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They try to explain Africa's economic development as subject to European institutional decisions of the past. European colonial governments had no incentive to create institutions fostering economic development in African colonies, but rather economic extraction of given resources.
Africapitalism is the economic philosophy that the African private sector has the power to transform the continent through long-term investments, creating both economic prosperity and social wealth.
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 ...
Local conditions also affect exports; state over-regulation in several African nations can prevent their own exports from becoming competitive. Research in Public Choice economics such as that of Jane Shaw suggest that protectionism operates in tandem with heavy State intervention combining to depress economic development. Farmers subject to ...
The African Economic Community (AEC) is an organization of African Union states establishing grounds for mutual economic development among the majority of African states. [1] The stated goals of the organization include the creation of free trade areas , customs unions , a single market , a central bank , and a common currency (see African ...
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 ...
Some economists have argued that the slave trade increased African economic resources and therefore did not necessarily impede development, but others, notably historian Walter Rodney, have argued that by removing the continent's most valuable resource — humans — the slave trade robbed Africa of unknown invention, innovation, and production ...
In critical development and postcolonial studies, the concepts of "development", "developed", and "underdevelopment" are often thought of to have origins in two periods: first, the colonial era, where colonial powers extracted labor and natural resources, and second (most often) in referring development as the postwar project of intervention on the so-called Third World.