Buddhist Capitalism

I don’t mean this too literally. I am no expert in Buddhist teachings, and not all Buddhist precepts track easily to business.

But one difference between capitalism-as-we’ve-come-to-know it and Buddhism is instructive. One is about vanquishing one’s foes; one is about getting along harmoniously in the world. And we all know which is which.

Business-as-competition is all about linearity: if you do this, you’ll get that. And the more you tighten those links, the more you control them.

Buddhism, on the other hand, embraces paradox. If you let go your attachment to X, you’re more likely to get it. But only if you give it up. The outcome cannot be sought successfully, it can only be received if you stop seeking it.

It isn't all that alien a concept.  The best salespeople know that success comes to those who give selflessly to their customers. From Dale Carnegie to Zig Ziglar, people have known that you succeed best by getting others what they want.

What I mean by Buddhist Capitalism comes down to doing two things: help others, and stop focusing on  your own immediate ends.

Capitalism-as-competition negates the oncept of ethics, since it subordinates even ‘ethical’ ideas like sustainability to the overarching goal of profits and competitive advantage.  A business school can't feasibly teach ethics when, down the hall, the strategy course teaches that your ultimate goal is to win battles against your supply chain, customers, unions and employees.  Who's left to behave ethically towards?

Is Buddhism Profitable? It's the Wrong Question to Ask

Business (some of it) is more and more focusing on things like ethics, social responsibility, and sustainability. And that is a good thing. But it’s doomed as long as we can’t get past the question: “Can I gain sustainable competitive advantage by doing it?”

Believing that the purpose of business is to make profits is like believing the purpose of living is to eat. The purpose of sustainability is sustainability—not the competitive advantage of those who practice it. As long as we limit our definitions of ‘good,’ ‘social benefit,’ and ‘business ethics’ to definitions couched in competitive advantage, we subordinate them.

We need to make profit a byproduct, not a goal. While it is true, very true, that ethical and customer-focused business focusing on the long-term really are more profitable, that is Not. The. Point.

The point is to make business a full partner in society, not a mad dog following an ‘invisible hand’ that responds only to heavily enforced legal mandates. If business wants a seat at the social family table, it needs to act like it’s a member of the family—not an outsider following its own rules.

In an increasingly interconnected world, it’s Buddhist Capitalism, not Competitive Capitalism, that we need more of.  The fact that it's also more profitable is a lovely byproduct.  But not a goal.