADM 631: Managing in a Global Environment Dr. George Owusu-Antwi September 13, 2023
2 Overview The research topic economic implications of Hinduism have significant relevance in understanding the business and professional practices in the world. Hinduism is one of the oldest practiced religions in the world with a rich cultural heritage, and it continues to be practiced globally by millions of people (Barman, 2020). The distinctive beliefs, practices and values of Hinduism have shaped the economic mindset and practices of Hindu individuals and businesses trying to setup shop in Hindu dominant regions. Understanding these economic implications can provide vital insights to businesses and professionals in conducting business in Hindu majority communities. Purpose of Research The purpose of this research topic is to explore the economic implications of Hinduism and to discuss the potential benefits or hinders to current businesses and professionals. By investigating the relationship between economic behaviors and Hinduism, this research aims to shed light on how businesses can navigate Hinduism and leverage the practices for benefits. Additionally, this research also outlines how Hinduism tracks economic development, social mobility, and ethical practices. Review of the Literature The following review of the literature is from 3 journal articles about the economic implications of Hinduism and how businesses and professionals need to understand the religion and its people in order to have a successful business operation in such regions. The first journal article by Saran explains how India and the religion of Hinduism have affected the progress of the country's economic advancements. He starts of the article by including the famous quote by Weber "Why did not the scientific, the artistic, the political or the
3 economic development there (In India or China) enter upon that path of rationalization" (Saran, 1963). He further explains how India has lagged back in the race to progress technological advancements due to the principles of Hinduism. Hinduism promotes an understanding that individuals need to be self-sustained and not depend on others for success. This ideology has hindered India's ability to work with other Western countries who had moved from medievalism to modernism. He further explains how the British rule have etched an idea that Western religions are much better than Hinduism which made many Indian citizens to change religion which in turn caused major riots in India. This added more fuel to the already failing economic ship called India. The second article from Helble explains the effects of Hinduism in trade and business. He starts the article by explaining the significance of Hinduism and how it started in the 1st millennium BC. Helble says in the article that Hinduism "proclaims four legitimate aims of life: Dharma, Artha, Kama, and Moksha. These translated roughly into righteousness, economic well- being, pleasure, and salvation" (Helble, 2006). He clarifies this point by showing how Hindu principles are closely tied to economy and how Hinduism welcomes economic development, but individuals have misinterpreted this information. He later explains how Hinduism have promoted caste systems and how castle systems have majorly hindered how business is done within India. The caste system is a system of social stratification in which social position is determined by the family into which a person is born and change in that position is usually not possible during an individual's lifetime (Hill, 2022). Due to this fact Helble explains that people in higher caste don't do businesses with people in lower caste which affected India's economy. The third article by economist Agarwal explains how gender identity in Hinduism has affected businesses and professionals. In this article, Agarwal sheds light on how social norms
Uploaded by apweerakkody on coursehero.com