Empowering Economics for Human Benefit
In the face of the ongoing pandemic, economic disparities between the rich and the poor have been highlighted more than ever. This stark reality has led many to question the foundations of our current financial system, a system built on the assumption that people only act in their own self-interest, leading to greed and economic injustices.
Shoghi Effendi, the Guardian of the Baha'i Faith, believed that these economic problems could not be solved without a fundamental change to the system. He emphasized the crucial role that religion can play in bringing about this change, a concept he referred to as "Humanomics."
Humanomics, in the context of the Baha'i Faith, is an approach to economics that integrates morality and spirituality directly into the economic system. It emphasizes that economic activity should not be solely about material gain but must also promote human dignity, social justice, and spiritual well-being.
The Baha'i perspective on Humanomics stresses that economic inequalities arise largely because current systems lack a moral and spiritual foundation. By injecting morality and spirituality, the Baha'i Faith prioritizes community welfare and equitable distribution of resources alongside individual rights and enterprise. This includes fostering cooperation over competition, protecting the rights of workers and consumers, encouraging trustworthiness in trade and finance, and ensuring that wealth serves society broadly rather than concentrating among the few.
By reorienting economics around principles like unity, justice, and consultation (core Baha'i teachings), Humanomics seeks to:
- Promote a balanced and just economic order where wealth is circulated fairly and poverty reduced.
- Encourage ethical finance practices that avoid exploitation, such as interest-based lending or unfair monopolies.
- Support community-centered economic initiatives fostering collective responsibility and mutual aid.
- Cultivate a sense of spiritual duty and moral responsibility among business leaders, policymakers, and consumers.
Shoghi Effendi's statements indicate a belief that economic justice is a fundamental human right and should be a foundation of the economic system. He also believed that the possibility of the economic system becoming more humane looked like a far-fetched dream, but could be achieved through desire and effort.
Baha'u'llah, the prophet and founder of the Baha'i Faith, is known as "Father of the Poor." He wrote that the poor are God's trust and urged against unjust treatment and betrayal. Abdu'l-Baha, the son of Baha'u'llah, explained that the fundamentals of the economic condition are divine in nature and associated with the world of the heart and spirit.
Abdu'l-Baha stated in a talk in Montreal in 1912 that economic justice is essential for people to live comfortable lives, and for the world to become a paradise. The ever-widening gap between the poor and the rich is concerning, and no immediate solution seems apparent. However, the Baha'i Faith offers a beacon of hope, a vision for a more equitable and just economic system, one that serves the entire human family spiritually, morally, and materially.
This holistic view contrasts with conventional economics by insisting that lasting solutions to inequality require integrating spiritual principles into all economic processes rather than treating economics as a value-neutral technical system. While academic sources directly explaining Humanomics as described in the Baha'i Faith may be scarce, this summary aligns with well-known Baha'i teachings on economics found in their authoritative writings, which emphasize these moral and spiritual dimensions as key to remedying economic inequity.
The author is determined to keep addressing this issue, determined to bring about a change in the economic system that benefits everyone, not just a select few. The author's work, guided by the teachings of the Baha'i Faith, continues to advocate for a more humane and just economic system, a system that embodies the principles of Humanomics.
In adherence to the Baha'i Faith's teachings, it is necessary to advocate for ethical finance practices that prioritize equitable distribution of resources, protect the rights of workers and consumers, and promote a balanced and just economic order where wealth is circulated fairly and poverty reduced. This approach to economics, known as Humanomics, seeks to integrate morality and spirituality directly into the economic system, fostering cooperation over competition and ensuring wealth serves society broadly rather than concentrating among the few.
Furthermore, the author, inspired by the Baha'i Faith's emphasis on economic justice as a fundamental human right, strives to bring about a change in the economic system that benefits everyone, not just a select few. This change, guided by the principles of Humanomics, aspires to create a holistic view of economics that insists on integrating spiritual principles into all economic processes, contrasting with conventional economics and offering a beacon of hope for a more equitable and just economic system.
