Prosperous Buddhism, Prosperity Buddhism, and Religious Capital

In the West, Buddhism as a “world rejecting” religion based on ascetic renunciation and non-economic spirituality is often invoked as a default narrative, and in many Buddhist cultures, immateriality is indeed promoted as a symbolic ideal of authenticity. Economy and materiality, however, are inherently part of Buddhism. This is notably the case in Japan, where monasteries, temples, and associations throughout history have been wealthy organizations. Contemporary temple Buddhism, however, faces economic threats from secularization, non-Buddhist ritual business, and new religious movements (nrms). This article analyzes the economy in and of contemporary Japanese Buddhism and systems of value transactions. The concept of “prosperity Buddhism” and religious capital is explored by comparing temple Buddhism with two new religious movements: Soka Gakkai and Happy Science. It is argued that the transaction models of these two groups are different from those of temple Buddhism by being differently adjusted to the market through teachings, practices, and organizational structures legitimating more openly this worldliness and materiality. It is also argued that especially Soka Gakkai has transformed its value-exchange model by converting ideals of economic transactions into other kinds of non-material forms of capital. Finally, it is suggested that a capital perspective on (Japanese) Buddhism reveals both structural differences within kinds of Buddhism, and that “Prosperity Buddhism” can be a useful analytical concept with which to illustrate one such type.