by Ven. Dr. P.
Gnanarama Principal Buddhist and Pali College, of Singapore.
Motivation for
consumerism among the people of higher income segment in
society is understandable, but the blind imitation of
the higher income segment by the lower is really a
deplorable situation. Systematically, consumers are
persuaded to “buy now and pay later”; for which credit
cards are given to make purchases on credit. Economists
calculate economic boom in terms of consumer expenditure
and it is taken as the benchmark of theorizing how well
or badly the people are coping with economic pressures.
Suddenly, there appeared an economic turmoil in the
advanced financial markets. Spending on credit,
weaknesses of regulations and supervision and lack of
early warning systems and several other unforeseen
events may have contributed to the present crisis.
Business entrepreneurs keep on bombarding us day and
night to introduce as well as to promote new brands of
goods through the systems of communications of our time:
Newspapers, magazines, radio, Internet, e-mails,
facsimiles and telephone calls. Marketing techniques are
so endearing and pretty they convince consumers that
those consumer goods are “just arrived” and are of
“limited stock”. Alluring propaganda is not confined to
items of personal consumption such as food, clothing,
medicine and the like but it extends over a wide range
of goods, gadgets and mechanical and electronic
apparatus. By their persuasive propaganda, consumers are
hooked and their mindset is attuned for competition and
they are led to buy the “new arrivals” to keep up the
social prestige. This is a pandemic, which has spread
rapidly from affluent countries to the developing
countries. This pattern of consumerism is seen for
several decades and evidently, there is a gradual
increase of the expenditure process practised regularly
and habitually by consumers all over the world. Some may
measure the living standard in terms of one’s
expenditure. Yet others may encourage people to spend
more and more elevating consumerism to the position of a
religion contrary to Buddhist ideals of frugality,
‘contentment’ and ‘simple living’.
Worst scenario
Motivation for
consumerism among the people of higher income segment in
society is understandable, but the blind imitation of
the higher income segment by the lower is really a
deplorable situation. Systematically, consumers are
persuaded to “buy now and pay later”; for which credit
cards are given to make purchases on credit. Economists
calculate economic boom in terms of consumer expenditure
and it is taken as the benchmark of theorizing how well
or badly the people are coping with economic pressures.
Suddenly, there appeared an economic turmoil in the
advanced financial markets. Spending on credit,
weaknesses of regulations and supervision and lack of
early warning systems and several other unforeseen
events may have contributed to the present crisis. Worst
scenario is the effects of the crisis has come to our
doorstep due to economic interdependency on trade,
sophisticated capital market and trade, which are
relative to the process of globalization. Hence the
present turmoil and recession are not confined to the
post-industrial countries, the contagion of it spread as
a virus and exhibited globally. Disturbance in
commercial activities, collapse of banks, bursting of
the housing bubble, crumbling of businesses,
unemployment by minimizing the workforce, rising cost of
living and food prices, falling share market and
imbalances in every economic activity would be
consequential.
According to a report from Singapore, Singaporeans also
are not immune to the spending on credit. The following
is an observation of Credit Counselling Singapore
appeared in Today (24/10/2008) in an article entitled
“Singaporeans are piling on the debt”.
“In particular, credit card rollover debt has ballooned
to 3.3 billion, an increase of $296 million over the 12
months against a $94 million increase for the previous
12 months. Housing loans are also up $6.6 billion.
“Singaporeans have been piling on debt at fast rate’,
said CCS president Kuo How Nam, who cited the statistics
in a letter to the media.”
Buddhist approach
Let the World Bank and the IMF workout effective
precautionary measures. We are no way in a position to
remedy the irresistible economic forces, which are
beyond the orbit of our influence. Buddhism has
documented a clear-cut survival guide, where the pride
of place has been given to earning, planning and
budgeting.
According to the Buddha’s advice we can stay calm and
cope with recession bravely by refraining from our
extravagant lifestyle of living on credit and adhering
to proper planning. The Buddha showed that happiness of
economic stability (atthisukha) and happiness of
debtlessness (ananasukha) are also necessary for
laymen’s happiness. Saving for future (arakkhasampada)
and Balancing the Budget (samajivikata) also have been
mentioned as the factors contributory to happy life.
Again by maintaining an easily sustainable life (subhara),
satisfying only with the necessities (santussaka)
involving in lesser commitments (appakicca) and
resorting to plain living (sallahukavutti) one can keep
the head above water. Maintaining equanimity in the face
of consumerism and follow the advice of the Buddha:
Being virtuous and intelligent one would gather wealth
little by little without harming anybody as a bee that
gathers honey without hurting the flower.
“When the good layman wealth has so amassed
Able is he to benefit his clan.
In portions four let him reserve and board;
So binds he to himself life’s friendly things.
One portion let him spend and taste the fruit
His business to conduct let him take two.
And portion four let him reserve and board,
So there’ll be wherewithal in times of need.”
පසෙලාස්වක
අව
අටවක
අමාවක
පුර අටවක