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In the wake of the 2008 financial crisis, a wave of discontent among economics students catalysed a transformative movement aimed at reshaping the discipline’s educational framework. Rethinking Economics, an initiative founded in 2013, has emerged as a powerful voice, advocating for a more pluralistic and socially responsive approach to economic education. With its influence now extending across more than 40 countries, the movement seeks to challenge the traditional paradigms that have dominated economic theory and teaching for decades.
The Birth of a Movement
The roots of Rethinking Economics can be traced back to student protests at prestigious institutions such as Harvard and Manchester University, where students voiced their frustrations over a curriculum that they perceived as overly narrow and disconnected from the realities of economic inequality. In a seminal moment for the movement, students convened at the London School of Economics (LSE) in early 2013, galvanising a diverse group of peers who shared a common goal: to broaden the scope of economics education.
Yuan Yang, a co-founder of Rethinking Economics and current Labour MP, reflected on the founding meeting, describing it as “chaotic yet invigorating.” She noted the wide turnout of students, not only from LSE but from various universities, all eager to contribute to a cause that resonated deeply with their experiences. The initial gathering, characterised by volunteer support and grassroots enthusiasm, laid the groundwork for what would become a global movement.
Advocating for Pluralism in Economics
Rethinking Economics aims to dismantle the prevailing dominance of neo-classical economic theory, which many critics liken to a rigid dogma. Ha-Joon Chang, a prominent economist and advocate for the movement, asserted that the group has illuminated the deficiencies inherent in traditional economics education. “By demanding a more pluralist and ethically conscious curriculum,” Chang remarked, “Rethinking Economics has catalysed significant, albeit insufficient, reforms in how economics is taught worldwide.”
With thousands of members and support from notable economists, the movement has successfully campaigned for substantial changes in curricula at numerous institutions. Sara Mahdi, the group’s communications lead, emphasised the need for an education that is “plural, critical, decolonised, and historically grounded.” This approach seeks to integrate various economic theories and methods, presenting them as equally legitimate rather than relegating alternatives to the margins.
Real-World Impact and Campaign Successes
Since its inception, Rethinking Economics has achieved remarkable milestones. The movement has aided in over 80 successful campaigns in universities across 35 countries, resulting in 23 significant curriculum reforms that have impacted tens of thousands of students. These efforts are not merely superficial changes; they represent a fundamental shift in how economics is conceptualised and taught.
Notable examples of these reforms include the introduction of an interdisciplinary Politics, Philosophy, and Economics course at Goldsmiths, University of London in 2014, and a comprehensive economics and society programme at Leiden University in the Netherlands in 2023. Such initiatives reflect an increasing recognition of the need for an economic education that addresses contemporary challenges, from environmental sustainability to social inequality.
The South African chapter of Rethinking Economics illustrates the movement’s adaptability and responsiveness to local contexts. Emerging from broader student protests advocating for equitable access to higher education, the group has expanded its focus to critique the colonial legacies embedded within mainstream economic thought. Amaarah Garda, the junior programme officer for Rethinking Economics in Africa, noted that students are increasingly seeking answers to pressing global issues, and the movement has responded by facilitating the development of progressive courses.
Engaging with the Broader Academic Community
The significance of Rethinking Economics extends beyond student activism; it has fostered collaboration with academics who are eager to challenge the status quo. Clara Mattei, a professor of economics at the University of Tulsa, has partnered with the movement to enhance educational methodologies, asserting that the current economic landscape demands a critical examination of systemic inequalities.
The movement is particularly relevant in an era characterised by growing disparities and social unrest. Jayati Ghosh, a professor at the University of Massachusetts Amherst, highlighted that Rethinking Economics compels established economists to confront fundamental questions that have often been overlooked. By engaging a diverse array of voices, including activists and students, the movement strives to cultivate a richer understanding of economic issues.
Why it Matters
Rethinking Economics is not merely an academic endeavour; it is a critical response to the urgent challenges confronting society today. By advocating for a more inclusive, interdisciplinary, and reflective approach to economics education, the movement seeks to equip future economists with the tools necessary to address pressing global issues, from climate change to social justice. Ultimately, the success of Rethinking Economics may well determine the discipline’s relevance and responsiveness in an increasingly complex world.
