Understanding an economy requires knowledge of its history, its culture, and the values of the people who operate within it. These factors provide an essential context for analyzing economic challenges, progress, and opportunities. Carol Anne Hilton’s book, Indigenomics: Taking a Seat at the Economics Table, offers a rounded framework for understanding and growing the Indigenous economy.

When searching for a definition of “Indigenomics,” no definitive answer exists. The definition depends on the context. On her website, Hilton describes Indigenomics as “calls for a new model of development, one that advances Indigenous self-determination, collective well-being, and reconciliation.” With this background, the book contextualizes how Indigenous values inform economic incentives, strips down myths surrounding the Indigenous economy, and provides insights for developing Indigenous economic leadership. If the Indigenous economy succeeds, it will benefit Indigenous peoples and the broader Canadian society.

Values and cultural perspectives

A critical focus of the Indigenous economy is environmental sustainability and the individual’s intergenerational responsibility toward the broader community. Indigenous economies prioritize collective well-being over individual gain and emphasize the environment and community over short-term profits. Wealth in Indigenous economies is not only monetary but includes a balance between social, environmental, and cultural values.

Indigenomics contrasts with some traditional Western economies, which often prioritize profit maximization and economic growth at the expense of the community and environment. Cultural beliefs, environmental conservation, and intergenerational obligation are cornerstones of Indigenomics. Economic decisions are made with a sense of accountability toward the land, community, and future generations.

Looking beyond profit maximization

Hilton challenges the Western economic model, where profit-driven motives are widespread. She advocates for a broader framework integrating the Indigenous economy and its values. For this to happen, Indigenous peoples need equal opportunities to participate in decision-making processes for meaningful economic development. Indigenous peoples require a “seat at the table” in economic discussions and policy development to create these opportunities. Ownership of their traditional land and active participation in developing and using these lands are some of the catalysts needed for fostering Indigenous economic growth. Aligning economic policy with Indigenous needs and values is crucial for executing Hilton’s framework.

Myths about the Indigenous economy

A critical element of Indigenomics is addressing and dismantling common misconceptions about the Indigenous economy. Hilton breaks down common myths, such as the belief that Indigenous peoples are overly dependent on government support or that Indigenous businesses cannot thrive.

She highlights the significant contributions of Indigenous leaders and businesses to driving economic growth. Changing these misconceptions is an important step toward creating a narrative within Canada that acknowledges the resilience and innovation of Indigenous economies.

Building cooperative economic systems

Hilton suggests an economic development model where Indigenous values coexist alongside the broader economy. Historically, Indigenous peoples were denied the full title to their lands, which put significant constraints on the potential growth of the Indigenous economy. The book emphasizes the importance of partnerships between Indigenous and non-Indigenous entities founded on mutual respect and benefit. Collaboration and integration of Indigenous rights and values are needed to bridge the gap and build a prosperous economy.

Measuring progress for the future

While Indigenomics provides an informative framework for developing the Indigenous economy, it raises an unresolved question of how we should measure success in the Indigenous economy. Traditional metrics, such as GDP, are informative but fail to capture the holistic nature of Indigenous wealth, which encompasses more than monetary outcomes.

Developing other parallel metrics that account for the broader impacts of economic activities is necessary. These measures would require more comprehensive data on the Indigenous economy and the creation of frameworks that align with Indigenous values. With more data, economists could better measure progress and policies that drive meaningful economic development of Indigenous communities.

Conclusion

The book highlights the barriers that have hindered the development of the Indigenous economy, such as institutional obstacles and gaps in infrastructure and financing. A 2023 report by the Bank of Canada highlighted that the Indigenous economy was valued at $48.9 billion in 2020 but noted that significant barriers remain.

Hilton envisions a $100 billion Indigenous economy. This growth of the Indigenous economy is achievable if the barriers that Hilton describes in the book are addressed. Realizing this vision will depend on actionable steps, such as policy reforms, investment in infrastructure, and the inclusion of Indigenous voices in economic decision-making. Indigenomics: Taking a Seat at the Economics Table is an informative and thought-provoking “must-read” for anyone who wants to develop a more holistic view of the Canadian economy.