Features Implications

Christianity Protestantism:
- The higher grades of skilled - Protestant has the most important
labor, and even more the higher economic implications
technically and commercially
trained personnel of modern
enterprises.

- Hard work and wealth creation

(for the glory of God) and frugality - facilitate the development of capitalism.
(abstinence from worldly
pleasures).

- Their ascetic beliefs suggested - invest it in the expansion of capitalist

that rather than consuming this enterprises.
wealth by indulging in worldly
pleasures.

- the combination of hard work and - finance investment and expansion, paved
the accumulation of capital. the way for the development of capitalism.

- may have paved the way for the individual

- The right to freedom of form of economic and political freedoms and the
worship. development of individualism as an
economic and political philosophy
-> such a philosophy forms the bedrock on
which entrepreneurial free market capitalism
is based.

Islam - a Muslim is not a totally free - The Koran has supported pro- free
agent but is circumscribed by enterprise, agreeing with the freedom to
religious principles—by a code of conduct business and legally profit through
conduct for interpersonal trade.
relations—in social and economic
activities.
- The Muslim lives in a social
structure that is shaped by Islamic
values and norms of moral
conduct.
- orthodox Muslim ritual requires - business meetings may be put on hold
prayer five times a day, demands while the Muslim participants engage in
that women should be dressed in a their daily prayer ritual
certain manner and forbids pork
and alcohol.

Islamic Fundamentalism
- The vast majority of Muslims
point out that Islam teaches peace,
justice, and tolerance, not violence
and intolerance, and that Islam
 explicitly repudiates the violence
that a radical minority practices.

- The protection of the right to - they are entitled to receive profits from the
private property. -> Those who property but are admonished to use it in a
hold property are regarded as righteous, socially beneficial, and prudent
trustees. manner.

- Islam is critical of those who earn - Businesses that are perceived as making an
profit through the exploitation of unjust profit through the exploitation of
others, those making profits others, by deception, or by breaking
undertake charitable acts to help contractual obligations are unlikely to be
the poor welcomed in an Islamic country

- The Koran clearly condemns - prohibits the payment or receipt of interest,

interest, as exploitative and unjust. in several Islamic states, it is a matter of law.
-banking methods:
+ mudarabah:
● Islamic banks share profits from
business investments instead of
charging interest on loans.
● A business (or individual) deposits
money at an Islamic bank in a
savings account, the deposit is
treated as equity investments in the
bank's activities
-> the depositor receives a share in
the profit from the bank’s investment
(as opposed to interest payments)
according to an agreed-upon ratio.
+ murabaha.
A firm wanting to buy something through a
loan, like a $1,000 piece of equipment,
informs the bank after negotiating the price
with the manufacturer. The bank purchases
the equipment for $1,000, and the borrower
later buys it back from the bank for, say,
$1,100 - a price that includes a $100
markup.
-> Some may argue this markup is akin to an
interest payment, making it simpler to adopt
compared to conventional banking.

Hinduism - The divided society into caste - This influenced economic activities, as
systems and distinct groups, each individuals were expected to work within
with prescribed roles and their designated caste's professions.
occupations.

- Hinduism's beliefs in karma (the - Individuals may perceive their economic

law of cause and effect) and success or challenges as a reflection of their
dharma (one's duty or righteous past actions (karma), and they are
 conduct) encouraged to fulfill their financial duties in
line with their social and moral obligations
(dharma).

- Hinduism's emphasis on self- - This has contributed to the development of

reliance, initiative, and creativity various industries and businesses.
can provide a supportive cultural
environment for entrepreneurship
and innovation.

- Hinduism places a strong - a focus on fair trade practices, honest

emphasis on ethical conduct in all dealings, and responsible business behavior.
aspects of life, including economic
activities
- Given the emphasis on an ascetic lifestyle,
- individuals should be judged not Weber thought that devout Hindus would be
by their material achievements but less likely to engage in entrepreneurial
by their spiritual achievements. activity than devout Protestants
Hindus perceive the pursuit of
material well-being as making the
attainment of nirvana more - had a negative impact on the economic
difficult. development of post independence India

- the values of Hindu asceticism =>Modern India is a very dynamic

and self-reliance entrepreneurial society, and millions of
hardworking entrepreneurs form the
economic backbone of the country’s rapidly
growing economy, especially in the
information technology sector.

Buddhism - Buddhism teaches the idea of - a sense of responsibility towards others in

inter connectedness, where all economic decision-making, promoting
living beings and phenomena are practices that consider the well-being of
interdependent. society and the environment.

- Buddhism teaches that -influence economic behavior by

attachment to material possessions encouraging individuals to seek contentment
leads to suffering. and happiness through non-material means,
rather than excessive consumption.

- do not see the same kind of cultural stress

-The emphasis on wealth creation on entrepreneurial behavior
that is embedded in Protestantism
is historically not found
inBuddhism - a Buddhist society may represent a more
fertile ground for entrepreneurial activity
- the lack of support for the caste than a Hindu culture.
system and extreme ascetic
 behavior - economies were more localized, with
relations between people and also between
-societies were historically more culture and nature being relatively
deeply rooted to their local place in unmediated.
the natural world

Confucianism - Confucianism teaches the - lead to adherence to established business

importance of attaining personal hierarchies and norms.
salvation through right action.
Confucianism is built around a
comprehensive ethical code that
sets down guidelines for
relationships with others.

- loyalty to one’s superiors is - a focus on fair trade practices, honest

regarded as a sacred duty, an dealings, and responsible business behavior.
absolute obligation

- Reduce the conflict between management

- the importance attached to and labor -> Cooperation between
honesty management and labor can be achieved at a
lower cost in a culture where the virtue of
loyalty is emphasized in the value systems.
Companies can trust each other not to break
contractual obligations, the costs of doing
business are lowered.