Economic Implications Of Hinduism
Differences In Culture
Introduction
Islamic fundamentalism requires Muslims to stick to their traditions as well as traditions making Koran the law of the land. (Hill et al. 2017). However, Hinduism is different from Christianity and Islam since it does not believe in a bible or Koran, but the rebirth of a person. The culture of Buddhism believes in suffering as a result of the desire of people in pleasure. This religion restricts the caste system, unlike Hinduism. Confucianism was established in China and whose belief is based on the right action for personal salvation. Christianity, across the world, is practised. Christians believe in wealth accumulation through hard work. The economy recently has shifted from a national platform to an international platform attributed to easy transportation and fewer national barriers. Islamic fundamentalism requires Muslims to stick to their traditions as well as traditions making Koran the law of the land. (Hill et al. 2017). Economic principles are also established by Koran. However, Hinduism is different from Christianity and Islam since it does not believe in a bible or Koran, but the rebirth of a person. The culture of Buddhism believes in suffering as a result of the desire of people in pleasure. This religion restricts the caste system, unlike Hinduism. Confucianism was established in China and whose belief is based on the right action for personal salvation. Christianity, across the world, is practised. Christians believe in wealth accumulation through hard work. This has also facilitated trade agreements among countries. Globalization has been enhanced by factors such as technological advancements in terms of processing information and even communication. Also, the free flow of capital has increased recently. This has created a global market where people efficiently market their products regardless of their national background.
Moreover, globalization of production is prevalent where services and products are outsourced from around the world. However, globalization has attracted environmentalists who are concerned about the impact of multinational industries on the environment. Also, nationals are against westernization brought about by international trade. People from different cultures dominate nations. Culture is determined by social structure, education, language, religion, and political philosophies (“Journal of political economy,” 2015). Cultures have a direct and indirect impact on economic growth. Hence investors should be conscious of the culture in a state.
Economic Implications of Hinduism
Hinduism is recognized as the oldest religion in the world in history. This religion in India has influenced economic growth. Legal aspects and the caste system, are controlled by Hinduism, therefore defining India’s economy since ancient times. This system holds that if an individual can achieve spiritual development during his or her lifetime, he is reborn in his next lifetime, into a higher caste. The caste system is divided between the upper and lower caste individuals—the development of the economy is preceded by secularization, which is uncommon in most countries. If India embraced secularism of Western Europe in ten years, it would indicate an increase in per capita GDP of 1000 dollars equivalent to Rs 70,175 (“Indian economic and social history review: SAGE journals”2020). According to a scholar, harmonization is a core practice since India’s religious values moderate the rate of material growth. Corruption and greed are a result of a Lack of harmonization in an entity or society.
The fact that Hinduism has been growing, economic development does not compromise its religious values during adaptation and assimilation hence increasing the chances of survival of the economic system. The rigid views on religion led to an increase in India’s per capita GDP, between 1958 and 2018. The growth indicates 26 times increase, which could be higher if their religious beliefs had less impact on its economy. Marginalized castes, as well as women, are closely related to the religious beliefs dominated in India, thus preventing it from reaching its economic potential. These two groups have a minimal role in this country’s economy. Also, the workforce of women is limited from their homes due to strict cultural and social factors. India reported in 2018 about the informal work which pays less as well as requiring less productivity, dominated by women hence increasing the inequality gap between men and women. However, the social status of these groups would not change if they are allowed to access resources.
Lowest members of Caste individuals are rated as the poorest people in India, thus increasing the divisiveness of economic development (“Hindu economic system,” 2013). Agriculture is practised in some regions; however, people have died of hunger. In contrast, people in other areas in India are motivated by advanced technologies. According to a scholar, there is likely hood of a negative economic impact when restrictions are imposed on family, kinships, or scheduled castes. According to the legal ancient Hindu scripture, the Dalit communities, as well as the lowest caste individuals, are bound to pay more interest rates annually. Hence, generation slavery is due to a lack of clearance of debts by the poor caste individuals. The upper caste individuals can access higher education in institutions in India.
According to max weber, Hinduism discourages entrepreneurial activities in terms of creating wealth. Individuals, according to the values of Hindu, are judged according to spiritual achievements rather than their wealth achievements. The ascetic lifestyle of Hindus would deter them from engaging in entrepreneurship compared to Protestants. Hindu asceticism, as well as self-reliance, was perpetrated by a spiritual leader, Mahatma Gandhi. These intricacies, however, were associated with a retrogressive economic development during post-independence India. The caste system in India is, however, not practised currently. Therefore, entrepreneurial practices are prevalent in India with specialization in technologies. India has been at the forefront to produce sophisticated technology systems engaging the innovative younger population.
Conclusion
Globalization enabled multinationals to invest in different countries, thus increasing the economic development of that country. It has also built global markets where people across the world can market their products and services regardless of their geographical location. This has been spearheaded by advanced technologies such as transportation technologies and communication. As a result, westernization has prevailed. However, some nationals maintain their culture in terms of business operations hence restrict business practices that would erode their cultural traditions. Historically, Hinduism has influenced India’s economic growth through its legal aspects as well as the caste system. Restricting the workforce of women and scheduled caste individuals negatively implicated their economic development. However, currently, the caste system has been abolished, thus encouraging economic growth.
Reference
Hill, C., Hult, T., Wickramasekera, R., Liesch, P., & MacKenzie, K. (2017). Global Business Today Asia-Pacific Perspective. McGraw-Hill Education.
Journal of political economy. (2015, July 19). Retrieved from https://www.journals.uchicago.edu/doi/abs/10.1086/676316
The Hindu economic system. (2013, June 1). Retrieved from https://content.sciendo.com/view/journals/hssr/2/2/article-p41.xml
The Indian economic & social history review: SAGE journals. (2020, April 22). Retrieved from https://journals.sagepub.com/home/ier