The point that some historians of economy hold is that understanding economics necessarily requires knowledge of its past. It stands true in the case of India, because it illuminates the working of the Indian mind, which is closely linked to religion. Serious doubts came to be expressed about the justification of the Varna system and the usefulness of sacrificial rites taught by the Vedas; prominent among them being Buddha; the Enlightened or Awakened.
A recurrent theme in Buddhist texts, worldly and spiritual sphere of activity are not different in kind, and that the qualities required for success in them have a large overlap. Modes of right conduct for householders belonging to specific occupational categories had been prescribed by Buddha. Historically, the rise of Buddhism in India was a period where there was a considerable increase in internal and external commerce; organizational strength and political influence of merchant groups.
Traditionally, the....
