Page 42 - Msingi Afrika Magazine Issue 6

ECONOMY

AFRIKONOMICS

Theory final part

Mfuniselwa Bhengu

Prof. Herbert Vilakazi (2001), writing in the New Agenda journal (a South African
Journal of Social and Economic Policy) of 2001 had this to say: “We must real-
ize that what is called ‘economics’, as it is taught in our universities, is simply a
reflection of the economic experiences of the White community, which in itself
is an extension of the economic experiences of developed Western countries. The
challenge for us in Africa, is to develop a new economics, which shall be a reflec-
tion of the economic experiences of the overwhelming majority of society, the
African people…Our economics must begin with an accurate knowledge of the
situation and needs of the overwhelming majority of Africans in rural and semi
rural areas, and in the townships of urban areas”.

Principles of Afrinomics Compassion Disciplines of Afrinomics
Theory Caring about others commu- Theory Economic
Integrity nicates our respect for others. Anthropology: this explains
When we act with integrity, It creates a climate in which human economic behavior
we harmonize our behavior to others will be compassionate using the tools of both econom-
conform to universal human toward us when we need it ics and anthropology. It deals
principles. We do what we know most. with the relationship between
is right; we act in line with our the world capitalist system and
principles and beliefs. Forgiveness local cultures.
Without a tolerance for mis- Political Economy: Originally,
Responsibility takes and the knowledge of political economy meant the
For one’s actions to conform to our own imperfection, we are study of the conditions under
universal human principles, one likely to be rigid, inflexible, and which production was organized
must take responsibility for his/ unable to engage with others in in the nation-states. It explains
her actions – and the conse- ways that promote our mutual phenomena beyond economics’
quences of those actions. good. standard remit, in which con-
text, the term “positive political

42 | heal . restore . rebirth . Afrika