The Ethical Frontier: Integrating IKS for Sustainable Economic Development

Abstract

This paper explores the integration of Indigenous Knowledge Systems (IKS) with modern economic practices to foster ethical business and sustainable economic development. IKS, encompassing traditional wisdom and practices developed by indigenous communities over centuries, offer holistic approaches to managing resources and ecosystems. Ethical business practices, essential for building trust and sustainability, align closely with the principles inherent in IKS, such as community-centered approaches, environmental stewardship, and long-term sustainability. By incorporating IKS into modern economic systems, businesses can enhance corporate social responsibility, promote sustainable resource management, and strengthen local economies. This integration not only respects and preserves indigenous cultures but also enriches contemporary business practices, leading to more resilient and sustainable economic outcomes. Through case studies and policy recommendations, the paper demonstrates how blending IKS with modern economic models can create a synergistic relationship, fostering ethical growth that benefits both society and the environment. The paper calls for a collaborative effort among businesses, policymakers, and indigenous communities to achieve a harmonious and sustainable global economy.