Buddha the founder of the Buddhist faith lived in India, Bihar, from 563-483 BCE. As the Buddha or enlightened one he preached his doctrine of the four great truths. Sorrow is inherent in life, it arises from desire, and only by eliminating desire can man be released from sorrow. This may be achieved by following the noble eight-fold path of right conduct in vision, thought, speech, action, giving, striving, vigilance and meditation. He preached that this middle path would lead to nirvana. There are now 4 distinctive types of Buddhism.
Theravada - or "way of the elders" - is the sole remaining form of conservative Buddhism, of which there were once at least 18 schools, or nikaya. It originated in India during the centuries after the final nirvana of the Buddha and was probably the dominant form of Buddhism in India. Theravada is now the dominant form of Buddhism in Sri Lanka and Southeast Asia (Burma [Myanmar], Thailand, Cambodia, Laos), where it replaced other types of Buddhism during the last five hundred years.
Mahayana -- or "Great Vehicle" Buddhism -- originated in India around 100 BCE to 100 CE. According to followers of Mahayana, the Mahayana sutras were taught by the Buddha to only a select few, and were passed down "underground" (so to speak) until the time was ripe. Vajrayana Buddhism - Vajrayana -- or "Diamond Vehicle" Buddhism -- originated in India, perhaps as early as the 4th or 5th century CE. As with Mahayana, Vajrayana Buddhists hold that Buddha taught this form of Buddhism -- also called Tantra, after the name of its scriptures -- to a few disciples who then passed it on secretly. It is also called Secret Mantrayana or "Secret Mantra Vehicle"
The ideal in Conservative Buddhism is restraint and nonviolence, becoming detached from cyclic existence. The ideal in Mahayana is active involvement in helping beings in cyclic existence, but with detachment. The doctrinal focus is on the emptiness / transparency of all things. The ideal in Vajrayana Buddhism is reversal of traditional monastic practices -- seen as being of therapeutic value to a religion that had become over-institutionalized. The doctrinal focus is on nonduality, as seen in the union of male and female, compassion and wisdom.
In Conservative Buddhism the role model is the monk: full of loving kindness for all beings, yet detached from his own pain or pleasure. The role model in Mahayana is the bodhisattva, ceaselessly striving to help others. The role model in Vajrayana Buddhism is the siddha -- the meditative adept who uses his magical powers as an aid to bringing about awakening. Conservative Buddhism is practiced with the short-term goal of being reborn as a human, and if possible becoming a monk, and the long-term goal of becoming an arhat.
The Mahayana bodhisattva seeks to become a Buddha in order to help all other beings as much as possible. The goal in Vajrayana Buddhism is to become a Buddha in this very lifetime, at death, or at the most, within seven lifetimes. Ordination as a monk or nun [or novice] and the concomitant keeping of ones vows is the central practice of all three distinctive types of Buddhism, even Vajrayana (as it came to be practiced within the monasteries). Mindfulness meditation and meditation to develop loving kindness are important in Theravada Buddhism. Meditation on emptiness and the development of the "awakening mind" or mind of enlightenment are the core of Mahayana meditation. In Vajrayana Buddhism the central practice is receiving empowerment to practice self-visualization as a Buddha and going into retreat to carry out that practice.
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