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Confucian Economics: The World at Work
Abstract
Chinese have their school of economics. Not recognized as a discipline, it can be extracted from Confucian doctrine. Called here “Confucian economics,” it is a form of ethics. Its seven consecutive principles are identified for the first time. They differ from and overlap with the corresponding principles of liberal economics. People are assumed to seek posterity rather than care for “instant gratification.” Physical resources they need are not viewed as scarce but as abundant. To survive under abundance, people rely on their work effort rather than try to take resources away from others. “Work ethics” and not a “profit margin” is a key motive. People work not for themselves but for others, basically families. As a source of moral rules, family is viewed as the main “work unit” and not the individual. Equality of income is paramount for retaining social peace, which precedes economic efficiency. Built on Confucian principles, economic system is basically a market system. However, it is animated not by individuals but by families. This design is called here “Confucian system.” Rather than to build based on liberal economics “capitalist system,” recent China is rebuilding “Confucian system.” Drawn from ancient teachings, “Confucian economics” is China's modernity.
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