User:Ekvastra/Hindu economic system

The Hindu Economic System concerns the earlier and present civilization of India, the life and economic system adopted by them. From 300 BC, the treatise Arthashastra discusses the economic system prominently, it is focused on the welfare of the entire society. Hindu way of economics does not stand in opposition to globalization.

Introduction
As the Indus Valley excavations indicate existence of civilization in India in fourth millennium B.C. There is a continuity in the culture over six thousand years. Invasion and mixture of different culture did not inhibit the continuity. The major insight into its history comes from writings of foreign travelers and its historic monuments. For example Tagore's poetry has its origin in Upanishads. It existed at the time of other civilizations like Egypt, Babylon, Greece, Persia, and Rome. Although the other civilizations perished Indian civilization has not. Spirituality interpreted as a quest for eternal truth has been the center for her. This culture exists today also and there are people renouncing present life to embark on a spiritual journey. The culture has reverence for thinking and this has kept the stream unbroken. "Unity of spirit" rather than "political unity" has remained her strength.

Hindu way of economics does not stand in opposition to globalization. The Hindu Economic System concerns benefiting the community as a whole. The route or principle it believes in is to provide a conductive atmosphere where its principles can be practiced.

Life in Hinduism
In India, Hinduism is the major religion. Considering that it has its roots in Vedic religion it is among the oldest religions. It has some distinct qualities, there is no specific founder, no specific book, no specific head, doesn't require rote learning, is not fundamentalist, and "accepts the existence of other religions", and it continues to evolve via internal changes. It is a "way of life". In India, day to today activity is connected to spiritual outlook. It suggests a family that decides its customs by consensus. There is no binding on daily business and the focus has shifted to spiritual understanding than material things. It has always tried to mold itself as needed, never remaining stagnant. Its spread was assisted by patronage from some kings and scholars. It has become a continuously updated compendium of knowledge. Its fluidity helped its survival. The act of refreshing itself inherently brought contradictions too and that has made it harder to analyze.

A harmony with the nature has to be be maintained and requirement of posterity has to be taken into account. In field of labor, workers may become shareholder of business and hence share ownership. Workers, by contributing their labor to the business, can become shareholders and are thereby given participation in the ownership of their industries. Depending upon the nature of the industry, the share may differ.

Hinduism as an Economic System
In 300 BC Kautilya documented the Hindu philosophy of the economic system. Equitable distribution, which is missing from western economics is present in the Hindu model.

Arthashastra
It lays emphasis on the economy as the seat of strength of the state, and it deems state leadership as the key requirement from the government.

The author Kautilya, advocated regulation against business monopoly, and protection of domestic economy. International trade can be done by the way of bartering. Imported luxury goods are to have higher taxes. A good taxation system should be simple to calculate and levy, apply fair burden on the business community and should not discourage economic growth. The worth of a labor is based on her expertise, time spent at work and the result of the work.