The Empires Of Knowledge Commerce Essay


The empires of knowledge are the only empires that matter and that last as it is these empires which lead to the creation, development, sustenance and survival of all other empires. However, like the proverbial Roman Empire, the empires of knowledge are built neither in a day nor by a single person or group of persons. On the other hand, there are hosts and hosts of scholars belonging to different times and climes with whose consistent efforts the majestic edifice of knowledge not only comes into existence but also develops and shines further. Thus, no research, whatsoever, can be conducted in isolation and every researcher is indebted to all his/her predecessors and contemporaries who have in any way, made their contribution to that particular field. The review of literature that follows is the researcher's endeavour to highlight that contribution and acknowledge her indebtedness to them for paving the way for her research.

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A large number of studies that have been conducted by scholars and researchers on different aspects of management perspectives through spirituality in India and abroad are reproduced in brief as under:

Upinderjit Kaur (1990) in her published Ph.D thesis "Sikh Religion and Economic Development" assessed the role of the religious factors in economic development with particular focus on Sikhism. The study is inter-disciplinary in nature and the researcher has tried to present a critical evaluation of the basic tenets of the Sikh community and the incentives/disincentives which they provide for economic development. The study analyzed the relationship between Sikhism and economic development by studying Sikh religious system, the scriptural value system, the institutional framework and the operational value system as the main parameters. The researcher found out that non-economic factors have a decisive influence on economic development. In other words, religious beliefs and values influence the economic system by putting an indelible impact on the ethos of an economic system. It is concluded that Sikhism is supportive of forces of progress as it is a life-asserting, world-affirming, progressive, active and egalitarian religion and the Sikhs because of their entrepreneurial and progress oriented character have been playing an important role in the country's economic growth.

Braam Oberholster (1993) in his paper, "Management- A Christian Perspective", outlines the concepts and flaws of classical, human relations and human resource management perspective and unfolds the relevance of the Christian perspective in the said areas. The study suggested that according to the Christian perspective the role of management should be understood as that of a steward (servant leader) who together with other God created people, takes care of the resources that have been entrusted to them for the development towards God directed purposes and to the glory of God. It further says that the manager is expected to bring development through his work which is for the benefit of others and should be proactive, innovative and balanced in his approach. This perspective provides the businessman a much higher meaning in life than mere material gain, much higher purpose than to make profit and in his role as a steward, to provide a spiritual dimension in the work place. The study concluded that the Christian perspective brings overall enrichment by meeting people's psychological, social, intellectual, aesthetic and spiritual needs while addressing economic, technological, societal and environmental concerns to the benefit of all mankind.

S.K. Chakraborty (1995) in his book "Ethics in Management: Vedantic Perspectives" provided a conceptual and empirical framework of Vedantic and allied principles applicable to the various aspects of management. The book examined the relevance of the Vedantic system in individual motivation, leadership and the transformation of the work ethics. It suggests a set of guidelines to revive holistic consciousness for ethico-moral values. It also studies the contribution of great thinkers like Rabindranath Tagore, Mahatma Gandhi, Sri Aurobindo and others in the field of different management perspectives.

The author also examined the Tata leadership crisis of 1991 and the securities scam of 1991-92 and asserted that the fragmental approaches to modernize organic cultures like that of India, are fraught with grave danger. If its basic human values are restored with renewed vigour, of which the business ashram could be a modern symbol, India would be doing good, both to herself and the world. The author concludes that the integration of western technological and managerial skills with a holistic cultural ethos and system of values should be applied in management for sustaining corporate morality.

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Stephen J. Gould (1995) in his paper, "The Buddhist Perspective on Business Ethics: Experiential Exercises for Exploration and Practice", asserted that a Buddhist perspective on ethics takes into account the individual in a holistic manner. The purpose of the paper was to study Buddhist -inspired approach to ethics and its applicability to business. The researcher constructed exercises to study the self- understanding of the managers and its impact on the conduct of the business. On the basis of these experiential exercises, he emphasised that an individual should focus on one's thoughts, feelings and behaviours in relation to one's ethical bearing in the conduct of business. The study suggested that by using meditative exercises, the managers can enhance ethical understanding and practice in business matters. It finally concluded that Buddhist perspective on inner thoughts and feelings of the individual can illuminate ethical concerns in highly practical ways and help decision-makers to take ethical decisions.

Addel Rahman (1995) in his paper, "An Islamic Perspective on Organisational Motivation", offers an alternative Islamic perspective on organisational motivation. The study reveals that Western models conceive organizational motivation as, in essence, a human relationship between the organizational member and the organization whereas the Islamic perspective perceives organizational motivation as a human relationship, but one that springs from or, is anchored in the relationship, between the individual and God. Therefore, the researcher asserts, that the cornerstone of employee motivation is not the individual intrinsic needs but those work related commitments that are spiritual in nature and are for serving others.

The alternative Islamic perspective on organisational motivation as proposed by the researcher was based on the Islamic concept- ihsan i.e perfecting one's behaviour by inculcating divine goodness. The study concluded that if the model of organizational motivation is based on Islamic perspective then it will lead to maximize organisational efficiency, the organizational member's dignity, self-control, self- responsibility, self-respect and client responsiveness.

N. Siva Kumar and U.S. Rao (1996) in their paper, "Guidelines for Values Based Management in Kautilya's Arthashastra", assert that Kautilya's Arthshastra provides a total framework for the practice of value based management. The objective of their paper was to develop a model for value-based management on the guidelines provided in Kautilya's Arthshastra with focus on ethics, morals and values. The model developed by the researchers is based on three components. The first component, organizational philosophy, defines the basic purpose of the existence of the organization, which should be welfare of the various stakeholders and the society. The second component is value based leadership. The researchers assert that Katuliya insisted on a leader who was virtuous, who promoted the people's welfare at all times, in all places and at all costs, who is a righteous and spiritual leader. The third component is organization's culture. The model incorporated the Kautilya's belief that not only the leader but organization members should also be virtuous and righteous and their righteous behaviour should be rewarded while their unethical behaviour should be checked. The model also elaborated the policies for the accomplishment of organizational purposes.

The paper concluded that Kautilya's approach acknowledged the relevance of various components of organizational philosophy and culture, stakeholders' policies and feedback on performance in effective practice of value-based management. The unique feature of the 'Arthashastra' was found to be the concept of 'Yoga-Kshema' (social welfare). The paper construed that Kautilya's Arthshastra provides guidelines towards the practice of value-based-management which are applicable even today.

Ronald M. Green (1997) in his paper, "Guiding Principles of Jewish Business Ethics", developed six most important guiding principles of classical Jewish business ethics and illustrated their application by applying them on issues of business responsibilities. These principles included-(1) the legitimacy of business activity and profit; (2) the divine origin and ordination of wealth (and hence the limits and obligations of human ownership); (3) the pre-eminent position in decision making given to the protection and preservation (sanctity) of human life; (4) the protection of consumers from commercial harm; (5) the avoidance of fraud and misrepresentation in sales transactions; and (6) the moral requirement to go beyond the letter of the law.

These principles specify that economic activity should be carried out to earn legitimate profits and should be pursued for social justice, and protection and preservation of sanctity of human life. According to the researcher, these Talmudic principles (Jewish principles of faith) advocate that the business should be conducted within the framework of religious and ethical norms, should avoid fraud and misrepresentation and should protect the vulnerable consumers from harm. Managers should act as stewards of wealth, property and natural environment. The study concluded that religious and ethical teachings can lead managers towards moral sensibilities and higher level of moral accomplishments.

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Rafik Issa Beekun and Jamal Badawi (1999) in their published research work, "Leadership: An Islamic Perspective", integrated contemporary business techniques with traditional Islamic wisdom. The objective of the study was to understand the nature and processes of Islamic leadership and to interpret a model of leadership effectiveness from Islamic perspective. The findings of the study depict that Islamic leaders were effective because they adjusted their style of leadership to fit the characteristics of their members and the situations but neglected their roles as coaches or mentors. Researchers assert that those leaders who engaged in self - development and had ability to look at a situation from multiple perspectives were more successful.

The study also gave the notion of dynamic followership, as emphasized in Quran, where followers should be obedient and have willingness to work in unity. They analyzed Kouzes and Posner model (Model developed by Jim Kouzes and Barry Posner in their famous work "Leadership Challenge" from Islamic Leadership perspective and juxtaposed each step with verses from Quran or anecdotes of Islamic leaders, concluding that the superiority of a leadership model centered on ethical principles is finally emerging as the best leadership paradigm.

M.P. Bhattathiri (1999) in his research article, "Bhagavat Gita and Management", discussed the value of old truths in the new context. The objective of the study was to develop a framework of management based on wisdom of Bhagavad Gita for conducting managerial functions in an excellent and efficient manner. The findings suggest that every manager tries to reach a level of excellence and effectiveness and this can be achieved by managing oneself as propounded by Bhagavad Gita. According to the researcher Sri Krishana elaborates two types of work culture-daivi sampat or divine work culture and asuri sampat or demonic work culture and advocates daivi sampat as the right and true way of managing business. The Bhagavad Gita contains many management concepts and strategies to tackle and overcome crisis and to achieve the mental equilibrium.

The researcher stresses that in the comparative analysis of western management and management as given in Bhagwad Gita, the inference is that western management thought often deals with problems at material, external and peripheral level whereas Bhagavad Gita tackles the issue from grassroots level of human thinking. The best means of effective management performance is the work itself. Sri Krishana changed Arjuna's mind from the state of inertia to one of righteous action but reminded him that his actions should not be for his benefit but for 'Loksangraha' i.e. for the welfare or the good of many. He concludes that western management model should not be discarded but modified in accordance with the ideals of Bhagavad Gita.

Gerald F. Cavanagh and Mark R. Bandsuch (2002) in their paper titled "Virtue as a Benchmark for Spirituality in Business" tested the hypothesis-A spirituality that enables a person to develop good moral habits (or virtue) is appropriate for the workplace. To test the hypothesis, they analysed the leadership styles of-Aaron Fewerstein, Max Depree, John Marx Templeton, James E. Brike and Robers Haas- the top five executives. It was found that these leaders attributed their success to their own spiritualities. Their examples demonstrated how virtue stems from their spirituality and is, therefore, reasonable to use virtue as a benchmark to judge the appropriateness of the spirituality and it should not be casual or occasional or religion based. The findings show that the development of most of the good moral habits or virtues in the workplace increase worker integrity, cooperation, motivation, creativity, job-satisfaction and productivity.

It is found through the study that a virtuous person will always act ethically and will do the right things at work and elsewhere. The researchers conclude that the process of virtue development includes repeated good moral acts which becomes a habit and leads to the formation of employee's virtuous character, which in turn benefits the workplace and the firm, minimizing the potential problems.

E. M. Epstein (2002) in his paper titled "Religion and Business - The Critical Role of Religious Traditions in Management Education" highlighted the importance of religious values in management and the need to teach these values in the business schools. According to the researcher, several contributions noted that the Hebrew Bible, Rabbinic Writings, the Quran and the books of Sunnah are reasonably explicit concerning the ethical standards expected in particular business contexts. The study asserts that Management education has a role to play in introducing teachings drawn from our religious traditions into business ethics so that individuals have sought to create a connection between their work personality and their religious/spiritual personality. The study concludes that business actions, spirituality and religious commitment are inextricable parts of a coherent life and the management students should be prepared to consider this possibility through reformed curriculum.

Kuldeep Singh (2002), in his paper titled, "Business Ethics in Sikh Tradition", claimed that Sikhism sets very lofty moral standards for its adherents to follow and gives high ethical values to run the daily affairs. The objective of the paper was to develop the moral standards and code of conduct for business based on the wisdom of Sri Guru Granth Sahib (Sikh Scripture). The study asserts that Guru Nanak founded Sikhism when other religions were failing to provide right direction to the people. The author has quoted many hymns/verses from Sri Guru Granth Sahib to depict the ethics to be adhered to by the business community.

The findings suggest that on the basis of virtues emphasized in Sri Guru Granth Sahib, a Sikh businessman is to make sure that his business ethics are not in conflict with the value system of Sikh religion. He is to share his earning with his fellow beings in the spirit of responsibility and not as charity, he should treat every employee equally irrespective of caste/creed/age/gender, he should not cheat, lie, bribe, indulge in black marketing or hoard money and he should not deprive anyone of his/her due share or wages. The analysis of Sikh ideology further suggests that an employee should also do his job sincerely with the objective of serving humanity, and not to earn money to become rich or to boss over others. The researcher concludes that Sri Guru Granth Sahib can become the basis of character building for a Sikh as Sikhism gives a most ethical system for proper conduct of business as well as other professions.

Nalini V.Dave (2003) in her book, "Vedanta and Management", focused on basic and eternal truths of Vedanta and illustrated the application and implementation of these in management practices. The author proposed the Indian management thought based on the concepts of Vedanta in the areas of management of self, management of men, leadership, motivation, communication, decision-making etc. It was suggested that a manager should be Karma-Yogi, in the real sense of the word. If he has control over Raga (attachment), Bhava (fear), and Krodh (anger), if he has the art to lift his people from egocentric vision to macro-vision, if he can manage his own self, if he can bring out maximum divinity and potentialities from his employees for the betterment of not only the employees but also of the organization and the society as a whole, he will definitely come out as an excellent manager just like Raja (King) in governance and Rishi (Saint) in qualities. The author concluded that according to the Vedantic view, business should not be viewed only as a means of earning profits but as a means for the evolution of individuals, organizations and the whole mankind towards its excellence.

Arun Kumar (2004) in his published research work, "Management Leadership through Bhagwat Gita", made an in-depth study with a view to explore, identify and formulate the wisdom of Bhagwat Gita in the field of leadership and team building, philosophy of life, work ethics, decision-making, motivation, communication and human relations in business and industry. A closed ended opinion poll questionnaire was developed by him to find out the opinion of consultants, managers and supervisory engineers working in Indian and multinational corporations within the National Capital Region regarding the possibility of management leadership through Bagawat Gita.

Though the concept of 'Nishkama Karma', doing good deeds without any expectation of reward, recognition, appreciation or gratitude, the central teaching of Gita, was rejected by the good majority in the opinion polls. The concept of 'Nishkama Karma' might be acceptable if it is explained as process-oriented instead of reward-oriented. Process education stresses the process through which results are obtained and not the results themselves. A comparative analysis of western model of Management Leadership and Bhagwat Gita model of Management Leadership leads to the conclusion that Bhagwat Gita model is absolutely superior to the western model and a successful management model for any country must be culture specific. It was concluded that by the synthesis of Bhagwat Gita philosophy, beliefs, attitudes and values with Western thought and techniques, Indian managers would be able to fulfill their Indian cultural specific roles not only in Indian corporate scene but in the world corporate scene also.

Justin G. Longenecker, Joseph A. McKinney and Carlos W. Moore (2004), in their research paper, "Religion Intensity, Evangelical Christianity and Business Ethics: An Empirical Study", undertook an empirical investigation of 1234 business managers and professionals in the United States with an objective to study the relationship between the religious commitments and business ethics. Respondents evaluated the quality of 16 business decisions and also indicated the nature of their own religious persuasions. Those who accepted very positively the Bible as a reliable guide and recognized Jesus Christ as Lord of all business activities were classified as Evangelicals. The study found that Evangelical and Non- Evangelical respondents differ in the degree of importance they assign to religious values. Evangelical respondents showed a greater reluctance to approve ethically questionable decisions than did respondents holding other type of religious faith. The study concluded that there is a positive relationship between the religious commitments and business ethics of managers and some values improve moral judgments of at least some type of ethical issues.

Muzammil Siddiqi (2004) in his research article, Business Ethics in Islam, deliberated upon the teachings of Prophet Mohammad with an objective to develop Islamic business ethics. The researcher threw light on the great personality of Prophet Mohammad, who was an ideal human being, a multi-dimensional personality, the best teacher, preacher, guide, statesman, lawgiver and judge and was also a very honest and successful businessman. According to the study, every manager should follow the Prophet, who emphasized that honesty and kind dealing with customers is the secret of success in business.

The researcher also analysed the major principles of fair business dealing according to Islam like Al-Tirmidhi, Al-Bukhari, Abu Dawud etc. where Islam forbids monopolies, hoarding merchandise, transaction of haram items, advocates mutual consent of two parties, kindness to buyer, truthfulness and honesty in dealings and discussed the role of business ethics in present scenario. The study concludes that in the present era of globalization all people should be treated equally without discrimination, the resources of earth should not be wasted or destroyed, due respect should be given to religious sentiments of all, ethical standards should be promoted, education system should be improved and all should live under the golden rule-Like for others what you like for yourself.

Prema Sagar and Ashwani Singla (2004) in their paper, "Trust and Corporate Social Responsibility: Lessons from India", have discussed the concept of corporate social responsibility as enshrined in the sacred Indian texts and its impact on Indian CSR policies. By analyzing the top ten most respected companies in India, the researchers found that the deeply engrained belief in Karma as espoused by Bhagwat Gita extends into the role of business in the society, breaking across the barriers of culture, religion and language. The findings show that the renowned corporate houses of Tata and Birla have led the way in making corporate social responsibility an integral part of their business plans.

The concepts of triple bottom-line reporting, i.e. assessing and providing an account of a company's social, environmental and economic impact and performance was embraced by only a few till 2000 but today such reporting is done by the majority to prove that they are acting responsibly. An analysis of Fortune 500 companies shows that all are pursuing CSR policies, mainly being handled by their public relations department, followed by CSR department or other departments and areas handled range from ethics, environment, health and safety to gender rights, investors rights, human rights etc. It is concluded that the Indian values are the pillars upholding the symbiotic relationship between the community and business in India.

E. Ajanta Chakravarty (2005) in his book titled, "The Gita and the Art of Successful Management", brought out an interesting study of Gita in the context of management of modern enterprise. The purpose of the book was to explore the management base of Hinduism as enshrined in Gita. The researcher deemed the warrior as an executive and the Sarathi as a manager and deduced that the success of the warrior depends on the vision and analyzing skills of the sarathi, who knows how to take best advantage of the opportunities. Gita describes different forms of Yoga and according to the author, Yoga is a philosophical system that treats all life as a management enterprise. The study surmised that a manager, to be successful, should take realistic vision of the totality and should rise above narrow, short term and individualistic motives. He should be able to clarify the subordinate's ideas, encourage and motivate him, increase his knowledge, guide him the way Krishna transformed Arjuna, who was dispirited, directionless, confused and in agony. The study concludes that the organization will thrive only when manager keeps a larger vision comprising good of mankind and the welfare of society and in the end like Arjuna, one should be above all doubts towards the duties and rise in enlightenment.

Nikhil Barat and Bani P. Banerjee (2005), in their book, "Comparative Ethos in Management", analysed continents like America, Europe, Asia, and Australia to highlight the difference between the civilisation and ethos of the countries. History, education level, character traits, national ethos and ethos in management of different countries were discussed with the objective that the study of the different traits would enable the growth of mutual understanding and thus make global interactions more objective and fruitful. The authors undertook a critical study of several leading countries to establish country specific and time specific trends as also the changes that have taken place and changes most likely to happen in those countries. It has been found that communication gap between managers of different countries who were to operate together in the age of globalisation should be realised and removed. The study concludes that in any country, a company's success is best assured if its ethos is guided and is in line with the national ethos of the country it is operating in.

Aruna Das Gupta (2005) in her paper titled, "Corporate Social Responsibility in India: Promoting Human Development towards a Sacro-Civic Society", attempted at charting out a road map for signifying the importance of CSR. She asserted that corporate giants have a great role to play in the development of the society. They are not only engines of economic growth but also pivotal agents of social and political integration. According to the survey undertaken by the researcher, there were a number of companies who believed in CSR in India. Nearly 70% of the corporate houses believed that they have an obligation towards the society upon whose resources they are drawing but only 3% companies have written CSR policy.

The paper citeed examples of different Indian business houses involved in CSR in promoting overall human development. Most of the concerns like Tata Sons, Birla Group, Canara Bank, Wipro, NIIT, IBM, Philips Software Center, Infosys, HCL etc. are contributing towards community development. The key areas covered in the CSR initiatives are skills training, literacy, health, hygiene, sanitation, environment programmes, water harvesting, rural upliftment and social rehabilitation. She concluded that CSR is not merely a buzz work today but is being rapidly imbibed into the culture of organizations. CSR will be the way to go in future and Indian companies are showing the way of making sacro-civic society, a society where equality, fraternity, liberty and harmony prevail.

Swami Someswaranada (2005) in his book, "Business Management- the Gita Way", stressed that the management should be redefined and should be culture specific since we lack strong foundation in management of organisations. The author suggested that in India a leader can be successful when he knows his subordinates well and for that he has to understand the characteristics of Indian psyche and the focus should be on workmen and masses. According to the author, the Indian wisdom offers theory P (P for Parent) where manager goes through the three steps of empowering the subordinates: Bhakti- where manager should establish relationship with employees, Yukti- where manager should focus on the development of the intellect of the subordinates and Mukti- where manager should give more and more freedom to employees in the work.

The author believes that profits are a must for a company but the method of earning it should be to serve maximum number of people in a better and still better way. All the chapters and concepts are laced with illustrations and examples, and on their analysis many models for solving various problems faced by the organizations have been propounded. The author concludes that the Gita tries to solve the problems of business by solving the problems of the people because real power lies with the people, not with money or knowledge and a businessman should think in terms of giving a lead and direction to the industry with a mission to help the country to grow because our growth is sustainable when we grow along with others.

Robert Burke (2006) in his paper, "Leadership and Spirituality", used a practical epistemological exploratory approach to develop a new leadership paradigm. For the purpose of the study, the researcher studied the history and underlying philosophies of management that have led to the current popular concept of leadership with a view to suggest a different world outlook to bring about a change to the philosophies in order to enhance leadership effectiveness. The researcher found that effective leadership is multi-disciplinary, involving not only those disciplines of sociology, psychology and technology but that of spirituality as well and suggested that effective leadership can be achieved by creating an integral spiritual connectedness between governments, organizations and society as a whole.

He found spiritual leadership approach effective because of the different ways it offers for deeper insight not only into leader's own spiritual self, but also beyond this to that of others with whom the leader interacts and that of others who are affected by the results of their leadership. The researcher concludes that through leaders emotional and spiritual intelligence, a new leadership paradigm can emerge where leaders will be effective in management due to rational intelligence and effective in leadership due to use of multiple intelligence.

Hsing Yun (2006) in his paper, "A Buddhist Approach to Management", laid down the principles of Humanistic Buddhism and its application to human resource management and has given the prerequisites of a modern manager in accordance with Buddhist approach. The objective of the study was to analyse the working of the Sangha Community and the Chinese Monasteries to develop management perspectives from Buddhist Shastras and Fo Guang Shan. The study revealed that Buddhist Sangha Communities were organisations that excelled in managerial skills because they followed the system of equality and shared responsibility, decentralised leadership, democratic governance and effective communication, respect to all members of the community. The success of the Chinese Monasteries was found to be the actuality that they relied on the principles of self-commitment, self-monitoring and self-discipline.

The Fo Guang Shan's approach to management was found to be based on the fact that they believed in shared vision and values, and convergence of ideas and opinions of the members. The management perspective developed from the Amitabha Sutra and Lotus Sutra management was that a manager should be an expert in ecological as well as human resource management and should have the power of accommodating people's needs. The study concluded that Humanistic Buddhism relied on principles of self-discipline, self-motivation, self-monitoring and repentance, and to be successful, a leader should know how to develop, cultivate and nurture a competent staff.

Stefano Zamagni (2006) in his paper titled "Religious Values and Corporate Decision Making: An Economist's Perspective", addressed two questions, namely- why do we talk of corporate social responsibility today so insistently and what is the response to the demand for CSR from cultural and academic circles. The study asserts that corporate philanthropy has always existed and the logic of the philanthropic enterprise is one of concession or compassion and this logic and action of 'non-profit organizations' have penetrated into the logic and action of 'for-profit organization' and also because consumers in the epoch of globalization are becoming more concerned about the moral consequences of their choice and do not choose to spend money only on the criteria of price/quality ratio.

The researcher also asserts that since economics was born out of moral philosophy, ethics should become a part of the objective function of the agent. It will be the automatic motivation to do what seems right, thereby introducing moral philosophy and religious or moral values into an economic discourse either as constraint of the objective function or as an argument of the objective function itself. The study concludes that CSR should rest on the principle of equal dignity of all subjects involved in a business activity, starting from the setting of goals to the fulfillment of the entrepreneurial plan.

Syed Agil, Djasriza Jasin and Fatimah Pa'wan (2007) in their paper, "Nine Islamic Management Practices and Habits in Islamic History: Lessons for Managers and Leaders", endeavoured to draw lessons from history for the benefit of modern leaders and managers. The objective of the paper was to analyse the management style of Caliph Ali ibn Abi Talib and Caliph Umar Al-Khattab, the two leaders in Islamic history who administered the state with justice and tolerance.

The study found that their management systems were based on nine principles, namely-adherence to the religious texts, shared mission, mission and values, character building, putting the right people in the right place, permanence and dynamism, strong human relations, group consultation, controlling and justice and selective adaptation. The study concludes that Caliph Ali ibn Abi Talib and Caliph Umar Al-Khattab were successful and popular leaders because of their unique characteristics and these attributes should be acquired by modern, contemporary leaders and managers to create effective and efficient organisations.

Atul K. Shah (2007) in his paper, "Jain Business Ethics", proposed to examine the ethics and practical values of the Jain business community. The objective of the paper was to demonstrate the relevance of culture and community to the sustainable business success and to show how present day studies of social responsibility and sustainability could be influenced by the Jain culture and community. According to the researcher, the success of Jain business community was the outcome of their cultural and religious heritage. The study indicated that Jains follow an ethical code of conduct in business and regularly interact with monks and nuns.

The study reveals that Jains were astute, trustworthy, reliable, and versatile and have a sense of community loyalty. The study further reveals that Jainism advocated Ahimsa meaning non-violence, Anekant meaning that truth has many facets, Asteya & Satya encouraging Jains to be truthful and honest in their actions and not to steal, Saiyam meaning self-discipline and self-control, tapas or restraint in eating, Aparigraha explains that possessiveness and materialism lead to downfall. With these values, a Jain businessman endeavours to minimize harm and maximize good. Business is a means and never an end, means to serve society. Their leadership style is to be a humble and unimposing manager. Today, these values need to be reminded and revived as our younger generation is getting affected by the changing world. The study concludes that communities like the Jain community, who have prospered over generations can bring out effective leadership and management styles.

Balakrishnan Muniapan and Junaid M Sheikh (2007) in their paper, "Lessons in Corporate Governance from Kautiya's Arthashastra in Ancient India", have made an effort to create awareness of the relevance of ancient literature to modern managers in effective and efficient corporate management practices. The objective of the study was to equate and apply ancient literature to Corporate Governance. According to the researchers, Arthshastra was written by Kautilya to guide King Chandragupta Maurya and its basic purpose was to guide those who govern. Corporate Governance means the moral framework, the value framework and the ethical framework under which an organization takes decisions so that business is done with the aim of earning profits and generating wealth with the purpose to share it with shareholders so that all parties remain happy. This concept was juxtaposed with Kautilya's theory by the researcher.

The paper analysed Kautiya's Arthashastra and found that Kautilya stated that happiness was obtained not by wealth and profit only, but by doing things properly and doing the right things. Dharma without wealth, according to Kautilya, is toothless and wealth without Dharma is useless because a poor person cannot support the entire society. Kautilya proposed three measures to control frauds. First is to inform people of existing law, rules and regulations. Second is to induct two positions of Treasurer and Chief Comptroller in the organizational structure to monitor and manage finances. Third, he gave a list of punishments for offenders and means of avoiding frauds. According to the researchers, the means of dealing with fraud, ethical conduct, qualities and duties of kings as given by Kautilya are applicable in today's corporate management. The paper concludes with a note that a deeper study of Arthshastra can yield new and unexplored areas of management concepts.

Balakrishan Muniapan (2007) in his research article "Transformational Leadership Style as Demonstrated by Sri Rama in Valmiki Ramayana", applied a qualitative research methodology called hermeneutics to interpret Valmiki Ramayana to portray that transformational leadership had long been demonstrated by Sri Rama thousands of years before the development of the said model by Burns (1978) and later by Bass and Avolio (1994). The objective of the paper was to analyze and compare various approaches of transformational leadership and transactional leadership and to develop a model of leadership based on the personality of Sri Rama. The study revealed that transactional leadership involves an exchange of valued things, based on current values and motivations of both leaders and followers. The transformational leadership motivates followers to transform towards higher ideals, moral values and higher performs. The transformational leadership style consists of four dimensions: inspirational motivation, idealized influence, intellectual stimulation and individual consideration. The research divulged that Sri Rama exhibited the Four I's, inspirational motivation, idealized influence, intellectual stimulation and individualized consideration, of transformational leadership with instances from His life. Sri Rama was admired, trusted and respected by all the people of Ayodhya because he had all characteristics of transformational leadership. The study concludes that the leadership style of Sri Rama can guide and inspire the leaders not only in India but across the globe also.

S. Brammer, Geoffrey Williams and John Zinkin (2007) in their paper titled "Religion and Attitudes to Corporate Social Responsibility in a Large Cross-Country Sample", conducted a survey to analyze the relationship between individuals with religious affiliation and the individual attitude towards CSR on 17000 individuals from 20 countries. They assumed that individuals that indentify with religious denominations will have different attitude to the responsibilities of firms than those who do not identify with any religious group and differences in attitudes towards aspects of social responsibility between affiliates of different religions. On the basis of the findings, the study established that various religious groups feel that legal and economic responsibilities are paramount for business whereas discretionary and moral responsibilities are of subsidiary concern; this is so because most religions value stewardship of the planet as protection of God's creation and this is seen as everyone's responsibility and not of one stakeholder. The analysis suggested that though religions play a significant role in shaping individual perceptions of CSR yet there is a considerable variation in attitudes to different aspects of CSR across religions like Islam, Christianity, Hinduism and Buddhism.

Monika Chaudhary (2007) in her paper, "Can Religion Guide us Through Business Complexity? A Treatise on Aagar Charitradharma of Jain Philosophy to Resolve Work Related Conflicts", studied the dimensions of relationship between ethical structures framed by a religious training and organizational dynamics. The objectives of the study were to identify, through primary research, if religious philosophy and economic thought of an individual was either mutually interactive or mutually exclusive and to develop a model based on the Jain philosophy and economic thought. On the basis of the conclusion drawn from the responses of four hundred respondents, it was inferred that at the individual level the two conceptual influences, namely- religious philosophy and management of economic thought, were mutually interactive as corporate employees referred to religion in case of an ethical conflict. The researcher developed the Ethical Leadership Matrix by using the principles of Jainism like Satya (truthfulness), Asteya (not stealing), Ahimsa (non injury), Aparigraha (non covetousness), Brahamacharya (celibacy), Disha and Upbhog-Paribhog Parimana (limiting geographical movement and personal consumption) and Anartha Danada Viraman (review one's action). Such models can be used by corporate leaders to take critical actions. The study concluded that a reference from religion should be taken while formulating an ethical code of conduct for corporate leaders and employees.

Dharminder Singh Ubha (2007) in his paper, "Corporate Governance: Solutions through Indian Spiritual System", aimed at formulating and systematizing the intuitive wisdom of the Indian Scriptures in the field of ethics in corporate governance. The objective of the paper was to study the major religious scriptures of India, namely- the Bhagwad Gita and the Sri Guru Granth Sahib to explore values and ethics based business principles and practices needed for good corporate governance. The paper systematically dealt with the topic by discussing the concept of corporate governance ethics, role of ethics in corporate governance, and then the role of the vast knowledge of scriptures in corporate governance. The paper suggested that the value and other norms provided by the Indian scriptures can be inculcated in the ways of the corporate world since ethical corporate governance is the pre-requisite of any business house.

The study depicts that The Bhagwad Gita is basically concerned with the science of right and wrong in human actions and accordingly a manager needed to awaken the hidden Krishna in his conscience for the right path. The Bhagwad Gita can provide direction to the corporate mentors to attain twin objectives of high principles and high profits. The research also found that all the ideals of corporate governance like truthfulness, justice, temperance, courage, humility and contentment are dealt with in Sri Guru Granth Sahib. The conclusion of the paper was that if corporate governance is sprinkled with ethics and values, the result will be the overall well-being of people, corporate world and society, at large.

George Gotsis & Zoi Kortegi (2007) in their paper, "Philosophical Foundations of Workplace Spirituality: A Critical Approach", aimed to systematically explore the underlying assumptions as well as the rationale of the main trends regarding spirituality at the workplace by critically discussing their main strengths and weaknesses. The study analysed the contextual and analytical approaches to the workplace spirituality. They observed that contextual approach was more properly articulated in shared beliefs, visions and ideals as they better encompass the true essence of the phenomenon whereas a-contextual approach appeared to be a consequential assessment only. Through tabular analysis of ethical models, they further demonstrated that all the principal components of workplace spirituality may be elaborated as universally held aspects of virtue ethics framework, and expecting happiness, of a deontological framework. The study concludes that a virtue-ethics approach to spiritual values may offer new directives in workplace spirituality as this model encompasses character at individual level and for well-being of stakeholders.

J. Koshal and J. Mulford (2007) in the research work, "The Role of Major Religions in Economic Development: A Comparative and Exploratory Study", endeavours to identify factors, beyond economic variables, that have effect on economic development. The purpose of the study is to undertake a comparative analysis of influence of values and beliefs of major religions-Christianity, Islam, Buddhism and Hinduism-on economic development. The study suggests that religion affected many of the prime factors of economic development like property rights, creativity and innovation, political authority, contract law and socio-cultural factors with a bit of divergence. Christianity and Islam treat humans as stewards of all property where as Buddhism encourages property only for laymen. Christianity and Buddhism are more supportive of creativity and innovation than Hinduism and Islam. All religions advocate the fact that leaders and political institutions should work for common good of all and all religions assert that the people should follow certain universal ethical values. The study concludes that economic development is influenced by factors beyond economic variables and asserts that economies succeed because they possess cultural and religious values along with other factors.

Narayanji Mishra (2007) in his book titled, "Better Management and Effective Leadership through the Indian Scriptures", aimed at discovering the treasure hidden in the Indian texts. The study was an endeavour to reveal that Indian scholars were in no way secondary to their western counterparts, rather they were the precursors. According to the author, numerous thoughts and theories have been propounded, tried and practised but nevertheless the prudence shrouded in Indian scriptures like Rig Veda, Manu Smriti, Yajur Veda, Atharva Veda, Mahabharata, Ramayana, Srimad Bhagvat Gita and Artha Shastra remains par excellence.

The study discusses various concepts of foreign thinkers and concepts of Indian scriptures in the light of each other and finds that what the foreign thinkers have said is a part of all that is already contained in the Indian scriptures. It was found that the ancient scriptures were replete with highly developed principles of managerial functions like leadership, supervision, discipline, training, money management, communication, crisis management etc. The study suggests that a manager should understand and appreciate Indian scriptures and then assimilate them for practice. The study concludes, through various examples and comparative analysis, that principles and thoughts enunciated so far back in the past are fresh and relevant even in the era of globalization and liberalization.

Shiv K. Tripathi (2007) in his research work, "Managing Business as a Spiritual Practice: The Bhagwadgita way to Achieve Excellence through Perfection in Action", did a conceptual study to identify ways to supplement western framework of management principles and functions by incorporating the principles of three paths of human salvation recommended in the Bhagwad Gita. The intent of the study was to establish interrelationship among various components of business universe and to propose management functions which are based on principles of Karma Yoga (Path of Action), Bhakti Yoga (Path of Dedication) and Gyan Yoga (Path of Knowledge). The framework developed by the study advocates that pre-eminence of knowledge, knowledge of organisation, self and laws of nature is required to achieve excellence in action, action which is for the gain of the whole creation and which should not contravene the laws of nature.

The researcher asserts that the essentials of any action should be clarity of the objective behind action, knowledge of the instruments of action, co-ordination of different efforts for the action, dedication and devotion to action and non attachment to results of the action as preached by Bhagwad Gita. The research work concludes that a management model developed on the basis of Indian Vedanta will certainly be more effective than western models.

Swami Bodhnanda (2007) in his book, "Indian Management and Leadership", which is the compilation of lectures delivered by him at various Management Institutions, asserts why is India backward in spite of rich heritage and wonderful wisdom? He infers that Indians are proud of and spoke of wisdom but were unable to apply it to practical use. The author stresses that the spirituality has to express itself in action. According to the author, The Gita says that when two factors, action (Arjuna) and contemplative consciousness (Krishna) join, there is shree (wealth), vijaya (success), bhuti (prosperity) and niti (justice). The study finds that managers need to re-engineer their personalities by developing faith in their own infinitude, by developing personality from within, inside out, by facing challenges, by engaging in competitive world with detachment and by following the conscience.

The book presents a model of management which, while rooted in Indian wisdom and tradition, embraces the salient features of western scientific thought. The study concludes that Krishna advocated, 'Mental poise in success and failure' and thus implored the future managers to follow Nishkama Karma, which is not action without desire, but is action without reaction to the fruits and non-reaction is not total indifference but appropriate and controlled response.

Subhash Sharma (2007) in his book, "New Mantras in Corporate Corridors: From Ancient Roots to Global Routes", provides an original and a creative contribution to Indian Management thought with the help of new management mantras, models and tools, having global relevance. Part one of the book explores the Indian social setting in which the management and leadership operate. From the ancient texts the author creates a VEDA (vision, enlightenment, devotion and action) Model. 'Self' is the theme of second part of the book. Seven models of Self-Development have been developed on Guna theory and related ideas.

The author avers that the three stages of self evolution are transactional, transformational and transcendental. It led from ego to eco to cosmic levels of consciousness. Part three focuses on enterprise and lays