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These usually emerge from the setup of the society, being more collective than individualist with tribes or families playing an important role in Africa. Thereby the distribution of property rights is an obstacle to economic development. Also, there are few incentives to change this setup into an economically more advantageous setting.
Heldring and Robinson conclude that while colonization in Africa had overall negative consequences for political and economic development in areas that had previous centralized institutions or that hosted white settlements, it possibly had a positive impact in areas that were virtually stateless, like South Sudan or Somalia. [44]
Since Africa is home to large reserves of the minerals needed for the ongoing energy transition, i.e. the transition to renewable energy technologies, the predicted increase in global demand for these critical minerals could become a driver of sustainable economic development on the continent, not least for the mineral-rich countries of Africa ...
The United Nations Economic Commission for Africa (UNECA or ECA; French: Commission économique pour l'Afrique, [2] CEA) was established in 1958 by the United Nations Economic and Social Council to encourage economic cooperation among its member states (the nations of the African continent) [3] following a recommendation of the United Nations General Assembly. [4]
The first evidence of pottery and agriculture in South Africa can be found in the period of 350-150 BCE, while metals date back to the 52-252 CE period. [4] The earliest occurrence of cattle farming was in the 5th century CE and the Iron Age reached modern-day Kwa-Zulu Natal around 700 CE. [4]
Africa Rising is a term coined in 2011 to explain rapid economic growth across Sub-Saharan Africa to date since 2000 and the inevitability of its subsequent continuation. The Financial Times defines Africa Rising as a "narrative that improved governance means the continent is almost predestined to enjoy a long period of mid-to-high single-digit ...
The African Renaissance is the concept that the African people shall overcome the current challenges confronting the continent and achieve cultural, scientific, and economic renewal. This concept was first articulated by Cheikh Anta Diop in a series of essays between 1946 and 1960, later collected in a book titled Towards the African Renaissance.
Development economics is a branch of economics that deals with economic aspects of the development process in low- and middle- income countries. Its focus is not only on methods of promoting economic development, economic growth and structural change but also on improving the potential for the mass of the population, for example, through health, education and workplace conditions, whether ...