Decolonizing economics: Advocates push for diverse global perspectives in policy

Decolonising economics is a growing movement that asks where the discipline’s core ideas come from and how they might be rewritten. In a recent conference in London, scholars from Africa, Asia, and the Americas presented research that challenges the dominance of Western, neoclassical models. They argued that many theories were built during the colonial era and still shape global policy, trade rules and the distribution of wealth.

The problem matters because economics is not a neutral science. It determines tax rates, health budgets and the prices of food and fuel. When its theories are based on a narrow, Euro‑centric view, they can ignore local realities. For example, models that assume markets always clear fail to explain why rural communities in sub‑Saharan Africa struggle to sell surplus crops. Decolonising economics means listening to those who have lived with poverty, gender inequality and climate change for centuries, and incorporating their knowledge into mainstream policy.

The movement has been sparked by several forces. Academic journals have begun to publish papers that critique the “one‑size‑fits‑all” approach. Governments in the Global South have demanded new development strategies after seeing that aid often reinforces dependency. The rise of social media has also allowed activists to spread alternative economic ideas quickly. Scholars such as Naila Kabeer and Amartya Sen have already highlighted the limits of traditional models, while newer voices push for frameworks that include ecological limits and feminist perspectives.

What comes next is a gradual reshaping of both research and practice. Universities are revising curricula to include indigenous and post‑colonial economics. Policy makers are testing alternative indicators of progress, such as the Genuine Progress Indicator, instead of GDP alone. International aid agencies are exploring community‑driven projects that respect local knowledge. If these changes take hold, economics could become a tool that works for all people, not just those who fit the old, Western mould.