scholarly journals Integrating Culture in Africa’s Economic Development

2017 ◽  
Vol 8 (2) ◽  
pp. 611-616
Author(s):  
Remmy Shiundu Barasa
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Qualitative Study ◽  
African Countries ◽  
Post Colonial

The importance of culture as panacea of development can fully be appreciated by considering its role in regenerating world economies. In the last few decades, interest by nations in culture as an economic force of its own has been manifested in their development blueprints. In this paper we argue that although there is evidence from early civilizations and economic manifestos of African countries that culture drives economic growth, there is a dearth of explicit literature on how this happens. This is a library-based qualitative study in which we argue that culture fosters economic growth. The study draws on post-structuralism, modernism and post-colonial approaches to find that institutions and practices reveal particular cultural pretensions, ethics and meanings; and gives recommendations on integrating culture with economic growth on the continent.

scholarly journals Adaptation of Globalization and Their Effect to the Tanzania Economic Growth

2018 ◽  
Vol 13 (8) ◽  
pp. 217
Author(s):  
Japhet Jacksoni Katanga ◽  
Seleman Pharles
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
International Cooperation ◽  
Developing Economies ◽  
Economic Inequality ◽  
Developed Countries ◽  
Advance Technology ◽  
African Countries ◽  
The Social

Globalization can be defined as the process based on international cooperation strategies, the aims of globalization is to expanded the operation of a certain business or service to become into a worldwide level, Globalization facilitate the modern advance technology which help community to undergo the social, political and economic development. Globalization economic has reinforced the margination for African developing economies and make to be dependent for the few primary commodities or service whereby the price and demand are extreme determine by externally. On this outcome it lead some of the African countries to be turn into poverty or economic inequality due let their own resources being determine by developed countries. On these paper you will get a chance to oversee the effect of adaption globalization to Tanzania economic growth.

scholarly journals THE MOTIVATIONAL EFFECT OF OIL EXPLORATION IN SOMALI AND THE HABITUAL AFRICAN RESOURCE CURSE

2020 ◽  
Vol 5 (1) ◽  
pp. 1
Author(s):  
Mahad Mohamed Sheik
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Natural Resources ◽  
Industrial Development ◽  
Resource Curse ◽  
Empirical Literature ◽  
Regulatory Body ◽  
Oil Exploration ◽  
African Countries ◽  
Motivational Effect

Purpose: The abundance of natural resources is usually considered the blessing for the countries that own such resources. However, such wealth is often associated with poverty and a slower economic growth. This phenomenon is called the resource curse, and it shows that most countries that are rich in natural resources have markedly reduced economic growth and development, and it shows that the wealth of natural resources adversely affects their economies, although it is intuitively expected to be the opposite i.e. that such wealth would have a positive impact on the country’s economic development. The general objective of the study was to find out the motivational effect of oil exploration in Somali and the habitual African resource curse. Methodology: The paper used a desk study review methodology where relevant empirical literature was reviewed to identify main themes and to extract knowledge gaps. Findings: The study found out that Oil resource exploration has led to progress in some developed economies such as Canada which was able to avoid the resource curse. This is because oil revenues helped Canada among other countries make investments in capital, build employment and grow. Other countries such as Russia and Japan have not been able to avoid the resource curse. African countries in general where the majority of oil producing nations are, have an inverse correlation between oil production and industrial development. Examples of African countries that have been affected by the resource curse are Nigeria, Angola, South Africa and Zimbabwe. Empirical results indicate that, Somalia motivation for oil exploration is for economic development. However, it has not been spared the resource curse because the presence of oil has led to civil wars and terrorisms as groups seek to control the areas with oil fields. In addition, Somali and Kenya have involved diplomatic warfare over oil reserves that are located in the Indian Ocean near their borders. Recommendations: The study recommends that the government should enact laws which will govern petroleum operations, as well as empowering the Somali Petroleum Authority,(SPA) which will act as a regulatory body overseeing oil and gas activity.

Human Capital Formation and Economic Growth in Sub-Saharan African Countries: An Empirical Investigation

2020 ◽  
Vol 68 (2) ◽  
pp. 249-268
Author(s):  
Taiwo Akinlo ◽  
Olusola Joel Oyeleke
Keyword(s):  
Economic Growth ◽  
Human Capital ◽  
Economic Development ◽  
Sub Saharan Africa ◽  
African Countries ◽  
Education And Health ◽  
Level Of Economic Development ◽  
Sub Saharan ◽  
Generalised Method Of Moments ◽  
The Impact

This study explored human capital–economic growth nexus and determine if the relationship is influenced by the level of economic development in 36 sub-Saharan African countries during the period from 1986–2018. The study used dynamic generalised method of moments (GMM) and static estimations to achieve the objective of the study. The study used alternative indicators of human capital to provide strong evidence and robust results. The study also considered the income groups within the region. The study found that human capital contributed to economic growth, as its indicators are positive and significant. The study also found that the connection that exists between human capital and economic growth also depends on the level of economic development. Generally, our finding emphasised that both education and health measures of human capital are important, and that policymakers must consider the level of economic development while formulating policies that can enhance the impact of human capital on economic growth in the Sub-Saharan Africa region.

Dag Hammarskjöld Seminar on the Development and Promotion of Tourism in Africa

1970 ◽  
Vol 8 (2) ◽  
pp. 296-297 ◽  
Author(s):  
Christer Montén ◽  
Vijislav Popovic
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Structural Change ◽  
Foreign Exchange ◽  
Decisive Role ◽  
Agricultural Products ◽  
African Countries ◽  
Dag Hammarskjold

Faced with declining earnings from the export of agricultural products, with rising population, and with an urgent need for accelerated economic growth and structural change, many African countries are today searching for new channels through which they can supplement their foreign-exchange earnings. One source of rapidly growing importance is tourism, which already plays a decisive role in the economic development of some countries.

Credit and the Law in Africa: A Special Study of some Legal Aspects of Economic Development

1975 ◽  
Vol 19 (1-2) ◽  
pp. 73-82
Keyword(s):  
Economic Growth ◽  
Developing Countries ◽  
Economic Development ◽  
Capital Accumulation ◽  
Legal Aspects ◽  
Special Study ◽  
African Countries ◽  
Legal Development ◽  
Commercial Enterprise ◽  
Stimulation Of

In the paper which I contributed to the symposium, Changing Law in Developing Countries (London, 1962), “Legal development and economic growth in Africa”, I made the following basic points:(1) Economic growth in the developing African countries depends on capital accumulation and the stimulation of trade, investment and productivity. Hence the paramount importance of the laws in those countries governing investment, commercial enterprise and the grant of credit.

scholarly journals Effectiveness of financial market as Economic Development Agents in Africa (2008-2017).

2019 ◽  
Vol 6 (10) ◽  
pp. 307-320
Author(s):  
Akinyele Akinwumi Idowu ◽  
Bosede Comfort Olopade ◽  
Yemisi Akinkuotu Adeleke ◽  
Nureni Adekunle Lawal
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Stock Market ◽  
Financial Markets ◽  
Financial Market ◽  
Banking Sector ◽  
Market Development ◽  
Financial Intermediaries ◽  
African Countries ◽  
Stock Market Development

The development in Africa’s financial sector in recent years has been remarkable. Though relatively underexplored and underinvested sector a mere decade ago, today, this sector is considered to be one of the continent’s brightest prospects. This is due to the fact that for some time now, financial sector development has been on front burners in the economic agenda of most African countries. This sector has the potential to transform the lives of millions of people across the continent. Low rate of economic development has created a lot of social stress in Africa, which is responsible for incidence and prevalence of poverty, and consequent social uprisings on a number of occasions. Various studies have examined the role of African financial market development on economic growth, but none have strictly generated a combined focus on the three major African groupings – the Southern, the Western and the Eastern African regions. This paper specifically address this void and it examines the determinant and impact of banking sector and stock market development on Africa’s economic growth and development. Various econometric techniques that include descriptive statistics, unit root tests and OLS were used to analyse data. The study finds out that local financial markets play crucial roles in economic development of Africa, albeit in varying magnitude. The study also observes that banking sector development and economic growth promote stock market development. In addition, this paper finds an interesting result in the fact that trade openness has a negative impact on stock market development, which is different from the findings of many other studies. Financial market size is also strongly related to the size of the economy. This paper has some policy implications. In order to promote banking and stock market development in the region, it is important to encourage savings by appropriate incentives, consider the possibility of one single currency for African countries in order to improve stock market liquidity and develop financial intermediaries. This paper shows an in‐depth analysis of Africa financial markets in order to assess how they can improve and benefit the global investor. In addition, it is found that financial intermediaries and stock markets are complements rather than substitutes in the growth process.

scholarly journals Economic growth dynamics of the East African region

2021 ◽  
pp. 117-124
Author(s):  
P. Kamara
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Growth Dynamics ◽  
East African ◽  
African Region ◽  
African Countries ◽  
Current Economic Situation ◽  
East African Region ◽  
Sectoral Composition ◽  
Geographical Characteristics

The article is devoted to the description of the dynamics of the economic development of the East African states. The paper gives a description of the current economic situation of the East African countries, lists the states included in the East African region, gives the economic and geographical characteristics of the studied region. The author also analyses the evolution of the sectoral composition of gross domestic product (GDP) of the East African countries, considers the economic factors that influence the economic growth of the states of the region. The study analyses the problem of employment and unemployment in the East African countries. The paper considers the ways of improving the economic development of the region, in particular, economic diversification, inclusive growth and structural transformation, as well as structural and institutional measures that would encourage productive investment in the economy.

Peculiarities of Modern Dynamics of the Global Economy

2010 ◽  
pp. 78-92 ◽  
Author(s):  
V. Klinov
Keyword(s):  
Economic Growth ◽  
Economic Development ◽  
Business Cycles ◽  
Global Economy ◽  
Long Waves ◽  
Rapid Expansion ◽  
Business Taxation ◽  
Modern World ◽  
China And India ◽  
World Economic

Rates and factors of modern world economic growth and the consequences of rapid expansion of the economies of China and India are analyzed in the article. Modification of business cycles and long waves of economic development are evaluated. The need of reforming business taxation is demonstrated.

Contemporary Principles of Heterodox Political Economy

2009 ◽  
pp. 38-57 ◽  
Author(s):  
Ph. O’Hara
Keyword(s):  
Economic Growth ◽  
Political Economy ◽  
Economic Development ◽  
Ethnic Discrimination ◽  
Mainstream Economics ◽  
Theoretical Perspectives ◽  
Analytical Review ◽  
New Ideas ◽  
Historical Specificity ◽  
Scientific Results

In this analytical review the author describes the main trends in the modern heterodox political economy as an alternative to mainstream economics. Historical specificity as well as the contradictory and uneven character of economic development are examined in detail. The author also discusses problems of class, gender and ethnic discrimination and their influence on economic growth. It is shown that there are tendencies to convergence of different theoretical perspectives and schools, common themes, topics of research and conceptual apparatus are being formed. The forces of integration and differentiation help establish new ideas and receive interesting scientific results in such fields as development economics, macroeconomics and international economics.

The Quality of Kazakhstan’s Economic Policy and Balance of Payments

2008 ◽  
pp. 120-132
Author(s):  
K. Arystanbekov
Keyword(s):  
Economic Growth ◽  
Economic Policy ◽  
Economic Development ◽  
Balance Of Payments ◽  
Foreign Investors ◽  
Negative Balance ◽  
Macroeconomic Efficiency

Kazakhstan’s economic policy in 1996-2007, its character and the degree of responsibility, the correlation between economic development and balance of current accounts are considered in the article. Special attention is paid to the analysis of their macroeconomic efficiency. It is concluded that in conditions of high rates of economic growth in Kazahkstan in 2000-2007 the net profits of foreign investors are 10-11% of GDP every year. The tendency of negative balance of current accounts in favor of foreign investors is also analyzed.

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