close logo

From Renunciation to Riches: The Jain Merchant Legacy in the Evolution of Bharat’s Economic and Cultural Tapestry

 Introduction

In the venerable corridors of scholarly discourse, where the interplay of culture, economy, and spirituality is ceaselessly examined, the narrative of Jainism has traditionally been enshrined within the austere bounds of asceticism and introspective spirituality. This paper, however, aims to venture beyond these confines to explore a facet of Jainism that has hitherto been overlooked yet is pivotal to understanding the fabric of Bharat’s historical and contemporary societal construct and its future- the Jain merchant legacy.

“From Renunciation to Riches: The Jain Merchant Legacy in Bharat’s Economic and Cultural Tapestry” seeks to recalibrate the understanding of Jainism’s contribution to the Indian subcontinent, not through its well-documented spiritual ethos, but rather through its relatively less examined yet equally significant mercantile traditions, the genesis of a Dharmic capitalist framework.

The Jain community, historically perceived as a bastion of ascetic values and spiritual pursuits, has concurrently played a transformative role in the economic and cultural spheres of Bharat.

Rooted deeply in the principles of ahimsa (non-violence) and aparigraha (non-attachment), many Jain merchants emerged not solely as accumulators of wealth but as harbingers of cultural renaissance and philanthropy.

Jain ontology and epistemology, deeply rooted in its scriptures and traditions, emphasize the reality of soul and matter, and the path to liberation through the three jewels: right faith, knowledge and conduct.

Jain texts, such as the Tattvartha Sutra, outline a detailed cosmology and philosophy that includes rigorous ethical practices applicable to mercantile activities.

These include non-violence (ahimsa) in business dealings, truthfulness (satya), and non-stealing (asteya), promoting ethical commerce. The epistemology asserts that knowledge can be obtained through direct perception, inference, and the testimony of the scriptures, guiding merchants in ethical decision-making.

This paper delves into the intricate web of historic trade networks, mercantile guilds, and pioneering financial institutions established by the Jain diaspora, the ontology and epistemology underscoring the seamless integration of their economic ventures with their deeply held spiritual convictions.

The odyssey of Jain merchants from the Mauryan era through the tumult of Indian history to the contemporary landscape of global capitalism presents a riveting narrative of adaptability, resilience, and ethical entrepreneurship.

The study meticulously discusses their journey in brief across pivotal epochs—from the Gupta period and the reign of the Gangas in Karnataka, through the Mughal Empire and the colonial encounters with European powers, to their indelible mark on India’s freedom struggle and the burgeoning dynamic domain of venture capitalism, international finance and technological innovation in the present day.

Central to this exploration is the concept of Michchhāmi Dukkaḍaṃ, a Jain tenet that embodies the ethos of forgiveness and underscores the community’s pursuit of material success in alignment with spiritual ideals.

This principle, among others, facilitated a unique culture of philanthropy and cultural patronage that significantly contributed to Bharat’s socio-economic progress and vibrancy.

“Parasparopagraho Jivanam” is another Jain sutra that translates to “souls render service to one another.” It emphasizes the interdependence of all life forms and is a core principle reflecting Jainism’s deep ecological perspective and ethical conduct.

This concept underscores non-violence (Ahimsa) and compassion towards all living beings, influencing Jain mercantile practices to be conducted with honesty, sustainability, and a sense of responsibility towards the community and environment.

By juxtaposing Jain economic activities within the broader spectrum of Indic philosophies, which advocate for a harmonious pursuit of the purusharthas (human endeavors) towards achieving transcendent goals, this paper posits a nuanced commentary on the symbiotic relationship between faith and commerce.

As Purvapaksha, I consider the work of Indologists, Marxist and Orientalist scholars  that critique Indic religions including Jainism for their perceived role in maintaining rigid societal status quos.

The general view among this set is that Jainism’s emphasis on non-violence and detachment is potentially passive, not directly addressing class struggle, multiple perceived fault lines or drastic societal change.

Colonial and Orientalist Indological scholarship tends to stereotype, compartmentalise a complex Indian reality into neat boxes that fit in with an established worldview.

However, this interpretation may overlook the deeply ethical and transformative potential Jainism proposes for individual and collective conduct.

Shunning polemics, this is a proposal to challenge prevailing stereotypes and reposition Jain mercantile prudence within the grand narrative of Indian civilisational history, thereby illuminating the profound and multifaceted impact of Jain merchants on the economic and cultural tapestry of Bharat and its implications for the globe.

Dharmic capitalism based on frameworks proposed by Indic scholars offer a sustainable, ecologically conscious and ethical alternative that is not limited by the myopic profit-seeking and dystopian conventional situation prevailing today.

Embracing Anekantavada, this research illuminates the discourse with a vision that transcends binary oppositions, advocating for a holistic, Dharma-driven model and practical ideas that enrich and enhance the Western intellectual tradition.

This approach does not seek to deride but to harmonize diverse world views, offering a multifaceted understanding of the cosmos that underscores the interconnectedness of all existence, a central tenet across all Sanatana Indic traditions.

In summary, this study not only aims to enrich an understanding of Jainism’s role beyond the spiritual domain but also contributes significantly to the discourse on the interrelations between religion, economy, and culture in the Indian context and around the world.

Through this lens, insights are obtained into the complex dynamics of faith and trade that have shaped the contours of Indian civilization across millennia, offering a compelling reflection on the enduring legacy of Jain merchants in Bharat’s rich historical narrative and future.

The Jaina Worldview

‘In any system of life, man’s self remains indivisible- he doesn’t renounce his inflated ‘ego’ or ‘self’. One’s boosted ego is the seed of all evils. All material systems are unable to extirpate the ‘self’ because their basis is materialism. The materialistic system doesn’t purify the ‘self’, it only suppresses it.’ (Gandhi, 2015, p.9)

– Acharya Mahaprajna ( Muni Nathmal) Swetambara Terapanthi Head

In a similar vein, another great Indic thinker Sri Aurobindo asserts in the Life Divine, ‘spirituality is in its essence an awakening to the inner reality of our being, to a spirit, self, soul which is other than our mind, life and body, an inner aspiration to know, to feel, to be that.’ (Paranjape, 2022)

Building on the insights of Acharya Mahaprajna and Sri Aurobindo, we delve into the Jain merchant community’s unique contributions to India’s economic and cultural tapestry, guided by an ethos that has engaged with and often transcended materialism, something antithetical to the conventional profit-seeking enterprise.

The intrinsic Jain worldview, emphasizing the purification of the ‘self’ beyond material gains, has fostered a model of commerce that integrates ethical practices with business endeavors.

The absence of a transcendent creator god but the traditional Indic emphasis on piety and increasing ‘good’ karma has led to a self-driven culture that has fostered immense goodwill and a business ethic lasting generations. It has left an indelible impact on Bharat’s cultural psyche.

History And Growth

From the Gana and Sreni guild type of organisations in ancient India, there is mention of Jaina merchants in the Licchavi republics, the Mauryan era through the Gupta period with its Sreshtis and Sarthavahas, modern Karnataka, Palakkad in present Kerala (Rajan,2006), as well as patronage from trading communities as indicated in the Mangulam and Alagarmalai inscriptions in the Tamil country. (Gurumurthy,2006)

Jagadu Shah, a Kutchi merchant in the 13th Century CE owned a fleet of ships trading in grain, cotton, and spices. He was known for his spirit of philanthropy and ensuring community welfare. (Jagdu Shah,n.d.)

Medieval European language sources and documents of various trading companies such as the Portuguese, English, Dutch and French indicate the pan-Indian character of Jain economic activities and their dispersal in different parts of India. (Gopal, 2019, Chapter 2)

Notable people in this era wielding colossal economic and philanthropic influence include the Jains Virji Vora in Surat, Shantidas Jhaveri from Ahmedabad and the house of Jagat Seth in Eastern India. (Gopal, 2019, Chapter 2)

Financing the Mughal court, their wars and expeditions, the European colonial powers and eventually the takeover of Bengal by Mir Jafar and the Robert Clive led East India Company, India’s history was irrevocably impacted by these Jaina merchants.

Another colourful figure from the era is Banarasidas, a Jaunpur Shrimal Jain merchant who authored Ardhakathanak (Half A Life), one of the earliest Indian autobiographies offering insights into the era’s trading practices. (Tiwari, n.d.)

In the 1800s, as one of the first Indian brokers who could read, speak and write English, Premchand Roychand Jain served as one of the founding members of the Native Share and Stock Brokers Association, later on to become the Bombay Stock Exchange, independent India’s premier economic catalyst. (This businessman, 2023).

Shrimad Rajchandra and Lala Lajpat Rai both born in mixed Hindu-Jain merchant families exerted a huge influence on diverse strains of India’s independence movement influencing Mohandas Gandhi and Bhagat Singh respectively.

Modern examples of prominent Jain business leaders include Gautam Adani, briefly the richest man globally as well as Ashwin Dani of Asian paints and Motilal Oswal, Ambalal Sarabhai, Kasturbhai Lalbhai, Walchand Hirachand, Sahu Jains owners of the Times of India, Ajit Jain of Berkshire Hathaway, Anshu Jain former co-Global CEO Deutsche Bank and HT Parekh founder of HDFC Bank among many others.

Beyond Profit: Jains, Literacy, and Navigating a Pluralistic Bharat

According to J.C. Jain (Stories of Trading merchants and Vasudevahindi), the active pursuit of wealth by young men was considered very honourable from ancient times, akin to a supreme moral duty.

In the Vasudevahindi, dated about 2nd century A.D., ‘one who enjoys himself and at the same time can add to the wealth of his forefathers is the best, one who doesn’t let his father’s wealth diminish is average, and he who exhausts all the wealth of his family is the worst kind of man.’(Jain, 1974)

As businessmen, the Jains enjoyed a distinct advantage over other communities as most of them had rudimentary knowledge of reading and writing and were by and large literate by the standards of the age. (Gopal, 2019, p.77)

Jaina studies experts including Paul Dundas in ‘The Jains’(1992), Padmanabh S Jaini in the ‘Jaina Path for purification’(1979) and Sherry Fohr ‘Jainism: A guide for the perplexed’ (2015) dig deep into the foundations of the tradition and its values, beliefs and practices but attempt to foist the points the respective authors want to extract from their narratives.

The J.C Jain account and the vernacular narratives about the Jaina merchants do not conform to the Brahminical, Sanskritised, casteist worldview many contemporary academics want to impose on the fluid dynamics of mobility, mutual tolerance and respect that often characterises the dynamic Bharatiya milieu.

In a remarkably balanced but sympathetic critique of the German sociologist Max Weber on the Religion of India, Romila Thapar in the School of Oriental and African Studies, London stresses on the lack of nuance and regard for fluid Indian realities that Weber applies while studying the subcontinent in contrast to the great dialectical detail on Europe. (SOAS, Center of Jaina Studies, 2016)

Colonial-era analysis is asymmetrical in regarding the ‘Orient’ as a static ‘other’ while exalting the rationality of the White Anglo-Saxon Protestant ethic.

Thapar, however harps on the caste hierarchy and the oversimplified Marxist theory of struggle between Brahminical authority and Shramanic tradition. Simply put, this lacks nuance and sensitivity for local lived realities and multiple accounts.

Disputes and minor fault lines are often exaggerated disregarding centuries of amity, syncretism and peaceful coexistence.

As per Lawrence Babb, Weber’s understanding of Jain business methods was ritualistic and tradition-bound unlike the rational Western Protestant capitalist ethic, a derivative of Puritanism. (Babb, 2020, “Weber and the Jains”)

It is an evident historical fact that unlike the monotheistic rigidity and single-minded imperial agenda of Abrahamic faiths, there was hardly any history of long-term internecine dispute in Bharat.

Jain ministers and merchants reached high positions and were not oppressed in Hindu kingdoms, learned Brahmins as well as Hindus from all varnas and Jatis freely served Jain kings.

Hemachandra in the Solanki kingdom, Bhamashah the loyal Oswal Jain minister of Rana Pratap, the Ellora monuments, the Jain temples in Khajuraho and Dilwara built under the Chandelas and the Chalukyas are testimony to this amity. Other examples include the Gangas, the Kadambas, the Hoyasalas, Kalachuris, Cholas, Pandyas, Pallavas et al.

Another under-stressed aspect is that the role of the Jainas, Buddhists as well as the six Vedic Darshanas and their approaches to reality that have imbued Indian knowledge systems with a dynamic pluralism in terms of ontology and epistemology. (Neelakandan, 2022, p.472)

The cognitive flexibility and the dynamic creative thought matrix this provided for the general Indian mind is unparalleled elsewhere.

The interconnectedness has been stressed by Acharya Mahaprajna on the authority of the Jain text Anyayogavyacchedadvatrimsika of Haribhadrasuri.

The Vedantic monism is like the waveless ocean and the Buddhist phenomenalism is like the state of the ocean with strong waves. (Jain) Non-absolutism appropriates them both.

Abstruse philosophy and its metaphysical tenets permeate gradually into practical life shaping a worldview. Business needs a shrewd assessment of the situation and consistent re-calibration of relationships with volatile power centres. The astuteness of Jain merchants in this regard provided them with access and cordial relationships even when iconoclastic Islamic despots were in power.

Medieval life around the world as well as religious communities, mercantile practices and general praxis was intricately connected to temples, places of worship and community centres. This continues in a somewhat diluted form to the present day.

Beyond Ahimsa: Jain Merchants, Karma, and Ethical Trade

However, the strangling commandment- like prescriptive Semitic worldview with a stark single life heaven-hell binary stands in marked contrast to the karmic, Dharmic and reincarnation based multiple lives Sanatana Indic ecosystem.

Samanvaya, the Indic tradition of reconciliation and synthesis has always been a strong dominant current in Bharatiya life and thought.

This translates to mutual respect and growth rather than vituperative and vicious disagreement that has infected contemporary discourse.

Jain merchants also played an instrumental part in the rise of the Sikh Panth, assisting Guru Gobind Singh and the Khalsa, an assertive Sanatana Dharmic tradition that arose as a reaction to brutal injustice and oppression.

Noted Indic scholar Shatavadhani R Ganesh has bemoaned the lack of Kshattra in his monumental work on the subject as a significant reason for India’s enslavement and civilisational decline. ‘Ahimsa Paramo Dharmah’ did not indicate shirking away from self-duty.

As per J.C. Jaini, ‘Jaina ethics are meant for men of all positions- kings, warriors, traders, artisans, agriculturists, men and women from all walks of life. Do your duty. Do it as humanely as you can. This, in brief, is the primary precept of Jainism. Non-killing cannot interfere with one’s duties. The king or a judge has to hang a murderer. The murderer’s act is the negation of the right of the murdered. The king or the judge’s order is the negation of the negation, enjoined by Jainism as a duty. Similarly the soldier on the battlefield. Only prejudiced and garbled accounts of Jainism have led to misunderstandings.’ (Jaini, n.d.)

It is a known fact as per Jain tradition that all the 24 tirthankaras were born in Kshatriya families. However, these siddhas who have resorted to spiritual conquest of the self rather than external military victories are realised beings in siddhashila. They are unrelated to the other cogs in the wheel of samsara grappling with their own individual karma.

This is reflected in the traditional greeting ‘Jai Jinendra’ that means ‘Hail to the Conquerors’. This is related to Kashayas such as attachment, desire and obsessive passions including a fanatic approach or an insistence on certainty of doctrines.

According to Jain tenets, it is too simplistic to regard material things earned through commercial engagement as the chief impediment to spiritual progress. Rather attachment and desire for more are bigger evils. (Shah and Rankin,2017, p.22)

As articulated above, existing research on Jainism and Jaina mercantile practices often focuses on historical and intricate doctrinal aspects, with less emphasis on how inbuilt ideas on Karma, Aparigraha, Satya, Asteya, Ahimsa and Anekantavada, Jainism’s principle of multiplicity of viewpoints, inform and enhance economic ethics for a viable alternative.

This gap leaves room for a deeper exploration of how Jain merchants apply core tenets to resolve ethical dilemmas in business, promoting practices that reflect non-violence, holistic sustainability, and fairness.

This paper aims to fill this gap by analyzing doctrine and its applicability to ancient and contemporary Jain businesses, revealing how an ancient legacy with an ethical core including Anekantavada(non-absolutism) can influence and alter modern economic decisions offering a Dharmic model and contribute  to a more ethical Indian and global economy.

Anekantavada, Jaina ethics and the Dharmic capitalism model

Anekantavada is literally the doctrine of non-one-sidedness or a profound Jain concept stressing pluralism. It teaches us that truth is multifaceted and reality complex; it challenges us to transcend our limited perspectives that each have a kernel of truth , embracing the richness of diversity in thought and existence.

In its wisdom, we find the call to humility, reminding us that our individual understanding is but a single note in the symphony of universal truth.

However, Jaina philosophy is a perspectivist realism, not a form of relativism applicable in every sphere, including business. The claim that an infinite number of attributes entails an infinite number of possibly true perspectives does not implicitly mean that all views have to be accepted as true. (Barbato, 2019)

Logic and evidence determine which views are true, and as to which aspect, and to what extent. For this, according to Katju, Anekantavad relies on ‘samyaktva’ interpreted as rationality and logic, and ‘syadvada’ which means ‘perhaps’ or ‘may be’, i.e. ‘in some ways’ or ‘from a particular perspective’ (Katju, 2014) Syadvada is further manifested in the conditional predication of saptabhangi (sevenfold) nyaya that covers a multiverse of possibilities.

The simplest way by which Anekantavada is usually explained is the fable of the blind men and the elephant (Andha-gaja Nyaya). With no idea of what the creature actually is, every man comes up with his own opinion- a pillar, rope, a thick tree branch, a huge wall, a big hand fan or a solid pipe.

Although there is some truth to what everyone says, they do not grasp the ultimate reality. In this way, as per its advocates, Anekantavada repudiates dogmatism and encourages introspection, engagement and a more profound search for viable long-term sustenance.

Like the blind men in the fable, humans are often guilty of mistaking a part for the whole, allowing our partial experiences and subjective interpretations to define our understanding of truth.

This doctrine invites us to acknowledge the coexistence of multiple perspectives, each contributing a vital piece to the puzzle of reality.

An ancient Sanskrit proverb asserts, ‘Vaade Vaade Jayate Tattvabodah’. – the very essence and ultimate truth. (Tripathi, 2021, p.21)

In his Saddarshansamgraha, the Svetambara Acharya Haribhadra defines vada as the practice of discourse between master and disciple taking up positions and counter positions. (Tripathi, 2021, p.172)

There is a fundamental difference between the Indic tradition of seeking an ultimate truth vis a vis the Western dialectic tradition where outwitting the opponent with a persistent combative stance is a given. For example, Adi Shankara criticised Anekantavada and a few Jaina scholars acknowledged shortcomings (Anekantavada,n.d.)

No Indic tradition including Jainism in ancient Bharat sought to indulge in limited and petty conflicts of superiority and one-upmanship. It was an inquisitive culture in search of the truth.

Integrating Tradition with Modernity

Therefore, a Jain Dharmic capitalist approach in the twenty-first century seeks to adapt ancient wisdom such as Anekantavada, Ahimsa and Aparigraha (non-possessiveness) in a more contemporary and relevant avatar, suitable to ethical business and financial practice.

Historically, despite India being a largely agrarian society, the Jain community did not mostly indulge in farming due to the core tenet of ahimsa, opting to become traders and merchants instead.

The philosophical underpinnings of the faith have also promoted a scientific and objective approach. Jain Darshana encourages detachment and a more discerning approach to reality.

In practice, the Jain cultural DNA has a long legacy of trading wisdom as well as an emphasis on educational attainment.

Material rewards and individualism is not derided, but there is also a sense that knowledge and resources should be used for the benefit of the community and society as a whole.

Predating today’s Corporate and Social Responsibility norms, a large proportion of Jain merchant profits have been geared towards spiritual and religious activities, hospitals, rehabilitation centres, animal welfare centres, dharmashalas. They set up Jaina Mathas and Shastrabhandars (manuscript libraries) since ancient times  serving as centres of learning, research and scholarship.

Sponsored by merchants, the Jain scholastic and literary community has enriched not only Sanskrit, Prakrit and Apabhramsa, but numerous Bharatiya languages including Hindi, Gujarati, Tamil, Telugu, Marathi and Kannada.

Mahavira Tirthankara asserted that the good of society and the individual were interrelated. He maintained that right behaviour entails proper conduct in earning wealth and limits on desires or in a modern context unbridled consumption.

This is a great barrier to a conventional present day profit-driven enterprise that interprets sustainability and business maximisation in creating demand.

Tradition and practice have often differed depending on a significant leeway exhibited by enterprises, communities and individuals.

Jain cosmology with its periods of expansion and contraction (avasarpini and utasarpini) (Shah and Rankin, 2017,p.31) have led to the viewing of life as a cyclical pattern of activity and achievement that gives way to renunciation and contemplation. Even today, we have examples of prominent Jain business family scions renouncing all their wealth and embracing monkhood. (Tiwari, 2015)

Non-obsessional behaviour and a materialist overkill characterise modern business, working professionals with most forms of industrial capitalism leading to a soulless disconnect and disenchantment.

Anekantavada fosters a spirit of open minded acceptance of different viewpoints and creative insights with long term respect and increased sustainability. The complexity of the present global economy, the importance of reconciling continuity and change needs a Jain approach, one that is intuitive, rational, sensitive and eco centric.

Jain business practices are part of a holistic, collaborative and comprehensive package- based on the principle and practice of careful, thoughtful action. (Shah and Rankin, 2017, p.27).

The principles of the five samitis(limits) and the three guptis(restraints) are part and parcel of Jaina belief similar to Yamas and Niyamas in Yoga or the Ashta-Shila in Buddhism.

Again, Anekantavada helps us appreciate what to a lay mind would appear as a contradiction- elaborate, beautiful and often ostentatious temple architecture and great material success resulting from business activity.

Respect for all life forms means sustainable engagement with the outside world that is not harmful in the long term to the overall health of the planetary biosphere.

The samsaric wheel, another common facet of Indic religions, means that individual consciousness can transmigrate into any form of life and everybody is in the same boat with its ultimate destination of liberating self-knowledge.

Anekantavada or non-absolutism is an additional nuanced layer in the Bharatiya darshanic canon.

On a more mundane, practical level however, globalisation has profoundly changed communities from within. (Roy, 2014)

From Self-Interest to Collective Ethics: Bridging Western and Jaina Economic Philosophies

Let us now contrast the fundamentals of Western economic thought, the basis of contemporary global capitalism with Sanatana thinking including Jainism.

In the annals of Western economic thought, the ideal of perfect competition stands as a cornerstone, advocated across a spectrum of influential theorists from Adam Smith to Milton Friedman.

This concept hinges on the premise that markets, under conditions of perfect competition and unfettered information flow, are most efficient at allocating resources.

Central to this framework is the principle of ‘self-interest,’ which, as Adam Smith eloquently illustrated through his ‘Baker analogy’ and invisible hand, driving economic actors to engage in transactions that, while intended for personal gain, inadvertently benefit society by addressing material wants and needs, thereby giving rise to economic demand and supply (Smith, 1776).

However, this idealized model assumes symmetric information, where all parties possess equal knowledge relevant to their transactions. Smith’s seminal work, “An Inquiry into the Nature and Causes of the Wealth of Nations,” implicitly acknowledges the role of information in market dynamics, albeit without delving into the complexities of information asymmetry.

The acknowledgment of information asymmetry and its implications for market efficiency significantly broadens the discourse.

Joseph E. Stiglitz, among others, has extensively analyzed how asymmetric information can lead to market failures, necessitating institutional intervention (Stiglitz, 2002). Stiglitz’s work underscores that when information is unevenly distributed, the self-regulating mechanism of the market is compromised, leading to inefficiencies such as moral hazard and adverse selection.

John Maynard Keynes and Milton Friedman, despite their differing views on the role of government and monetary policy, both recognized the necessity of institutional intervention to address market anomalies arising from information asymmetries and other sources.

Keynes, through his advocacy for government spending, and Friedman, through his emphasis on monetary policy, sought to rectify these imbalances, albeit through distinct approaches (Keynes, 1936; Friedman, 1968).

The dialogue between these economic theorists underscores a critical point: while the ideal of perfect competition remains a foundational pillar of Western economic thought, the reality of asymmetric information necessitates a recalibration of market principles.

Institutional interventions, whether Keynesian fiscal policies or Friedman’s monetary strategies, are deemed essential in restoring market equilibrium and ensuring the optimal allocation of resources.

Contrasting Western economic thought with the philosophical underpinnings of Sanatana Bharatiya civilization, including Jaina philosophy, offers a rich tapestry of insights into human behavior, market dynamics, and the pursuit of well-being.

While Western economics, from Adam Smith to Milton Friedman, posits an ideal market characterized by perfect competition and efficient allocation of resources driven by self-interest and informed by symmetric information, Jaina philosophy presents a nuanced understanding of human needs and their implications for economic behavior.

In Jaina thought, the concepts of ‘asrava’ (influx of karma) and ‘bandh’ (bondage of karma) are crucial in understanding human wants and desires (Jaini, 1979).

Unlike the Western economic assumption of demand and supply as given, Jaina philosophy suggests that human needs are deeply influenced by the karmic cycle. The process of ‘samsara’ (the cycle of birth, death, and rebirth) and ‘nirjara’ (shedding of karma) elucidates a transformative and evolved perspective on human desires.

The aim to halt and gradually eradicate karmic accumulations leads to a reevaluation of material needs, viewing them as constraints rather than mere economic drivers (Jaini, 1979).

This perspective inherently challenges the notion of free markets as defined by the satisfaction of material wants. Instead, it posits that an unbridled pursuit of desires fuels a continuous cycle of karma, resulting in societal and personal disruptions.

Such an understanding leads to a market philosophy that values balance—between satisfying material needs and restraining excessive indulgence or greed. This equilibrium fosters a market environment devoid of monopolies or oligopolies, advocating for an ethics-based economy that prioritizes sustainability and the collective good over individual gain.

The Jaina framework suggests that markets are not merely mechanisms for resource allocation but are intertwined with moral and ethical dimensions. A market that aligns with these principles, according to Jaina thought, would inherently promote fairness, equity, and long-term sustainability, challenging the conventional paradigms of competition and self-interest.

In summary, the contrast between Western economic ideals and Jaina philosophy highlights a profound shift from viewing markets as arenas of competition and self-interest to seeing them as spaces for ethical engagement and karmic consideration.

This divergence not only enriches the discourse on economics and philosophy but also invites a reimagining of contemporary economic practices towards more sustainable and ethically grounded models. Rather than accumulation, renunciation is an effective catalyst for more holistic riches.

Motivation for wealth earned with morality (Nyaya Sampanna Vaibhav) (Barvalia, 2015) has served as a background for ethics and morality fitting in with Jain values.

Integrating Anekantavada: From Jain Philosophy to Quantum Innovation

In the avant-garde realms of quantum mechanics and computing, the profound philosophical underpinnings of Bharatiya Darshanas, notably the Jaina doctrine of Anekantavada, offer a compelling framework for refining contemporary logical paradigms and ethical thought.

This principle of multiplicity of perspectives and non-absolutism resonates with the foundational principles of quantum mechanics, where particles exist in multiple states simultaneously until observed.

Renowned quantum physicists, including Erwin Schrödinger, have expressed a profound acknowledgment of Bharatiya Vedanta’s influence, suggesting a philosophical synergy between ancient wisdom and modern scientific inquiry (Moore, 2015).

Furthermore, foundational linguists and initial computational theories in the West have drawn inspiration from the ancient Indian grammarian Panini’s Ashtadhyayi. This treatise on Sanskrit grammar, influenced linguistics, algorithms and the basis of computing particularly through the Backus-Naur form instrumental modern computing languages (Cardona, 1997). In Bharat however, the wisdom of Indian Knowledge Systems is often derided as dated, unscientific and non-useful.

A recent research paper by Cambridge University Press in the International Journal of Astrobiology posits the Earth as an intelligent living entity, echoing the assertions made by Jaina philosophy and other Bharatiya Darshanas, which have long recognized the consciousness and life in every entity and the interconnectedness of all beings (Frank, Grinspoon and Walker, 2022)

This convergence of ancient philosophical insights with cutting-edge scientific research underscores a paradigmatic shift towards a more integrated, holistic understanding of reality, blending the empirical with the existential, and pointing towards a future where ideas coalesce to unravel the mysteries of the universe.

Bharatiya thought including the Jainas tend to place material or scientific knowledge on a justifiably lower pedestal, but when attempts are ongoing to alter the fundamental nature of the human body and consciousness, Anekantavada and a more holistic ethical understanding can stem and effectively alter a nihilistic, soulless tide.

Limitations

The core Jaina mercantile model of Dharmic capitalism, rooted in the ancient Jain philosophy of non-violence (Ahimsa), non-absolutism (Anekantavada), and non-possessiveness (Aparigraha), presents a compelling alternative to conventional capitalist paradigms. This model emphasizes ethical business practices, sustainability, and the well-being of all life forms.

However, like any philosophical or economic model, it faces limitations and practical challenges when applied to Bharat and the complex, interconnected global economy. Any cynic can point out numerous lacunae and shortcomings in a real-world scenario.

This paper explores these limitations and proposes pathways for integrating the Jaina model into the global economic landscape more effectively.

Some Limitations of the Jaina Model of Dharmic Capitalism:

  1. Scalability and Global Supply Chains: The principle of non-violence poses challenges for scaling businesses in industries that inherently involve harm to living beings, directly or indirectly, such as agriculture or manufacturing. The Indian and global supply chain, dependent on mass production and efficiency, often conflicts with the meticulous ethical considerations advocated by Jainism.
  2. Economic Incentives: The emphasis on non-possessiveness challenges the traditional economic incentives of profit maximization. This could deter investment and innovation in a competitive market where material success is a primary motivator (Chapple, 2000).
  3. Regulatory Frameworks: Current Indian and global economic structures and regulatory frameworks are not designed to accommodate the ethical and moral dimensions prioritized by Dharmic capitalism. This misalignment can hinder the implementation of Jaina principles at a broader economic level.

Proposed Solutions and Integration into the Indian and Global Scenario:

  1. Innovative Business Models: Gradually encourage the development of business models that prioritize ethical practices and sustainability, such as social enterprises and B (Benefit) Corporations. (Kim, Karlesky, Myers and Schifeling, 2016) These models can demonstrate the viability and competitiveness of businesses adhering to Dharmic principles.
  2. Ethical Investment and Consumption: Promote ethical investment and conscious consumption to create demand for products and services aligned with Dharmic capitalism and overall health of the biosphere. This can be supported by transparent supply chains and ethical certifications.
  3. Global Ethical Standards: Advocate for the incorporation of Dharmic principles into international trade and business regulations. This could involve setting Indian and global standards for ethical business practices, similar to environmental and labour standards currently in place (Chapple, 2000).
  4. Education and Awareness: Implement educational programs and awareness campaigns that highlight the benefits of Dharmic capitalism. By fostering a Bharatiya and global culture that values ethical consumption and business practices, consumer and investor behavior can shift towards supporting Dharmic capitalism models.
  5. Technological Innovation for Ethical Practices: Leverage technology to solve ethical dilemmas in industries including agriculture and manufacturing. Innovations such as already extant lab-grown meat or sustainable materials can reduce harm to living beings and the environment (Alvaro,2019), aligning with Dharmic principles.

Conclusion

While the Jaina model of Dharmic capitalism presents challenges in its application to the modern Indian and global economy, its core principles offer a foundational basis for a more ethical, sustainable, and equitable economic system.

By addressing the limitations through innovative business models, promoting ethical investment and consumption, advocating for global ethical standards, emphasizing education and awareness, and leveraging technological innovations in an effective ethical manner, the Jaina model can be adapted to fit a dynamic Indian and global scenario.

The integration of Dharmic capitalism into the Indian and global economy requires a concerted effort from policymakers, businesses, investors, and consumers alike.

It necessitates a profound paradigm shift from viewing success purely in terms of economic growth to valuing ethical practices, environmental sustainability, and the well-being of all life forms.

This shift is not only beneficial but essential in addressing the pressing challenges of our times, including climate change, inequality, and the depletion of natural resources.

Furthermore, the Indian and global scenario is increasingly receptive to models that prioritize sustainability and ethics, as evidenced by the rise of the green economy, impact investing, and corporate social responsibility initiatives.

In this context, the Jaina model of Dharmic capitalism has the potential to significantly alter the global economic landscape by providing a framework for economic activities that harmonize with ethical principles and sustainability.

Ultimately, the successful integration of the Dharmic Jaina model into the Indian and global economy could serve as a beacon for other philosophical and economic systems, demonstrating that it is possible to achieve economic prosperity without compromising ethical values or the health of the planet.

The journey towards this integration is a Herculean effort. It will be gradual and require innovation, adaptation, and collaboration. Still, the potential benefits for humanity and the environment make it a worthy endeavor.

This paper has objectively explored the legacy of Jaina merchants in Bharat’s economic and cultural trajectory. It also underscores the transformative potential of the Jaina model of Dharmic capitalism, suggesting a roadmap for its ethical core’s integration into the Bharatiya and global economic fabric.

Through such integration, we can envision a future where economic systems not only drive prosperity but also foster ethical values and sustainability, aligning with the profound wisdom of ancient Jain philosophy.

References

Gandhi, S.L. (2015) Acharya Mahapragya A Journey To Wisdom (1st ed.) Harper Element

Paranjape, M.(2022, Oct 17) New Nationalism and India’s Renaissance Voice of India Retrieved from https://voiceofindia.me/2022/10/17/new-nationalism-and-indias-renaissance-makarand-r-paranjape/

Rajan, K. (2006) Jaina Heritage of Palakkad Proceedings of the Indian History Congress Vol.67(2006-07), pp 145-182

Gurumurthy, S. (2006) Excavations of Archaeological Sites of Tamil Nadu Mankulam 2006-07 Retrieved from https://www.tnarch.gov.in/Library%20BOOk%20PDF/MANKULAM.pdf

Jagdu Shah A Jain Merchant and Philanthropist of 13th century Retrieved from https://www.jainsamaj.org/content.php?url=Shri_Jagdu_Shah_-_A

Gopal, S. (2019) Jains in India Historical Essays Chapter 2 (1st ed.) Routledge

Tiwari S.(n.d.) Ardhakathanak: A Commoner’s Discovery of the Mughal Milieu Rozenberg Quarterly Retrieved from https://rozenbergquarterly.com/ardhakathanak-a-commoners-discovery-of-the-mughal-milieu/

This businessman is India’s Original Big Bull., founded Rs. 300 lakh crore Bombay Stock Exchange (2023, July 8) DNA Retrieved from https://www.dnaindia.com/business/report-premchand-roychand-jain-businessman-1800s-india-original-big-bull-rs-300-lakh-crore-bombay-stock-exchange-bse-3050791

Jain, J. C. (1974). STORIES OF TRADING MERCHANTS AND VASUDEVAHIṆḌĪ. Annals of the Bhandarkar Oriental Research Institute, 55(1/4), 73–81. Retrieved from:  https://www.jstor.org/stable/41691505

Gopal, S. (2019) Jains in India Historical Essays p.77 (1st ed.) Routledge

[SOAS University of London]. (2016, September 16). Romila Thapar: Revisiting Max Weber on the Religion of India, SOAS University of London [Video]. SOAS. https://www.youtube.com/watch?v=TQnWQpkKBgM

Babb, L. Weber and the Jains Max Weber Studies, Volume 20, Number 2, July 2020, pp. 120-141 (Article) Retrieved from: https://muse.jhu.edu/article/808568/pdf

Neelakandan A. (2022) Hindutva: Origin, Evolution and Future p.472 (1st ed.) Kali Imprint, BluOne Ink Publishers

Jaini, J.(n.d.)  Ethics in Jainism Retrieved from: https://www.jainsamaj.org/content.php?url=Ethics_In_Jainism:-_By_Mr.

Shah, A.K & Rankin, A. (2017) Jainism and Ethical Finance p.22 (1st ed.) Routledge

Barbato, M. (2019, November) Anekāntavāda and Dialogic Identity Construction Retrieved from:

(PDF) Anekāntavāda and Dialogic Identity Construction

Katju, M. (2014, June 29) Anekantavad of Jainism Times of India Retrieved from:

https://timesofindia.indiatimes.com/blogs/satyam-bruyat/anekantavad-of-jainism/

Tripathi, R. (2021) Vāda in Theory and Practice: Studies in Debates p.21 (1st ed.) IIAS and D.K. World

Tripathi, R. (2021) Vāda in Theory and Practice: Studies in Debates p.172 (1st ed.) IIAS and D.K. World.

Anekantavada (n.d) Retrieved from: https://academic-accelerator.com/encyclopedia/anekantavada#google_vignette

Shah, A.K & Rankin, A. (2017) Jainism and Ethical Finance p.31 (1st ed.) Routledge

Tewari, A(2015, June 5) Delhi billionaire Bhanwarlal Doshi renounces all, becomes monk Times of India Retrieved from: https://timesofindia.indiatimes.com/city/ahmedabad/delhi-billionaire-bhanwarlal-doshi-renounces-all-becomes-monk/articleshow/47493959.cms

Shah, A.K & Rankin, A. (2017) Jainism and Ethical Finance p.27 (1st ed.) Routledge

Roy, T. (8th September 2014) The ‘Marwari’ Business Community is now a part of history LSE

Retrieved from: https://blogs.lse.ac.uk/southasia/2014/09/08/the-marwari-business-community-is-now-a-part-of-history/

Smith, A. (1776) The Wealth of Nations Adam Smith on the Butcher, the Brewer and the Baker Retrieved from:

https://oll.libertyfund.org/quotes/adam-smith-butcher-brewer-baker

Stiglitz, Joseph, E. 2002. “Information and the Change in the Paradigm in Economics .” American Economic Review, 92 (3): 460-501.

Keynes, J.M. (1936) The General Theory of Employment, Interest, and Money Retrieved from:

https://www.files.ethz.ch/isn/125515/1366_keynestheoryofemployment.pdf

Friedman, M. (1968) The Role of Monetary Policy. American Economic Review, 58(1), 1-17. Retrieved from:

https://www.aeaweb.org/aer/top20/58.1.1-17.pdf

Jaini, P. (1979) The Jaina Path of Purification Motilal Banarsidass Publishing House

Jaini, P. (1979) The Jaina Path of Purification Motilal Banarsidass Publishing House

Barvalia, G. (2015) Introduction to Jainism SKPG Jain Philosophical and Literary Research Centre Retrieved from: https://jainqq.org/booktext/Introduction_To_Jainism/034405

Moore, W. (2015) Schrödinger: Life and Thought (2nd ed.) Cambridge University Press

Cardona, G. (1997) Panini: A Survey of Research (1st ed.) Motilal Banarsidass

Frank, A., Grinspoon, D., & Walker, S. (2022). Intelligence as a planetary scale process. International Journal of Astrobiology, 21(2), 47–61. doi:10.1017/S147355042100029X

Chapple, C. (2000) Jainism and Ecology: Nonviolence in the Web of Life (1st ed.) Harvard University Press

Kim, Karlesky, Myers and Schifeling (2016) Why Companies Are Becoming B Corporations Harvard Business Review Retrieved from: https://spaces-cdn.owlstown.com/blobs/qr4e2wc52jt2u27zizala4um4o8h

Chapple, C. (2000) Jainism and Ecology: Nonviolence in the Web of Life (1st ed.) Harvard University Press

Alvaro, C. Lab-Grown Meat and Veganism: A Virtue-Oriented Perspective. J Agric Environ Ethics 32, 127–141 (2019). https://doi.org/10.1007/s10806-019-09759-2

Feature Image Credit: wikipedia.org

Tirtha Yatra & Conference On Jain Traditions

Watch video presentation of the above paper here:

Disclaimer: The opinions expressed in this article belong to the author. Indic Today is neither responsible nor liable for the accuracy, completeness, suitability, or validity of any information in the article.