Indigenous economics offers alternative to Wall Street's financialization of nature

Mongabay Newscast

Putting a dollar amount on a single species, or entire ecosystems, is a contentious idea, but in 2023, the New York Stock Exchange proposed a new nature-based asset class which put a price tag on global nature of 5,000 trillion U.S. dollars.

This financialization of nature comes with perverse incentives and fails to recognize the intrinsic value contained in biodiversity and all the benefits it provides for humans, argues Indigenous economist Rebecca Adamson, on this episode.

Instead, she suggests basing economies on principles contained in Indigenous economics.

"The most simple thing would be to fit your economy into a living, breathing, natural physics law framework. And if you look at Indigenous economies, they really talk about balance and harmony, and those aren't quaint customs. Those are design principles," she says.

Hear a related Mongabay podcast interview on the connection between nature and financial systems with author Brett Scott, here. We also recently spoke with National Geographic photographer Kiliii Yuyan about what Indigenous knowledge has to offer conservation, here.

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Image: The doll orchid. Image courtesy of Bhathiya Gopallawa.

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(00:00:00) Introduction

(00:01:30) The Financialization of Nature

(00:07:35) Indigenous Economic Principles

(00:14:04) Can Putting a Price on Nature Save it?

(00:27:15) Redistribution and Reciprocity

(00:33:15) The Ubiquity of Violence

(00:38:37) The Wealth Gap and Its Implications

(00:41:31) The Power of Shareholder Activism

(00:44:36) Indigenous Economic Systems and Modern Applications

(00:51:57) A Critical Analysis of the Financialization of Nature

(01:00:27) Religious Perspectives on Environmental Awareness

(01:04:24) Credits