The protestant work ethic, according to Weber, promotes industry and economic growth, for the underlying reason for hardwork is done as a form of service to God.
Hinduism on the other hand, places focus on the spiritual rather than the physical. Karma, reincarnation are concepts that stifles economic growth. One for example, should remain in a specific caste until he again is reborn into higher caste. The temporal and ephemeral outward industry is replaced by the priority of inward realization of what is absolute and permanent. Thus we can say that this religious philosophy permeates society and stifles growth.
Vernon's Product life cycle talks about the stages of growth of a product, the introduction stage, the growth stage, the maturity stage, the stage of decline.
Great civilisations too passes through these stages, and it is my sincere extrapolation that the West is in the growth-maturity stage in terms of humanity, if we were to consider it as a product, whereas countries like India and China, who were once at this stage, has passed into the stage of decline, and, with time, will begin again in the introduction stage.
That is the cycle of humanity. Every great civilisation will reach a high point in its spiritual pursuit, neglecting economic prosperity for the pursuit of spirituality, and once this fervour has caused enough suffering within society, ignorance will take over again, and industry economic growth, prosperity will again resurface.
This is the wheel that keeps on turning.
Buddhism and Hinduism actually presents the Middle Path, where it is hoped, that one would stay in the path of maturity indefinitely, yet this will seldom be so, and only the few who achieve it will be worthy to add to the upanishads, or become great sages and priests of an age.
