Buddhist Economics: From the Middle Way to Governance for Integrating ESG and SDGs in Thailand Sustainably
Article Sidebar
Main Article Content
Abstract
This article presents an integrative framework linking Buddhist economics with the Environmental, Social, and Governance (ESG) model and the Sustainable Development Goals (SDGs), structured around four thematic domains. First, with respect to Buddhist principles, six core tenets the Middle Way, sufficiency, dependent origination, Right Livelihood, compassion, and mindfulness can be systematically operationalised as practical mechanisms within contemporary corporate governance, functioning as an ethical filter at the value level prior to the influence of market incentives. Second, with respect to ESG, current frameworks lack the philosophical grounding necessary to accommodate Eastern cultural contexts, and the neglect of religious and cultural norms constitutes an institutional blind spot, particularly across Southeast Asia. Third, with respect to the SDGs, the Sufficiency Economy Philosophy (SEP) and the BCG Economy (Bio-Circular-Green Economy) policy model serve as national-level prototypes demonstrating that the integration of Buddhist philosophy with sustainable development targets is practically achievable in the policy arena. Fourth, with respect to integration, the DPSIR-E framework and the equation I = P × A × T × E systematically connect Buddhist economics with ESG and SDGs, positioning values and ethics as deep institutional drivers that precede regulatory and market forces. The resulting framework offers concrete policy implications for the corporate sector and regulatory bodies in Thailand and across the ASEAN region.
Article Details
This work is licensed under a Creative Commons Attribution-NonCommercial-NoDerivatives 4.0 International License.
References
พระธรรมปิฎก (ป.อ. ปยุตฺโต). (2537). พุทธธรรม ฉบับปรับขยาย. (พิมพ์ครั้งที่ 7). กรุงเทพฯ: มหาจุฬาลงกรณราชวิทยาลัย.
Abeydeera, S., Kearins, K. and Tregidga, H. (2016). Buddhism, sustainability and organizational practices: Fertile ground? Journal of Corporate Citizenship, 61, 44–66.
Akadiri, S. S. and Özkan, O. (2026). Navigating uncertainty: The impact of ESG factors on clean energy markets and investment dynamics. Corporate Social Responsibility and Environmental Management, 33(1), 1270–1285.
Becker, C. U. and Hamblin, J. (2021). Conceptualizing personhood for sustainability: A Buddhist virtue ethics perspective. Sustainability, 13(16), 9166.
Daniels, P. L. (2003). Buddhist economics and the environment. International Journal of Social Economics, 30(1/2), 8–33.
Daniels, P. L. (2010a). Climate change, economics, and Buddhism Part I: An integrated environmental analysis framework. Ecological Economics, 69(5), 952–961.
Daniels, P. L. (2010b). Climate change, economics, and Buddhism Part 2: New views and practices for sustainable world economies. Ecological Economics, 69(5), 962–972.
Edmans, A. (2023). The end of ESG. Financial Management, 52(1), 3–17.
Ehrlich, P. R. and Holdren, J. P. (1971). Impact of population growth. Science, 171(3977), 1212–1217.
Esteves, L., Franco, M. and Rodrigues, M. (2025). Mindfulness in the business context: A multi-level model. International Journal of Organizational Analysis, 33(8), 2066–2105.
Fu, P., et al. (2024). Reexamining the relationship between ESG and firm performance: Evidence from the role of Buddhism. Borsa Istanbul Review, 24(1), 47–60.
Henisz, W., Koller, T. and Nuttall, R. (2019). Five ways that ESG creates value. Retrieved March 29, 2026, from https://www.mckinsey.com/capabilities/strategy-and-corporate-finance/our-insights/five-ways-that-esg-creates-value
Kim, J. and Daniel, S. J. (2016). Religion and corporate governance: Evidence from 32 countries. Asia-Pacific Journal of Financial Studies, 45(2), 281–308.
Kovács, G. (2014). The theoretical foundation of Buddhist management practices. Journal of Management Development, 33(8/9), 751–762.
Leggerini, C., et al. (2025). Circular economy disclosure and ESG performance: Signal, substance, or symbol. Business Strategy and the Environment, 35(3), 3672–3690.
Li, T.T., Wang, K., Sueyoshi, T. and Wang, D. D. (2021). ESG: Research progress and future prospects. Sustainability, 13(21), 11663.
Martiny, A., et al. (2024). Determinants of environmental, social and governance (ESG) performance: A systematic literature review. Journal of Cleaner Production, 456, 142213.
Nelson, J. A. (2018). Buddhist economics: An enlightened approach to the dismal science. Feminist Economics, 24(3), 184–187.
Perera, G. N. R., et al. (2025). Beyond breathing exercises: Rethinking mindfulness through a Buddhist lens. Journal of Entrepreneurship in Emerging Economies, 17(1), 73–97.
Raworth, K. (2017). Doughnut economics: Seven ways to think like a 21st-century economist. London: Chelsea Green Publishing.
Sangasumana, P. (2019). The Buddhist perspective on measuring wellbeing and happiness in sustainable development. International Journal of Management Research and Development, 6(3), 243–248.
Sarkis, J. (2012). Models for compassionate operations. International Journal of Production Economics, 139(2), 359–365.
Schumacher, E. F. (1973). Small is beautiful: Economics as if people mattered. New York:
Harper & Row.
Song, H.C. (2021). Buddhist approach to corporate sustainability. Business Strategy and the Environment, 30(7), 3040–3052.
Speece, M. W. (2019). Sustainable development and Buddhist economics in Thailand. International Journal of Social Economics, 46(5), 704–721.
Stirling, K. (2014). Buddhist wisdom as a path to a new economic enlightenment. Journal of Management Development, 33(8/9), 812–823.
Tan, F. and Dipendra, K. C. (2024). Tensions between materiality assessments and stakeholder engagements in Thai corporate sustainability leaders. Sustainability, 16(17), 7711.
Terzani, S. and Turzo, T. (2021). Religious social norms and corporate sustainability: The effect of religiosity on ESG disclosure. Corporate Social Responsibility and Environmental Management, 28(1), 485–496.
Van den Muyzenberg, L. (2014). The contribution of Buddhist wisdom to management development. Journal of Management Development, 33(8/9), 741–750.
Vu, M. C. (2018). Skilful means A Buddhist approach to social responsibility. Social Responsibility Journal, 14(2), 321–335.
