Economic anthropology looks at how people from different cultures make, buy, and share things.
However, you shouldn’t confuse economics with the topic at hand.
Economics mainly looks at how people and societies can earn more capital.
Economic anthropology, on the other hand, looks at the different economic systems used in the world.
Economic systems are the various ways that different cultures exchange goods. It also looks at how cultures place value on the economy.
Cultural Economics
Cultural economics is an anthropological lens of looking at the economy. Through this, researchers will look at how a culture’s morals and symbols will shape its economy.
Essentially, they strive to understand the “native’s view” of the market.
This is important because most people from western societies view economics through a western lens (substantivism).
This, according to many anthropologists, prevents people from understanding foreign views and practices of economics.
For instance, many westerners wouldn’t understand why a culture would rather gain capital for prestige (prestige economics) over monetary gains.
This would be asinine to them because prestige can’t be used to buy material things.
One of the reasons why they think this way is because economics, to them, is all about market exchange. But this view is ignorant.
And the reason is that not all economies are industrial.
However, because of the rise of industrialization, most local economies have evolved into a mixture of many economic models.
This is called the dynamism of local economies.
Globalization and Economic Systems
Globalization, if you don’t know, is the spread of ideas and goods around the globe (you can read more about it here).
But an issue with globalization is that it is western-centric.
What this means is that its views are through a western lens.
This affects foreign economic systems by forcing the many types to adopt an industrial one.
It’s either these cultures follow the capital gains principle or they will fail on a global stage.
How Can Understanding Economic Anthropology Help Your Business?
Having a basic understanding of economic anthropology can help your business acuity. Doing so, it will teach you different business philosophies.
As you know, not all cultures view business and commerce the same and not all do business the same.
By knowing different principles, you can pick and apply what to add to your way of doing things. This will allow you to create a unique business atmosphere.
Also, this will lead you to be more open-minded.
On the marketing side, understanding different cultures and their beliefs will allow you to create appropriate stories.
Remember, not everyone wants material things or monetary gains.
So by understanding the numerous cultures in the world, you’ll be able to market your product or service accordingly to that community.
Basically, you’ll be able to tell stories through the lens of the native, not via a western lens.
Conclusion
There you have it.
Economic anthropology is the study of how various cultures view the economy.
By having this knowledge, you’ll be able to learn new business philosophies and how to market properly.
You’ll be more flexible.
Would you learn economic anthropology to improve your business?