Indigenous economics is a field of economic study that explores the economic systems, practices, theories, and philosophies unique to indigenous peoples.[1] This approach to economics examines how such groups understand, interact with, and manage resources within their specific cultural contexts.[2] Indigenous economics puts emphasis on communal values, sustainability, and connection with land and environment.[3][4]
Indigenous economics emerged in the latter half of the 20th century as scholars attempted to gain a broader understanding of the ways actual economies operated in places that had not adopted markets or government control as the primary approach to managing economic activity.[5][6] Globalization, colonialism, and sustainability are among the economic trends that affect such contexts.[7][8]
Concepts
Indigenous economics is rooted in the beliefs, norms, and values of individual indigenous communities. Certain concepts often arise:[7][9][10]
Communal ownership and resource management: Resources such as land and water are often managed communally, with an emphasis on collective responsibility and stewardship.[11]
Sustainability and long-term planning: Indigenous economic systems typically prioritize sustainability and ecological balance. Economic decisions consider long-term impacts on the community and the environment.
Reciprocity and redistribution: Economic interactions often involve principles of reciprocity and redistribution.
Holistic Approach: Indigenous economics consider economy activity in the context of cultural, spiritual, social, and environmental concerns.
