Import substitution industrialization (ISI) is a trade and economic policy that advocates replacing foreign imports with domestic production. It is based on the premise that a country should attempt to reduce its foreign dependency through the local production of industrialized products. The term primarily refers to 20th-century development economics policies, but it has been advocated since the 18th century by economists such as Friedrich List and Alexander Hamilton.
Human capital flight is the emigration or immigration of individuals who have received advanced training at home. The net benefits of human capital flight for the receiving country are sometimes referred to as a "brain gain" whereas the net costs for the sending country are sometimes referred to as a "brain drain". In occupations with a surplus of graduates, immigration of foreign-trained professionals can aggravate the underemployment of domestic graduates, whereas emigration from an area with a surplus of trained people leads to better opportunities for those remaining. But emigration may cause problems for the home country if the trained people are in short supply there.
A foreign direct investment (FDI) refers to purchase of an asset in another country, such that it gives direct control to the purchaser over the asset. In other words, it is an investment in the form of a controlling ownership in a business, in real estate or in productive assets such as factories in one country by an entity based in another country. It is thus distinguished from a foreign portfolio investment or foreign indirect investment by a notion of direct control.
The economy of Africa consists of the trade, industry, agriculture, and human resources of the continent. As of 2019, approximately 1.3 billion people were living in 53 countries in Africa. Africa is a resource-rich continent. Recent growth has been due to growth in sales, commodities, services, and manufacturing. West Africa, East Africa, Central Africa and Southern Africa in particular, are expected to reach a combined GDP of $29 trillion by 2050.
Structural adjustment programs (SAPs) consist of loans provided by the International Monetary Fund (IMF) and the World Bank (WB) to countries that experience economic crises. Their stated purpose is to adjust the country's economic structure, improve international competitiveness, and restore its balance of payments.
Development aid is a type of foreign/international/overseas aid given by governments and other agencies to support the economic, environmental, social, and political development of developing countries. Closely related concepts include: developmental aid, development assistance, official development assistance, development policy, development cooperation and technical assistance. It is distinguished from humanitarian aid by aiming at a sustained improvement in the conditions in a developing country, rather than short-term relief. Development aid is thus widely seen as a major way to meet Sustainable Development Goal 1 for the developing nations.
A remittance is a non-commercial transfer of money by a foreign worker, a member of a diaspora community, or a citizen with familial ties abroad, for household income in their home country or homeland. Money sent home by migrants competes with international aid as one of the largest financial inflows to developing countries. Workers' remittances are a significant part of international capital flows, especially with regard to labor-exporting countries.
Frances Julia Stewart is professor emeritus of development economics and director of the Centre for Research on Inequality, Human Security and Ethnicity (CRISE), University of Oxford. A pre-eminent development economist, she was named one of fifty outstanding technological leaders for 2003 by Scientific American. She was president of the Human Development and Capability Association from 2008 to 2010.
Maurice Kugler is a Colombian American economist born in 1967. He received his Ph.D. in economics from UC Berkeley in 2000, as well as an M.Sc. (Econ) and a B.Sc. (Econ) both from the London School of Economics. Kugler is professor of public policy in the Schar School of Policy and Government at George Mason University. Prior to this, he worked as a consultant for the World Bank, where he was senior economist before (2010-2012). Most recently he was principal research scientist and managing director at IMPAQ International.
The Millennium Cities Initiative (MCI) is a project of the Earth Institute at Columbia University. Founded by Earth Institute director Professor Jeffrey Sachs in 2006, MCI aims to assist through research and policy analysis selected mid-sized cities across sub-Saharan Africa, located near Millennium Villages, to achieve the Millennium Development Goals (MDGs). The project's initial focus is on policy analysis impacting foreign direct investment (FDI), with a view to creating employment, stimulating domestic enterprise development and fostering economic growth. In addition to foreign investment, the MCI is working to promote an integrated City Development Strategy. The MCI draws upon, and strengthens, the MDGs work already underway by adding a focused urban-based component. MCI aims to demonstrate through its research and policy analysis that more FDI can be attracted to regional urban centers in Africa, with the resulting employment and economic growth effects. The Initiative will also produce urban development strategies issuing from the Initiative’s own MDG-based needs assessments that will inform municipal and national governments and their donors of the accurate, actual costs of achieving the MDGs.
Globalization is a process that encompasses the causes, courses, and consequences of transnational and transcultural integration of human and non-human activities. India had the distinction of being the world's largest economy till the end of the Mughal era, as it accounted for about 32.9% share of world GDP and about 17% of the world population. The goods produced in India had long been exported to far off destinations across the world; the concept of globalization is hardly new to India.
Sanjaya Lall was a development economist and Professor of Economics at the University of Oxford. Lall's research interests included the impact of foreign direct investment in developing countries, the economics of multi-national corporations, and the development of technological capability and industrial competitiveness in developing countries. One of the world's pre-eminent development economists, Lall was also one of the founding editors of the journal Oxford Development Studies and a senior economist at the World Bank.
During the period of 1965 – 2021, an estimated 440,000 people per year emigrated from Africa; a total number of 17 million migrants within Africa was estimated for 2005. The figure of 0.44 million African emigrants per year pales in comparison to the annual population growth of about 2.6%, indicating that only about 2% of Africa's population growth is compensated for by emigration.
Access to safe and adequate sexual and reproductive healthcare constitutes part of the Universal Declaration of Human Rights, as upheld by the United Nations.
Water-related industry in Africa provides jobs and employment opportunities in many sectors, for example agriculture, fisheries, manufacturing and industry.
Hans P. Binswanger-Mkhize was a Swiss economist. His research focused mainly on agricultural economics in developing countries.
Abena Frempongmaa Daagye Oduro is the Vice Dean of the Faculty of Social Science at the University of Ghana where she also holds the position of Associate Professor of the Department of Economics. Having had 30 years of experience teaching, her areas of specialization are centred around gender and asset management, international economics, poverty analysis, macroeconomic theory and trade policy. Abena Oduro is the first Vice President of the Association for the Advancement of African Women Economists (AAAWE) where Professor of Economics in University of Kansas, Elizabeth Asiedu, is the founder and president. She is also the president elect of the International Association for Feminist Economics (IAFFE), her tenure will be 2021 to 2022.
Kwabena Gyimah-Brempong is Ghanaian American economist who is a professor of economics and economics department chair at the University of South Florida, and a former president of the National Economic Association. He serves on the editorial boards of Southern Economic Journal and the Journal of African Development.
Reginald Herbold Green was an American development economist who focused on African economic issues. His research focus included studying the economies of eastern and southern Africa, South African Development Community (SADC), international organizations and aid disbursement, and the Economic Commission on Africa, specializing in poverty alleviation, development enablement, and economic liberalization.
Awudu Abdulai is a Ghanaian agricultural and development economist, and professor at the Institute of Food Economics and Consumption Studies, University of Kiel, Germany. His research and teaching focus on issues related to poverty alleviation, food and nutrition security, consumer behavior, and sustainable agriculture.
