A Critique of the Global Financial Crisis: From the Perspective of Buddhist Ethics and Psychology

Abstract

Jonathan Watts and David Loy believe that the global economic crisis is evidence of a deeper syndrome that is rooted in misconceptions concerning what it really means to enjoy happiness, progress and prosperity. Watts and Loy criticize this misconception from an “Engaged Buddhist” perspective claiming that “The problem is an impoverished worldview” (62). In other words, the problem is a worldview that places emphasis on lesser, short-term, risky, superficial values while sacrificing deeper, more fulfilling and more highly substantial values. The far reaching consequences of the crisis demand a powerful ethical, psychological and socio-economic response - one that is adequate for addressing the value crisis while offering remedies that can guide society back onto a flourishing path. I propose an analysis of the crisis from a perspective profound enough to address the root of the problem while at the same time offering healing for the soul of a nation (perhaps the world’s most powerful) that has ethically and psychologically been showing signs of staggering. I propose that Buddhist ethical and psychological