{"id":126888,"date":"2025-04-03T18:04:51","date_gmt":"2025-04-03T17:04:51","guid":{"rendered":"https:\/\/www.themintmagazine.com\/?p=126888"},"modified":"2025-04-03T20:28:07","modified_gmt":"2025-04-03T19:28:07","slug":"subjugate-to-accumulate","status":"publish","type":"post","link":"https:\/\/www.themintmagazine.com\/subjugate-to-accumulate\/","title":{"rendered":"Subjugate to accumulate"},"content":{"rendered":"<p>Classical economics developed at a time when slavery, colonialism and empires were the norm, but such relationships never get mentioned in the great works that have shaped the discipline of economics. \u00a0Then Neo-classical economics even removes classes and power relationships. \u00a0The Mint talked to \u00a0Ingrid Harvold Kvangraven, about the need to reassess the very foundations of economics and acknowledge its colonial legacy.<\/p>\n<h5>Key points<\/h5>\n<h6 id=\"colonizations-influence-on-classical-economics\" class=\"mb-2 mt-4 text-md font-semibold tracking-tight last:mb-0\">Colonization&#8217;s Influence on Classical Economics<\/h6>\n<ul class=\"mb-4 ml-4 list-disc last:mb-0\">\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Classical economists (e.g. Smith, Ricardo) developed Eurocentric theories that:\n<ul class=\"mb-4 ml-4 list-disc last:mb-0\">\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Portrayed capitalism as internally developed in Europe through rationality\/hard work<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Ignored colonial exploitation and global trade&#8217;s role in enabling industrial revolution<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Used methodological individualism, overlooking interconnected global dynamics<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Justified inequalities through racist ideologies and &#8220;civilizing&#8221; narratives<\/li>\n<\/ul>\n<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Violence and war compartmentalized as separate from economic analysis<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Some pushback existed but was largely marginalized<\/li>\n<\/ul>\n<h6 id=\"marginalist-revolution-and-cementing-of-eurocentric-foundations\" class=\"mb-2 mt-4 text-md font-semibold tracking-tight last:mb-0\">Marginalist Revolution and Cementing of Eurocentric Foundations<\/h6>\n<ul class=\"mb-4 ml-4 list-disc last:mb-0\">\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Marginalists (e.g. Marshall, Walras) in late 1800s further entrenched Eurocentric biases:\n<ul class=\"mb-4 ml-4 list-disc last:mb-0\">\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Shifted to subjective theory of value and methodological individualism<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Removed class analysis and social relations of production<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Presented economics as technical, obscuring political assumptions<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Assumptions of rationality and efficient markets ignored global inequalities<\/li>\n<\/ul>\n<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Alternative perspectives existed but were sidelined, especially during Cold War<\/li>\n<\/ul>\n<h6 id=\"impacts-on-modern-economics\" class=\"mb-2 mt-4 text-md font-semibold tracking-tight last:mb-0\">Impacts on Modern Economics<\/h6>\n<ul class=\"mb-4 ml-4 list-disc last:mb-0\">\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Lack of colonial\/power dimensions persists in mainstream economics:\n<ul class=\"mb-4 ml-4 list-disc last:mb-0\">\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Development theories often ignore historical context (e.g. modernization theory)<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">New Institutional Economics treats colonialism as past &#8220;external shock&#8221;<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Randomized control trial approaches avoid engaging with structural issues<\/li>\n<\/ul>\n<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Connecting thread is continued avoidance of exploitation and power dynamics<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Theoretical frameworks make it difficult to incorporate these perspectives<\/li>\n<\/ul>\n<h6 id=\"decolonizing-economics\" class=\"mb-2 mt-4 text-md font-semibold tracking-tight last:mb-0\">Decolonizing Economics<\/h6>\n<ul class=\"mb-4 ml-4 list-disc last:mb-0\">\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Requires critically examining historical foundations of the discipline<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Incorporating marginalized perspectives from Global South scholars<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Recognizing ongoing impacts of colonial legacies and power structures<\/li>\n<li class=\"pl-1 mb-1 last:mb-0 text-sm\">Challenging individualist frameworks to address structural issues<\/li>\n<\/ul>\n","protected":false},"excerpt":{"rendered":"<p>Classical economics developed at a time when slavery, colonialism and empires were the norm, but such relationships never get mentioned in the great works that have shaped the discipline of &hellip; 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