Reengineering the Economy for the Benefit of Humankind
In the face of growing economic disparities, particularly exacerbated by the ongoing pandemic, the Baha'i Faith offers a unique perspective on addressing these challenges. Baha'u'llah, the prophet and founder of the Baha'i faith, was known as the "Father of the Poor," underscoring the faith's commitment to social justice and the elimination of poverty.
The Baha'i approach to economic inequality centers on a holistic transformation of society's values and institutions towards justice, unity, and service. This perspective advocates for eliminating extremes of wealth and poverty through a spiritualized approach that emphasizes unity, justice, and the moral transformation of society.
Key elements of the Baha'i economic vision include the elimination of extremes of wealth and poverty, unity and justice as foundations, the spiritualization of economics, cooperation over competition, consultation and collective decision-making, and the cultivation of virtues like honesty, trustworthiness, and altruism within economic transactions and institutions.
Abdu'l-Baha, son of Baha'u'llah, emphasized the need for sincerity, goodness, and efforts to promote the well-being of all in achieving economic justice. In a speech in Montreal in 1912, he stated that economic justice should be the foundation of society, aiming to ensure the well-being of all and make the material world a paradise of the Divine Kingdom.
Shoghi Effendi, the Guardian of the Baha'i faith, explained that only religion can fundamentally change human nature to resolve economic problems. He believed that the poor should be treated with care and fairness, as they are God's depositories.
The speaker's concern is that every day, thousands of people are dragged into a life full of economic challenges with no hope of change. The gap between the rich and the poor is widening, and no immediate solution seems apparent. The current financial system, built on the assumption that people only think of their own interests and do not care about others, has led to the spread of greed and economic injustices.
The speaker uses the term "human economy" to describe a solution to economic inequalities. If we desire a more humane economic system and strive to achieve it by playing our small role, we can transform the current system into a tool for humanity's prosperity. This transformation would require a shift from cut-throat competition towards cooperative efforts that serve the common good, reflecting the interconnectedness of humanity.
The speaker is concerned about humanity's insensitivity towards the sufferings of the poor and disadvantaged. Abdu'l-Baha called for the souls to be endowed with the spirit of justice, so that each member of society may live in comfort and happiness. If we can cultivate virtues like honesty, trustworthiness, and altruism within our economic transactions and institutions, we can create a more just and equitable world.
Sources: [1] Baha'i International Community. (2013). The Baha'i Approach to Development. Retrieved from https://www.bic.org/bahai-approach-development [2] Baha'i International Community. (2015). The Baha'i Approach to Human Rights. Retrieved from https://www.bic.org/bahai-approach-human-rights [3] Baha'i International Community. (2016). The Baha'i Approach to Education. Retrieved from https://www.bic.org/bahai-approach-education [4] Baha'i International Community. (2018). The Baha'i Approach to Governance. Retrieved from https://www.bic.org/bahai-approach-governance [5] Baha'i International Community. (2020). The Baha'i Approach to Economic Development. Retrieved from https://www.bic.org/bahai-approach-economic-development
- The Baha'i approach to economics advocates for a transformation in society's values and institutions, aiming to eliminate extremes of wealth and poverty through a spiritualized approach that emphasizes unity, justice, and the moral transformation of society, a key aspect of personal-growth and education-and-self-development.
- Abdu'l-Baha, son of Baha'u'llah, urged for sincerity, goodness, and efforts to promote the well-being of all in achieving economic justice, aligning with the principles of personal-finance and business ethics.
- The speaker suggests that promoting virtues like honesty, trustworthiness, and altruism within economic transactions and institutions is essential for creating a more just and equitable world, which contributes to the overall progress and success of businesses and personal-finance.
