...abundance resources of land were used by the colonists to make plantations. Seeing the potential benefits from the planting of commercial crops, most English laborers came to the New World as indentured servants. However, the labor sources of the indentured servant were later shifted to the slave, especially the African slave. These African slaves were victims of the particularly brutal slavery institution that was established during the English colonial era. As they played an important role in developing the English colonies, their...
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...According to the political section in this paper, 1994, and its democratic transition has also been a significant transitional year for South Africa’s economy. As stated in the Economist (2010) South Africa is the biggest economy in Africa; furthermore, the World Bank has ranked South Africa as an upper middle-income economy (which accounts for an income of $4,086 to $12,615 per annum) as like as Brazil and China. Additionally, taken several factors into account, the Heritage Foundation (2013) scores South Africa’s economic freedom as the 75th (out of 186) in the 2014 Index. To assess a country’s performance, one looks at its GDP development, or in particular the real GDP growth, as a main indicator for a countries performance. Figure X reveals South Africa had a substantial growth over the years except from 2009. Because of its global integrated economy, it has not been unaffected by the global crisis. Nevertheless, BRIC countries have been less affected, looking at the aggregated figures in Figure X. Figure X: Economic Indicators Source: OECD (2013) In Figure X2 you can see the diverse economy of South Africa and the key sectors roughly contributing to the GDP. Figure X2: Composition of South Africa’s Key Sectors contributing to GDP Source: Own Illustration, Statistics South Africa (2012) On the basis of the industrialization section in this paper, caused by South Africa’s de-industrialization, it failed to engage and develop the manufacturing industry as an accelerator...
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...1. INTRODUCTION The society has begun to recognize serious concerns with issues that the youth have to deal with today. Some issues have always been a problem but are now coming to the eyes of the public to find solutions. In my essay I am going to discuss fully the meaning of sociological imagination, the difference between personal problems and the public issue that the youth of South Africa faces. I will also discuss about the measures that needs to be done in order reduce the challenges and problems that affect different individuals. 2. THE MEANING OF SOCIOLOGICAL IMAGINATION. ‘‘Sociological Imagination is the capacity to see how sociological situations play out due to how people differ in terms of their places in given social and historical circumstances. It is a way of thinking about things in the society that have led to some sort of outcome, and understanding what causes to that outcome” (Mills, 1959:2). The things we do are shaped by the situation we are in, the values we have and the way we act around people. Sociological Imagination can be considered as a quality of mind around that understands the interplay of the individual and society. By developing a sociological imagination we are able to see that we are socialized, and we are able to view how social environment has an effect on decisions that we make. Social environment differ across many boundaries but not limited to race, ethnicity, gender and class. Social change happens all time it is debatable and...
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...Research Proposal: A CRITICAL ANALYSIS ON THE IMPLICATIONS AND EFFECTS OF CORRUPTION IN THE SOUTH AFRICAN ECONOMY AND HOW IT CAN BE MANAGED About the writer: Tyson Thamsanqa Sibanda Rosebank College South Africa: Bachelor of Business Administration 3 (2015) Contact details; Tyson.msimanga@gmail.com 0027786500000 / 0027815993434 BACKGROUND AND ORIGIN Corruption in South Africa has been so widespread that, unless it is decisively tackled in this presidential term, there is a real danger that it will become embedded as a ‘normal’ aspect of life in our country. Once it becomes part of the ‘culture’ of our society, it will be almost unmanageable to uproot. Corruption is generally defined as the abuse of public office for private gain. It usually comes in two forms. Firstly, the alleged ‘big-time’ corruption which take place when public officials bend the rules to channel patronage to relatives, friends and associates, or accept bribes; as well when private agents bribe public officials to give them exclusive advantages or privileges. Secondly, there is the quiet corruption, which occurs when public servants purposefully neglect their duties to provide public services or goods. Quiet corruption may not involve an exchange of money, but involves providers of public services such as teachers, nurses or other government officials, twisting the rules for their own private welfares. This includes, for example, public servants, such as a minister or nurses not turning up for work when...
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...Louis Hanekom 22805885 CCMM 512 Opdrag 1 22 April 2014 Inhoudsopgawe Bladsy 1. Inleiding 1 2. Hoof uitdagings in die landbou sektor 2 2.1 Geadministreerde pryse 2 2.2 Landbou Navorsing 2 2.3 Arbeid in Landbou 2 2.4 Grondhervorming 2 2.5 Ramp Bestuur en beskerming van natuurlike hulpbronne 2 3. Hoof uitdagings in die mynbou sektor 3 3.1 Afname in produksie 3 3.2 Stakings 3 3.3 Arbeidskostes 3 3.4 Produksie kostes 3 3.5 Werksverliese 4 4. Hoe die uitdagings in die mynbou en landbou sektore Suid Afrika beïnvloed. 4 5. Oplossings vir sommige van hierdie uitdagings 5 5.1 Oplossings vir die uitdagings in die Landbou sektor 5 5.2 Oplossings vir die uitdagings in die Mynbou sektor 5 6. Impak op die sakewêreld 6 7. Afsluiting 7 8. Bronnelys: 8 1. Inleiding Met 50.6 miljoen mense is Suid Afrika die grootste land in Afrika. Suid Afrika speel ʼn groot rol in die kommoditeit markte soos globale myn en minerale bronne , en beheer ʼn driekwart van die wêreld se platinum produksie. Suid Afrika het ook groot aandele in palladium, mangaan, goud en diamante. Die Wêreld Bank reken Suid Afrika as ʼn bo-gemiddelde inkomste land, met ʼn BBP per kapita van $10.973 (2011) Die ekonomie van Suid Afrika is baie divers, en baie afhanklik van sy mynbou, landbou en toerisme. In hierdie opdrag gaan ek na die mynbou en landbou sektore kyk, en watter...
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...Introduction Collier (2007) introduced the concept of the natural resource trap, a situation in which countries have access to natural resources that should enable a country to benefit and develop economically, but has the opposite effect by enslaving the country in poverty. In my analyses of Collier’s (2007) argument on why countries are subject to a resource trap, I focus on the concept of Dutch Disease within the South African primary sector and the aggravating factors caused by economic shocks. I analyse the degree to which the South African has indeed become reliant on the primary sector for sustaining its economy, with emphasis on the mining and agricultural components of the primary sector. However, I also extend on Collier’s (2007) argument by incorporating the views of other authors. An important view and one also central to my argument is that of Grimsley and Hay’s (2004), who refers to a “balanced economy” (p. 97) in the context of the “equity and mutual benefit” (p. 98) for the society as a whole. Translating the Collier (2007) argument to the South African context Collier (2007) indicates that Dutch disease, in combination with volatile commodity prices, is a significant contributor towards the natural resource trap. Barder (2006) describes the original concept of Dutch Disease in which the Dutch experienced large foreign exchange earnings due to the export of the gas. This led to a shift in the Dutch currency exchange rate and increase in Dutch prices in the local and...
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...Topic: Economic Development in Africa Country: Greece Good morning/afternoon fellow delegates and honorable chair: The United Nation’s Charter pledges to "promote higher standards of living, full employment, and conditions of economic and social progress and development". Guiding the United Nations endeavors is the conviction that lasting international peace and security are possible only if the economic and social well being of people everywhere is assured. As the global center for consensus building, the UN has set priorities and goals for international cooperation to assist countries in their development efforts and to foster a supportive global economic environment. An ancient and democratic governmental system allowed Greece’s economy to quickly develop. Greece became a country brimming with resources and wealth due to its economic advancements in a developing world. However, a staggering six-year economic recession has led Greece to be dependent on and supportive of the UN’s promise to aid economic development. More than 100,000 businesses have closed, roughly a quarter of Greek households live close to the poverty line, many banks have shut down, and debt weighs heavily upon our nation. We, as a country, are just beginning to recover. In spite of economic struggles, the people of Greece have felt only a small fraction of the economic hardships and poverty that people in Africa have been facing for years. Africa is the poorest of all inhabited countries and it continues...
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...SOUTH AFRICA ON THE FACE OF THE GLOBAL RECESSION South Africa was not spared by the global recession that gripped the global markets in 2009. The global economy remained firmly in the grips of a recession in the first quarter of 2009, South African markets correspondingly quaked as activity continued to decline at broadly the same pace that had been registered in the previous quarter. Driven by further sharp contractions in real output of the advanced economies in the wake of the financial crisis, the decline in production and international trade volumes reverberated in all parts of the world (Quarterly Bulletin, No.252). Accordingly, emerging-market economies also recorded significantly slower and even negative rates of growth, with declining export demand and lustreless prices of most export commodities acting as powerful brakes on the growth momentum in Africa and elsewhere in the developing world. 407 The South African Quarterly Bulletin, No.252 further noted that under these circumstances inflationary pressures dissipated in most parts of the world. At the same time, numerous countries continued with their efforts to support aggregate demand by means of unparalleled infusions of fiscal and monetary stimulation. Up to the first quarter of 2009 this did not seem to have had the desired effect. Most recently, however, there have been some improvements in a limited subset of indicators, suggesting that the pace of decline in global demand may be decelerating....
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...The New Growth Path: Miracle or Mirage? pg. 1 The New Growth Path: Miracle or Mirage? The South African government has embarked on a series of economic programmes to achieve job growth and redistribution goals. The New Growth Path is the latest: it sets an ambitious target of creating five million jobs by 2020. The Path contains some good dimensions, but remains largely a set of slogans: “green economy;” “knowledge based economy.” It raises some scepticism as far as its workability unless some targeted policies are identified, prioritized and followed through including coordinated monetary and fiscal policies, skilled workforce development, and targeted sector development. Precisely how important the various elements are is not detailed. South Africa: the Unemployment, Inequality and Poverty Challenge South Africa’s unemployment rate is one of the highest in the world: according to the International Labour Organization, which adopts a narrow definition of unemployment being “decent work”, in 2006 South Africa’s unemployment rate was over 25%, close to double the highest unemployment rate of middle income economies which is Poland (13.8%) and much higher than many of its Latin American comparators such as Chile, Mexico and Argentina (ILO, 2008). Also noteworthy is that these unemployment rates differ greatly by age: the unemployment rate of African youth (15-34 years) stood at 52.7% in 2010 (Dimant et al., 2010). South Africa also registered an increase of income inequality...
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...liberal capitalism. This essay also investigates whether the South Africa is really state capitalism or are they using Major Private Sectors to socially develop the South African economy, being Neoliberal capitalism? State Capitalism VS Liberal Capitalism State capitalism is when the government takes control over the commercial economic environment. The government may own shares in a public company listed in the stock exchange, acting as a large shareholder. Another type of economic system where State capitalism would be involved is when production is owned by private companies and the state controls the credit and investment allocation. Liberal capitalism is also known as free market capitalism; it gives companies and individuals the freedom to run their own market and set their own price systems. Individuals or companies would benefit with their gains and face detriment with their errors. The government may intervene to control free trade and open competition by eliminating private Monopoly. Neoliberal Capitalism is where private sectors seek to maximise the political and economic priorities of the state. South African Government Interventions Referring to the State of Nation Address by President Jacob Zuma, there are many interventions the Government desires to implement to improve the South African socio-economic structure. The various areas are unemployment, transportation, health, education, fight against crime, human settlements, energy, water settlements, rural...
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...Micro, Small and Medium Enterprises under the services sector is as below: | | * A microenterprise is an enterprise where the investment in equipment does not exceed Rs.10 lakh; | | * A smallenterprise is an enterprise where the investment in equipment is more than Rs.10 lakh but does not exceed Rs.2 crore; and | | * A medium enterprise is an enterprise where the investment in equipment is more than Rs.2 crore but does not exceed Rs.5 crore.Indian SMEs represent the model of socio-economic policies of Government which emphasized job creation at all levels of income stratum and diffusion of economic power in the hands of few, discouraging monopolistic practices of production and marketing; and contributing to growth of economy and foreign exchange earning with low import-intensive operations. Indian SMEs also play...
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...Pekka Tarjanne1 1 Executive Summary 2 Many countries in the developing world must decide how to best allocate scarce resources for improved economic development. An ITU study of telecommunications and development, The Missing Link, concluded that "telecommunications can increase the efficiency of economic, commercial, and administrative activities, improve the effectiveness of social and emergency services and distribute the social, cultural and economic benefits of the process of development more equitably throughout the country." Although it is recognized as an essential catalyst for growth, however, improved telecommunications generally has not been a central investment focus for developing countries3. The Southern African Development Countries...
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...has changed from better to worse over time. While these measures succeeded in substantially reducing the external debt burdens of many middle-income countries, a different scenario played out for many of their poor counterparts. On the other hand, not much attention was being paid to the domestic debt. Thus countries such as Nigeria, have been witnessing bloated domestic debt. Generally, debt burden of poor countries had continued to pile up coupled with devastating environmental degradation, low level of infrastructures, chronic poverty and civil conflicts amongst others, culminating in lethargic economic growth. One of the most important objectives of macroeconomic policy in Nigeria, in recent years has been rapid economic growth of the economy. This objective cannot be easily attained because there is low domestic savings to carry out their productive activities. As a consequence, governments borrow internally by issuing securities, government bonds, and treasury bills which are purchased by Nigerian banks, local pension funds, and other domestic and foreign investors or from external sources. Multilateral agencies such as the Africa Development Bank, the World Bank, or the Islamic Development Bank, and bilateral agencies such as the China Exim Bank, the French Development Bank, or the Japanese Aid Agency. There are also foreign private creditors such as investors in Nigeria’s Eurobonds. These borrowed funds are meant to boost economic growth and development of the country thereby...
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... 10.98 billion USD | Republic of Mauritius Mauritius is an island nation in the Indian Ocean approximately 2,000 kms off the southeast coast of the African continent. The country is comprised of the island of Mauritius, Rodrigues, the islands of Agalega, and the archipelago of Saint Brandon. Since its independence in 1968, Mauritius has developed from a low-income, agriculture based economy to a middle-income diversified economy with growing industrial, financial, and tourist sectors. Mauritius is considered the only African country ranked as a “full democracy” in the Economist Intelligence Unit’s Democracy Index. Navin Ramgoolam of the Mauritius Labour Party has been Prime Minister since 2005, and Rajkeswur Purryag has been president since 2012. Economy: Development Mauritius has a multi-ethnic, multi-religious and multi cultured population. Vast majority of its population are immigrants from India, China and other African nations. The country has seen a very stable GDP growth rate of approx. 3.2% for the past 5 years, with the first quarter of 2015 witnessing a 3.5% growth. Mauritius is one of the top ten free economies in the world and ranks first out of the 46 Sub-Saharan African nations. This...
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...underdevelopment: The politics of the north-south divide is written specifically to keep the students and the general public abreast of the causes and reasons for Africa, Asia and Latin America Perpetual underdevelopment despite the enormous human and materials resources God deposited in the continent. According to the author of the book, development and underdevelopment: Politics of the north-south divide was written with the intention to familiarize the readers with exciting and challenging subject of political economy of development and underdevelopment. It endeavour to expose the students to various strands of perspectives that are inherent in the study of politics of development and underdevelopment- it is the anticipation of the author that the book would be a good resource material for the researchers and the students of the social sciences as a whole. The students of politics of development and underdevelopment, state and economy, third world and dependency, international economy relations as well as those studying political...
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