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Healing the economic and social wounds inflicted by the COVID-19
pandemic will take time, but the long road to recovery presents a
unique opportunity to build back better. To catalyze change and
succeed in the post-pandemic era, economic development policy and
practice must see the crisis as an opportunity to rethink and
redesign regional economic systems. This will involve creating a
shared understanding of – and policies to address – the
differential impacts of the pandemic across occupations,
industries, and socioeconomic groups. Rethinking how existing
economic development tools, frameworks, and practices can be
optimized has never been more compelling. Special attention must be
given to interventions capable of accelerating desirable trends
that will shape the next normal in our contemporary discussions on
the COVID-19 pandemic. This book explores the challenges and
opportunities heralded by the virus in the broadest sense and
presents case studies on equitable and inclusive economic
recoveries. Regional Economic Systems after COVID-19 offers
actionable insights for regional policymakers, business leaders,
investment and trade promotion agencies, site selectors, students,
scholars, researchers, and organizations involved in tourism,
foreign direct investment, and economic development.
With both domestic and external financing expected to dry up in the
wake of the COVID-19 pandemic, this book argues that there is a
need for fresh ideas and new strategies for achieving sustainable
development in Africa. In addition to triggering the most severe
recession in nearly a century, the COVID-19 pandemic has disrupted
global value chains, causing unprecedented damage to healthcare
systems, economies, and well-being, hitting the world's most
vulnerable people the hardest. Even before the pandemic, Africa was
suffering from the effects of low commodity prices, sluggish GDP
growth, high debt levels, low levels of domestic savings, and weak
private capital inflows. This book argues that now, as the
continent emerges from the current crisis, it will be important to
reconfigure current financing sources under a forward-looking
framework that incorporates other non-traditional financing tools
and mechanisms such as public-private partnerships, sovereign
wealth funds, gender lens investing, new growth drivers, and
emerging and disruptive technologies. Finally, the book concludes
by adopting a sectoral approach and examining the real economy
impacts of new growth drivers such as agriculture value chains,
industrialization, tourism, and the blue economy. Drawing on a
range of original research as well as insights from practice, this
book will be a useful guide for Global Development and African
Studies researchers, as well as for policy makers, investors,
finance specialists, and global business practitioners and
entrepreneurs.
A core political economy issue in the growth literature is how to
structure the relationship between the public and private sectors
to ensure optimal outcomes. While conventional arguments on the
ability of the private sector to intrinsically generate efficiency
gains remain valid, governments' traditional role of providing an
enabling environment to foster private risk taking for capital
accumulation is no less important. African Policy Innovation and
the Political Economy of Public-Private Policy Partnerships borrows
from contemporary theories of policy change and raises some
fundamental questions about the political economy of development in
Africa. This book examines the current knowledge and research about
the role of public-private policy partnerships in the policy
innovation discourse. It contributes a comprehensive, cutting-edge
analysis vis-a-vis the appropriateness of contemporary policy
devices and paradigms, the compatibility of individualistic
analytical frameworks with the African philosophy of Ubuntu, the
debate on the rise of neoliberalism versus Africa's traditions and
values, and the implications of path dependence for the African
Renaissance. From local communities and NGOs to African governments
and international development agencies, the author advances a
multi-stakeholder development policy and programming framework
which recognizes Africa's vastly heterogenous economies and
societies. Covering topics such as policy diffusion, demographic
shifts, inequality, rentier capitalism, industrial transformation,
development finance innovations, venture capital ecosystems, tax
policy and supply-side economics, ocean finance, the global minimum
tax debate, and higher education under disruptive technologies,
this premier reference source is an excellent resource for
government officials, policymakers, entrepreneurs, business
leaders, libraries, students and educators of higher education,
researchers, and academicians.
Society wants the supply of public services like healthcare,
education, security, and infrastructure to be flexible, innovative,
and efficient. However, the barriers created by bureaucracies often
stifle innovation. Amid the current wave of digital transformation,
new innovations that can help governments fulfil their social
contracts are increasingly emerging. While the role of the state in
creating incentives and reducing transaction costs is clear, a
nuanced understanding of contemporary social policy requires a firm
grasp of the role of business. The notion of the knowledge economy
lies at the heart of contemporary economic growth narratives. Not
only has it shifted attention from the industry-government dyad to
the "Triple Helix" of university-industry-government interactions,
but it has also increased the attention given to the latter, since
the 1990s, as a reliable analytical framework for innovation policy
and practice. While globalization has intensified technology
diffusion globally, leading to increased productivity in emerging
and less developed economies, the extent of income convergence
predicted by theory has not been realized. This is due, partly, to
changes in the patterns and processes of capital accumulation
during the post-World War II economic boom, and the concomitant
highly dynamic nature of the capitalist mode of production. A major
characterization of the neoclassical production function is a
standard assumption of profit maximization by firms. Under this
framework, changes in a firm's revenue are linked to changes in the
costs of capital and labor, with implications for competition,
efficiency, and transparency. The past few decades have heralded a
decline in labor's share of income, due to the prevailing highly
capital-intensive multinational system of production. In addition
to the concentration of capital ownership, this mode of wealth
creation generates varying returns to different categories of
labor, with workers at the top of the income distribution reaping
disproportionately large rewards over time. The innovation
discourse has transitioned from its purely scientific and technical
focus to include digital opportunities and the evolution of new
business models. Economic diversification is often associated with
higher levels of productivity because structural transformation
leads to factor reallocation within and between sectors. However,
due to various institutional and structural economic constraints
such as large informal sectors, limited access to technology, and
poor infrastructure, this is far from the case in many countries in
the Global South. Based on original research, theoretical
perspectives, best practices, and lessons from multiple
jurisdictions, this book provides insight into how public-private
partnerships (P3s) can help transform a wide range of policy
initiatives by creating win-win outcomes in traditionally mutually
exclusive competitive markets and public sector operations. From
efficiency and redistribution to policy diffusion and innovation to
transaction costs and corporate innovation in the new economy, the
book sheds light on the efficacy of P3s as a useful tool in
addressing important public policy challenges related to health
innovation, traditional education under disruptive technologies,
climate change and the energy transition, the extractives sector,
infrastructure, digital trade facilitation, and many more. This
book examines what we know and do not know about the role of P3s in
innovating policy; it focuses on a broad range of reforms capable
of driving competitiveness and economic growth. All in the global
context.
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