Creating Economic Status According to the Ways of the Millionaires in Theravada Buddhist Scriptures

Abstract

This research article aimed: 1) to study the historical background of wealthy individuals, 2) to examine the fundamental principles of Buddhist ethics that manifest in the lives of these wealthy individuals, and 3) to investigate the strategies for economic development pursued by these wealthy individuals. This research employs a document-based approach, utilizing content analysis to extract knowledge and insights presented in Buddhist scriptures. The study's findings indicate that in terms of historical context, Chulantewasika, a wealthy individual, emphasized intelligence, visionary insight, diligence, and ethical values as the inseparable significant factors in wealth creation, Anathapindika, known for his generosity, consistently donated to the less fortunate and supported Buddhist monks, Kosaka experienced various life transformations due to past karma, ultimately becoming a wealthy magnate, Kumbha Kosaka, his son, left home during an epidemic, returned frugal, diligent, and virtuous, transforming into a magnate, and Mentaka, despite hardships, found a comfortable life by adhering to virtuous actions and became an exemplary figure for learning and practice. As regards the fundamental principles of Buddhist ethics, Chulantewasika emphasized principles such as integrity, a merchant's heart, and the principle of wise investment, Anathapindika followed the principle of generosity through both material and ethical donations, Kosaka pursued principles of non-binding of negative Kamma and the practice of forgiveness, Kumbha Kosaka embodied the four types of Iddhipãda, and Mentaka's approach was rooted in the fundamental principle of accumulating virtuous deeds and adhering to Buddhist principles, leading to spiritual progress and the creation of merit. In terms of strategies for economic development, Chulantewasika focused on financial knowledge and investment to generate wealth. Anathapindika emphasized determination and successful completion of endeavors. Kosaka abstained from negative actions, practiced ethical conduct, and cultivated the foundations of spiritual progress. Kumbha Kosaka’s approach involved maintaining financial stability, ethical profession, and avoiding extravagance. Mentaka exhibited endurance through life's challenges and consistent dedication to virtuous actions.