BUDDHISM UNDER CAPITALISM. Edited by Richard K.Payne and FabioRambelli. London and New York: Bloomsbury, 2023. Pp. viii + 269. Hardback, $95.00; Paperback, $30.95.

This volume exposes readers to the economic study of Buddhism—a relatively new development in Buddhist studies. Payne and Rambelli credit Jacques Gernet (1921–2018) as the pioneer in the field with his classic research on the economic impact of Buddhism in medieval China, initially published in 1956 in French. The eleven chapters of the book are grouped into three parts, “Historical Perspective,” “Contemporary Studies,” and “Theoretical Reflections,” and focus on “the economics of Buddhism” as an academic project instead of “Buddhist economics,” an ethical field. The book's studies embark on diverse and stimulating economic inquiries into the Buddhist world and provide astounding observations. For instance, by demonstrating how Tibetan monasteries manage their possessions, William Dewey draws attention to the distinction between the Theravāda and Mūlasarvāstivāda Vinayas and explores the economics of monasteries and the economic activities of individual monks (Chapter One). Scott Mitchell illuminates the position of Buddhist studies scholars at the intersection of secular knowledge economies, which are associated with the neoliberal capitalist system, and Buddhist economies (Chapter Nine). James Shields describes the adverse effects of capitalism and yields some ideas, including the revised Four Truths, for a subtle transformation within the capitalist system to create an ideal named “a Buddhist anti-capitalism” (Chapter Eleven). Generally, the book contributors present many compelling case studies around the world. Some examples include the commodification of Buddhist-inspired practices (mindfulness, Reiki) and Buddhist artifacts and concepts in secular settings (as with the Buddha-Bar franchise and in mental health clinics), Ladakhi monastics traveling to Europe to perform traditional rituals for creating karmic connections and receiving not only immediate donations but also potential endowments in the future, as well as possibilities and challenges of wide application of Gross National Happiness (GNH) embraced by the Bhutanese government. In short, despite the lack of canonical sources on economics, the volume as a whole challenges the common stereotype that Buddhism is a world-denying religion not involved in economic activities. While gift-merit exchanges were acknowledged and encouraged at the time of the Buddha, such exchanges have gradually transformed into more nuanced and complex ones affiliated with commodification in a money economy.