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This article deals with Proudhon’s economic analysis of colonisation. Proudhon proposes an institutionalist analysis where the right of force is crucial to think the colonial process in a racist framework. This framework provides the foundations of a colonial economic theory. The article also examines the coherence between Proudhon’s system and his colonial view. The main result is that the colonial question intervenes as a special case that does not appeal to the principles central in Proudhon’s writings, especially the principles of justice, equality, liberty and property.Classification JEL : B15, 010, K00.