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The aim of colonial economics was often to extract the most value out of the existing natural resources within the territory, rather than creating balanced and sustainable economic models. This meant African colonial economies were often export based, with little to no domestic manufacturing, resulting in the aforementioned trade dependence on ...
Trade between African states accounts for only 11% of Africa's total commerce as of 2012, around five times less than in Asia. [119] Most of this intra-Africa trade originates from South Africa and most of the trade exports coming out of South Africa goes to abutting countries in Southern Africa.
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.
A 2011 study published by the University of Cape Town about the richest 10% found that nearly 40% are black, where this group had once been almost exclusively white. [172] While only 29% of the absolute wealthiest [ vague ] South Africans are black, this jumps to 50% among the "entry-level" rich (defined as earning more than $4,000 per month ...
African studies is the study of Africa, especially the continent's cultures and societies (as opposed to its geology, geography, zoology, etc.). The field includes the study of Africa's history (pre-colonial, colonial , post-colonial ), demography ( ethnic groups ), culture , politics , economy , languages , and religion ( Islam , Christianity ...
Economic systems is the category in the Journal of Economic Literature classification codes that includes the study of such systems. One field that cuts across them is comparative economic systems, which includes the study of the following aspects of different systems: Planning, coordination and reform.
When the African National Congress (ANC) came to power in 1994, the new government's priorities included redressing apartheid's legacy of economic exclusion. Under apartheid, legislation and practice had restricted the access of non-whites to job opportunities, capital, business and property ownership, and other forms of economic advancement, leaving vast racial inequalities in wealth and ...
The earlier term for the discipline was "political economy", but since the late 19th century, it has commonly been called "economics". [22] The term is ultimately derived from Ancient Greek οἰκονομία (oikonomia) which is a term for the "way (nomos) to run a household (oikos)", or in other words the know-how of an οἰκονομικός (oikonomikos), or "household or homestead manager".