Traditional Knowledge is the intellectual property of indigenous peoples that has been passed down through generations and is integral to their existence. It is their cultural norms, customs, beliefs and knowledge systems that have been passed down from generation to generation. For these lifetimes, knowledge is a deeply rooted part of their lives. This is true for almost all indigenous peoples and is also true of other indigenous peoples in the world today. What this means is that their knowledge systems and the identities they promote and practice are deeply rooted and need to be protected as they face threats from both inside and outside the countries that colonized them.
There is an increasing call from human rights defenders for governments to support the protection of indigenous peoples’ cultural rights. The argument put forward is that traditional knowledge and the economies built on them are under threat in many parts of the world today. The promotion of traditional knowledge is one way that different groups of people can ensure their own cultural rights are secured. This is key to the achievement of greater economic sustainability and improved standard of life for indigenous peoples.
Economically, sustainable economic development is highly dependent on the maintenance of traditional knowledge. Economists have repeatedly highlighted the significance of maintaining indigenous industries. These include agro-forestry, fishing, herbal and folk medicines and others. These practices not only contribute directly to economic sustainability but also enhance the overall quality of life. For example, traditional knowledge in the form of knowledge about herbology, astrology, etc., contributes to the knowledge base of herbalists and contributes to the enhancement of their ability to provide economically and healthfully.
Ethically, the preservation of cultural norms and practices helps prevent many crimes against humanity. For example, many crimes against women have been associated with cultural norms and practices that are considered harmful to women’s welfare. Such violations of women’s rights result directly in a poverty and insecurity level that impacts the whole of society. Thus, preserving such knowledge and enhancing knowledge transfer mechanisms through legislation is an important means of promoting economic sustainability.
In other words, traditional knowledge forms the base of how we understand ourselves and our place in the world. It forms the basis of what we value and how we act. Economic sustainability is promoted when communities have access to accurate and reliable information regarding how they contribute to the economic welfare of their communities. Access to such information facilitates the active participation of local communities in economic policies that are relevant to them.
Knowledge creation is one way that traditional knowledge systems are maintained. Often, the creation of new knowledge is a precondition for maintaining the existing knowledge systems. In economic sustainability, accurate and reliable information about the way people, the economy, and the environment interact are necessary for citizens to make informed choices that are relevant to their lives and well-being. Knowledge creation entails the systematic process by which relevant information is produced and developed so as to inform actions and decisions that are relevant to the economy and society in general. This also forms the basis of learning and knowledge improvement. Knowledge creation is a prerequisite for economic sustainability.
Access to accurate and reliable information about the way the economy and society work are necessary for a healthy economy. For instance, the accurate knowledge about the price level of a particular commodity at a certain time, the expected growth in domestic demand, and the balance of trade between supply and demand are all necessary for the smooth functioning of the economy. A good businessman is one who knows the market price of his/her product at a given time. The businessman who knows the demand forecasts for the coming months and years will know whether to invest in a particular commodity or not. The wise businessman knows the tricks of the trade – he is a knowledgeable buyer rather than an ignorant seller!
In fact, economic sustainability depends on knowledge. For a thriving and growing economy, people need to have access to information about how the economy works. They need to be informed about natural resource management, exchange rates, foreign investment, and other issues that affect the economic viability of nations. Knowledge creation is therefore a prerequisite of economic sustainability.