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econ434notes14 - Buddhist economics is the label that E.F...

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Buddhist economics is the label that E.F. Schumacher applied to the notion that Small is Beautiful [the title of his bestselling book], which Schumacher based heavily on the views of the Indian philosopher and social activist, Mohandas Gandhi [1869-1948], who was instrumental in the successful movement [1948] for Indian independence from Great Britain. Gandhi emphasized nonviolent resistance to injustice, and inspired Dr. Martin Luther King. Buddhist economics advocates simplification and the minimization of wants as crucial to resolving the problem of scarcity, and following Gandhi, favors self-sufficiency and small local industries with a minimal footprint on the Earth. Socialism Socialism is characterized by collective ownership of property. Government would act as a trustee of most land and non-human capital, and would significantly allocate resources and determine the distribution of income. Socialism evolved mainly as a reaction against the unequal income distribution under capitalism.
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