Religion, though entirely different subject, is also regarded as one of the important dimension of society. There is a huge debate on the topic of casual relationship between religion and economic development. Many religious scholars claim that the failure of the economic model that exists in the culture of the society can be restrained by the religious teachings explained 100 of centuries ago. The teachings explained bring the social and economic equilibrium in the society and they are universally applied regardless of the culture and time. However, some economists supports this argument, others rationalize that it is not possible to extract economic models from these proverbs in today's fast changing economy. Though religion can play an important role in economy, it is also subject to the misuse for the sake of personal gain. Since 9/11, religion and Islam in particular has become the important issue in the debates all over the world (Sivakumar, 2007).
Religion can influence the society in many different ways. The religious activities, such as offer prayer in mosque and attending church are social activities and often linked with the social meetings comparable to football clubs, tennis clubs, political parties and the like. These meetings can be used as means for establishing networks for the purpose of economic activities. As these meetings cost time, so that of reduction of economic activities could be a result in form of reduction of income. Such gatherings and meetings not only stimulate the economic growth and development but also establish the trading relations with people of other countries who belong to same religion.
Many studies claim that religion has an influence on the economic growth of the country. Max Weber is often regarded as the researcher who claims that religion has positive influence on the economic performance. Practices and beliefs can positively impact the economic development. To further analyze, the role of religion, 3 large religions of the world have been included in this study (Uppal, 1986). Hinduism is the world's oldest religion. Largely followed in the India, there is no single school of thought in Hinduism. The teachings of Hinduism are widely acknowledged by the Hindus all around the world for the economic development and growth. Several propositions have been discussed in the previous studies for the economic development and equality in the society; one such is explained about the human development of Bhagwan Baba in 5 stages. In this literature, 5 human behaviors have been observed that eventually lead a person either in hell or heaven.
Christians believes in the moral obligation of the poor and needy and supports the argument of equal distribution and redistribution of the income in the society for the economic development. It supports the previous argument stated in favor of Hinduism that spiritual journey of an individual and society that is pure from the selfishness is the only way to economic development. Christians also believe in the scripture that love you neighbor as yourself (Blum, ...