THE DIFFERENCE BETWEEN THE BUSINESS MANAGEMENT MODELS USING BUDDHIST ECONOMICS AND WESTERN BUSINESS MANAGEMENT PRINCIPLES UNDER THE CHANGES OF THE THAI ECONOMIC SYSTEM

Abstract

The objectives of this research were to compare the differences in business management using the Buddhist economics and Western business management principles and to propose suitable business management approaches for the current Thai society context. The research is a qualitative study using in-depth interviews with key informants, including 1) managers with work experience in organizations with Western business management and Buddhist economics principles, 2) government officials involved with organizations with Western business management and Buddhist economics principles, and 3) Buddhist monks who understand both business management and Buddhist economics principles. There were a total of 20 informants. The research methodology included document analysis, triangulation of data, and explanation by narrative. The research results revealed that 1) the difference between business management using the Western business management and Buddhist economics principles lies in the focus of different management approaches. The Western management emphasizes the organization’s benefits above all else while Buddhist economics management aims for results that lead to peace and happiness for both the organization and society. 2) The suitable business management approach is a combination of Western business management and Buddhist economics approaches taking advantage of the strengths of each approach to achieve the best results for each organization.