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]
Indigenous economics is rooted in the beliefs, norms, and values of individual indigenous communities. Certain concepts often arise: [7] [9] [10]