Afrindependent Logo Full Blue@2x

Africonomics: An African School of Economic Thought

Abstract: This article presents Africonomics, an African school of philosophical and economic thought. It demonstrates that the socialist and mainstream economic models maintained in the post-colonial era failed to produce just and prosperous African societies. Consequently, such systems failed to produce a stable, peaceful, and independent post-colonial Africa. Instead, the socialist and other statist models imported from the West have served as the intellectual basis for autocratic systems and trapped African economies in repression, instability, and stagnation. Moreover, this article explains the fundamentally different nature of the African and Western worldviews. This dichotomy demands that African models of economics and the other social sciences are grounded on the theist, principled, and nonrivalrous nature of the African worldview, given that mainstream economics and the other social sciences are rooted in philosophical materialism, positivism, and a Darwinian conception of humans and human relations. The article contains an explanation of how the socialist and mainstream economic models of the post-colonial era ruined African economies; an analysis of the African and Western worldviews, with a subheading on Social Darwinism and scientific racism; the formulation of Africonomics; and a conclusion.

AUTHOR:

Manuel Tacancho is a social philosopher and economist; founder and president of the Afrindependent Institute.