Consumerism on the Rise and the Significance of Indian Traditional Values: A Perspective for Change

Abstract

The Industrial Revolution ushered in an era of unprecedented production and consumption, giving rise to a global culture of consumerism closely tied to the dominance of capitalism. While capitalism has significantly enriched state economies, it also challenged the ethical and moral standards of living. This present paper explores the significance of the ancient Indian texts and their potential synergy for individual and state welfare. Focusing on the value of artha (material prosperity) within Indian classics, this paper emphasizes that wealth is viewed only as a means to live a good life, never as an end. The exploration includes insights from Purusharthas, the four goals of human life, the significance of Karmayoga in the Bhagavad Gita, and the moral teachings found in the EightfoldPath of Buddhism and Upanishadic wisdom. In analyzing capitalism's role in creating economic inequality, the paper advocates for a holistic approach guided by the principle of loka-saṃgraha (welfare of everyone) from the BhagavadGita. The present paper is an attempt to contribute to the discourse on fostering individual, state, and societal well-being.