Relevance of Buddhist Philosophy in Modern Management Theory

Abstract

Buddhism is mainly focused on collective happiness and harmony among people and has offered solutions to different problems in our day-to-day management problems that are coped with difficulty and confusion. Buddhism's basic teachings revolve around the alleviation of suffering using noble truths that explain the existence of suffering and how to cure and remedy this using balance practices. In our current business practices, management theories are used as strategies that provide tools and guidelines for implementing the best practices in our modern institutions.

Current management theories include scientific, systems, and contingency management theories. Similarly, Buddhism presents various management theories and practices, which have constantly evolved for years and have been altered to fit the current management and leadership systems. This paper discusses the importance of Buddhism philosophy in the modern systems of management and the impact that it provides.