The Origins of a Movement for Change
Following the 2008 global financial crisis, dissatisfaction began to simmer among students. At Harvard University in the U.S. and Manchester University in the U.K., students openly expressed their concerns with existing economics curricula, perceiving it as limited and disconnected from the realities of the global economy.
These sentiments spread to other campuses globally, leading to demands for a broader and more critical approach to economics education.
Rethinking Economics: Formation and Mission
These student-led discussions culminated in early 2013 with the inaugural meeting of Rethinking Economics at the London School of Economics (LSE). This new organization, founded by students including Yuan Yang, aims to challenge and reform how economics is taught in universities worldwide. Economist Ha-Joon Chang observed that neo-classical economics had historically dominated university curricula, prompting the need for this change.
Rethinking Economics advocates for an economics education that is pluralist, ethically conscientious, historically aware, and relevant to the real world. The movement seeks to reframe the economy, portraying it as embedded within ecology, power structures, institutions, history, and inequality. A core objective is to legitimize competing economic theories in academic discourse.
Sara Mahdi, the communications lead for Rethinking Economics, stated the organization's goal is to make economics education "plural, critical, decolonised and historically grounded."
Global Growth and Tangible Impact
Since its inception, Rethinking Economics has experienced significant expansion, now boasting thousands of members and several economists across more than 40 countries. The movement has supported and recorded over 80 campaign wins in universities across 35 countries since 2019.
These achievements are substantial, notably including 23 major curriculum reforms that have directly impacted tens of thousands of students. Examples of these curriculum changes include:
- The launch of a politics, philosophy, and economics course at Goldsmiths, University of London (2014).
- An interdisciplinary program at the University of Lille, France (2020).
- New economics programs introduced at Leiden University in the Netherlands (2023).
Regional Efforts and Academic Endorsement
Regional Initiatives
In South Africa, the Rethinking Economics movement emerged from a broader student protest for greater higher education access. Amaarah Garda, junior programme officer for Rethinking Economics for Africa, highlighted that despite initial resistance to changes in mainstream curricula, progressive courses and events are now available. Students are actively seeking these alternative offerings to understand contemporary issues such as war economies and climate talks.
Academic Support
Academics have voiced strong support for the movement's objectives. Clara Mattei, a professor of economics at the University of Tulsa, confirmed her group's collaboration with Rethinking Economics to enhance economic education and foster economic agency. She underscored the urgency of understanding economic issues as systemic features of capitalism.
Jayati Ghosh, a professor of economics at the University of Massachusetts Amherst, acknowledged the campaign's progress in prompting established economists to address fundamental questions, despite existing power structures. Ghosh praised the movement's thoughtful approach and its ability to gather diverse perspectives, including those from non-economists and activists.