MIDDLE CLASS GROWTH AND ENTREPRENEURSHIP DEVELOPMENT IN AFRICA – MEASUREMENT, CAUSALITY, INTERACTIONS AND POLICY IMPLICATIONS
DOI:
https://doi.org/10.35774/jee2019.01.094Keywords:
Entrepreneurship, middle class, developing growth oriented enterprises, «missing middle class».Abstract
The paper is about the role of the African middle class as a base for entrepreneurship development. The key question is what the growth of the African middle class means for the emergence of an entrepreneurial class in Africa. In this context, the «missing middle» in Africa, the gap in small and medium sized companies between microenterprises and large companies, is of interest. So far the theoretical work and the empirical evidence on the relation between middle class growth and entrepreneurship development are quite scarce.
First, the main concepts of defining and measuring the African middle class - via income and consumption, assets, vulnerability, and livelihoods - will be discussed. These differences in definition and measurement have implications for the assumed developmental implications of the growth of the African middle class and the growth of an entrepreneurial class. There are so many statements in the literature about the developmental potentials and the impacts of the African middle class. It is argued that the African middle class is a seedbed of entrepreneurship and management staff; a base for start-ups and high tech companies; that it has an impact on market competition and labour mobility; an impact on level and structure of consumption and marketing, on housing, car and finance markets; an impact on local saving, local investment and on a more long-term investment behaviour; a role in developing a new consumer society based on higher quality and branded goods; a role in participation, empowerment and the formation of economic interest groups; a role in the redistribution of income, assets and economic power; that it leads to a widespread use of new technologies and has a tremendous role in technology diffusion; that it is creating space for upward mobility and societal change; that it pushes the transition from survival firms to growth-oriented firms; that it has a role in pushing for more rational economic policies and that it is also demanding public goods and fair taxation; and that it is providing stability to the political regime, etc. Most of these arguments lack so far empirical evidence, and there is tremendous speculation and experimentation based on the way of defining and measuring the African middle class and the entrepreneurial class which is coming forth on this basis. A main instrument used for this endeavour is aggregation of some few data over Africa; but this is not enough to draw strong conclusions.
Second, the scarce evidence on the assumed role of the African middle class as a seedbed of entrepreneurship and managerial competencies is discussed and evaluated. The main issue is the role of the African middle class in overcoming the «missing middle» of small and medium sized companies. There is a general discussion about Africa’s «missing middle», the assumed gap in terms of small and medium sized companies between the many mostly informal microenterprises and the large public and private companies. It is argued that the concepts of the African middle class used in the literature and the ways of defining and measuring it do not allow a deep investigation of entrepreneurship development and the identification of a growing entrepreneurial class in Africa. The main reason is that the economic lives of the various segments of the African middle class are so different. Also, the poor and the rich classes in Africa have distinct economic lives which partly overlap with those of lower and upper segments of the African middle class.
Third, there is a lack of differentiating the African middle class with regard of the potential for entrepreneurship development, the establishment of entrepreneurial value systems (education, health, saving and investing), and the role in developing local industries (based on increasing middle class consumption). Any change towards the development of growth oriented small and medium-sized enterprises - between survival and micro enterprises at the lower end and large capitalist and conglomerate enterprises at the upper end - is of interest. Most important is to know more about the role of the African middle class in developing growth-oriented enterprises. It is also of interest to see how governments in Africa can support entrepreneurship and management competences based on specific African middle class segments, along with strategies to use the entrepreneurial potential of the poor and the rich classes.
The purpose of the paper is to give evidence on the developmental role of the African Middle Class, by focussing on the «missing middle» of enterprises in Africa and the types of entrepreneurship being associated with the growth of the middle class. After the Introduction in Section 1 there is in Section 2 a discussion on Defining and Measuring the African Middle Class: What about Developmental Implications and Prospects? In Section 3 is a presentation on Africa’s Middle Class and the «Missing Middle» of Enterprises: New Potentials for the Growth of Enterprises? In Section 4 there are Conclusions and Policy Recommendations. This is an economists’ view, but much more interdisciplinary work is needed to cover the issues (and this is done in the collection of essays by Henning Melber,
Editor, 2016).
JEL: B27, F63.
References
Abrahams, Caryn (2010). Transforming The Region: Supermarkets And The Local Food Economy, pp. 115-134, in: African Affairs, Volume 109, Number 434, January 2010 https://doi.org/10.1093/afraf/adp068
AfDB/African Development Bank (2011). The Middle of the Pyramid: Dynamics of the Middle Class in Africa», Market Brief, April 20, 2011, AfDB, Tunis: Chief Economist Complex, Web Access: http://www.afdb.org/fileadmin/ uploads/afdb/Documents/Publications/The%20Middle%20of%20the%20 Pyramid_ The%20Middle%20of%20the%20Pyramid.pdf
AfDB et al. (2012). African Development Bank (AfDB)/Development Centre Of The Organization For Economic Co operation And Development (OECD)/United Nations Development Programme (UNDP)/United Nations Economic Commission For Africa (UNECA), African Economic Outlook 2012, Special Theme: Promoting Youth Employment, Paris: OECD Publishing, 2012
AfDB et al. (2014). African Development Bank (AfDB)/Development Centre Of The Organization For Economic Cooperation And Development (OECD)/United Nations Development Programme (UNDP), 2014, African Economic Outlook 2014, Special Theme: Global Value Chains and Africa's Industrialisation, Paris: OECD Publishing, 2014
Ayadi, Mohamed and Mohamed Safouane Aissa (2015). Entrepreneurship, pp. 102-129, in: Mthuli Ncube and Charles Leyeka Lufumpa, Ed., The Emerging Middle Class in Africa, Routledge, Taylor & Francis Group, Londonand New York
Banerjee, Abhijit V. and Esther Duflo (2007). The Economic Lives of the Poor, in: Journal of Economic Perspectives, 21(1): 141-67 https://doi.org/10.1257/089533007780095556
Banerjee, Abhijit V. and Esther Duflo (2008). What Is Middle about the Middle Classes around the World?, in: Journal of Economic Perspectives, 22(2): 3-28, https://doi.org/10.1257/jep.22.2.3
Berner, Erhard/Georgina Gomez/Peter Knorringa (2012). «Helping a Large Number of People Become a Little Less Poor»: The Logic of Survival Entrepreneurs, pp. 382-396, in: European Journal of Development Research, Volume 24, Number 3, July 2012 https://doi.org/10.1057/ejdr.2011.61
BCG (2009). The Boston Consulting Group (BCG), Report: The 2009 BCG 100 New Global Challengers, How Companies from Rapidly Developing Economies Are Contending for Global Leadership, BCG: January 2009; Web Access: http://www.bcg.com.cn/export/sites/default/en/files/publications/ reports_pdf/The_2009_BCG_100_New_Global_Challengers_Jan_2009.pdf
BCG (2010). The Boston Consulting Group (BCG), Report: The African Challengers, Global Competitors Emerge from the Overlooked Continent, The Boston Consulting Group, Inc.: 2010, Web Access: https://www.bcg.com/ documents/file44610.pdf
BCG (2013). The Boston Consulting Group (BCG), Allies And Adversaries, 2013 BCG Global Challengers, BCG: January 2013, Web Access: http://www.ibef.org/download/BCG-Global-Challenger-2013-Allies-and- Adversaries-290713.pdf
Birdsall, Nancy, Carol Graham, and Stefano Pettinato (2000). Stuck in The Tunnel: Is Globalization Muddling The Middle Class?, Brookings Institution, Center on Social and Economic Dynamics, Working Paper No. 14, Washington D. C., Web Access: http://www.brookings.edu/es/dynamics/papers/ middleclass/midclass.pdf. https://doi.org/10.2139/ssrn.277162
Birdsall, Nancy (2010). The (Indispensable) Middle Class in Developing Countries; or, The Rich and the Rest, Not the Poor and the Rest, 2010Working Paper 207, March 2010, Center for Global Development, Washington, D.C., Web Access: http://www.cgdev.org/sites/default/files/ 1423994_ file_Birdsall_ Indispensable_Middle_FINAL.pdf
Birdsall, Nancy (2014). Who You Callin' Middle Class?, A Plea to the Development Community, 4/18/14, Center for Global Development, Washington D.C., Web Access: http://www.cgdev.org/blog/who-you-callin%E2%80%99- middle-class-plea-development-community
Birdsall, Nancy (2015). Does the Rise of the Middle Class lock in Good Government in the Developing World?, pp. 217-229, in: European Journal of Development Research, Volume 27, Number 2, April 2015, https://doi.org/10.1057/ejdr.2015.6
Corral, Paul, Vasco Molini and Gbemisola Oseni (2015). No Condition is Permanent, Middle Class in Nigeria in the Last Decade, Policy Research Working Paper 7214, World Bank Group, Poverty Global Practice Group, March 2015, Web Access: https://openknowledge.worldbank.org/bitstream/handle/ 10986/21653/WPS7214.pdf?sequence=1 https://doi.org/10.1596/1813-9450-7214
Deloitte (Briefing) (2013). Deloitte on Africa, The Rise and Rise of the African Middle Class, Deloitte & Touche, 2013; Web Access: http://www2.deloitte.com/content/dam/Deloitte/au/Documents/internationalspecialist/ deloitte-au-aas-rise-african-middle-class-12.pdf
Easterly, William (2001). The Middle Class Consensus and Economic Development, in: Journal of Economic Growth, 6(4): pp. 317-335, https://doi.org/10.1023/A:1012786330095
Easterly, William (2000). The Middle Class Consensus and Economic Development, Policy Research Working Paper 2346, The World Bank, Development Research Group, Macroeconomcis and Growth, May 2000, Washington D.C., Web Access: https://openknowledge.worldbank.org/bitstream/ handle/10986/18849/multi_page.pdf?sequence=1
Enaudeau, Jacques (2013). In search of the African middle class, Blog, the guardian, Guardian Africa network, Web Access: http://www.theguardian.com/world/2013/may/03/africa-middle-class-search Ernst & Young (2013). Ernst & Young's attractiveness survey, Africa 2013, Getting down to business, Web Access: http://www.ey.com/Publication/vwLUAssets/The_Africa_Attractiveness_Survey_2013/$FILE/Africa_ Attractiveness_Survey_2013_AU1582.pdf
Forbes (2013). Africa's 50 Richest, by Kerry A. Dolan, 11/13/2013; Web Access: http://www.forbes.com/africa-billionaires/#page:2_sort:0_direction:asc_ search: Forbes (2/4/2014). 30 Most Promising Young Entrepreneurs In Africa 2014, Web Access: http://www.forbes.com/sites/mfonobongnsehe/2014/02/04/30- most promising-young-entrepreneurs-in-africa-2014/
Forbes (2015). The African Billionaires, 2015, Blog 3/2/2015; Web Access: http://www.forbes.com/sites/mfonobongnsehe/2015/03/02/the-africanbillionaires- 2015/
Forbes (2/5/2015). 30 Most Promising Young Entrepreneurs In Africa 2015, Web Access: http://www.forbes.com/sites/mfonobongnsehe/2015/02/05/30- most promising-young-entrepreneurs-in-africa-2015/print/
Gelb, Alan, Christian J. Meyer and Vijaya Ramachandran (2014). Development as Diffusion: Manufacturing Productivity and Sub-Saharan Africa's Missing Middle, Working Paper 357, February 2014, Center for Global Development, Washington DC, Web Access: http://www.cgdev.org/ sites/default/files/development-diffusion-market-productivity_final.pdf https://doi.org/10.35188/UNU-WIDER/2014/763-9
GEM (2016), GEM 2015. Report on Social Entrepreneurship, Special Topic Report, 2016, GEM (Global Entrepreneurship Monitor), Web Access: http://gemconsortium.org/report/49542
GEM (2015). Africa's Young Entrepreneurs: Unlocking The Potential For A Brighter Future, Development unit For New Enterprise, University Of Cape Town, Rondebosch, South Africa, Web Access: https://www.idrc.ca/sites/default/files/sp/Documents%20EN/Africas Young-Entrepreneurs- Unlocking-the-Potential-for-a-Brighter-Future.pdf
GEM (2012). Global Entrepreneurship Monitor/Herrington, Mike/Donna Kelley, African Entrepreneurship, Sub-Saharan African Regional Report 2012, Global Entrepreneurship Monitor (GEM), IDRC/CRDI Canada, 2012/The Graduate School of Business, University of Cape Town; Web Access: http://www.babson.edu/Academics/centers/blank-center/globalresearch/gem/Documents/GEM%202012%20Africa%20Report.pdf
GEM (2014). South Africa Entrepreneurship, Web Access: http://www.gemconsortium.org/country-profile/108
GEM (2013). Ghana Entrepreneurship, Web Access: http://www.gemconsortium.org/country-profile/65
GEM (2013). Zambia Entrepreneurship, http://www.gemconsortium.org/country-profile/120
GEM (2014). Burkina Faso Entrepreneurship, Web Access: http://www.gemconsortium.org/country-profile/47
GEM (2012). Nigeria Entrepreneurship, Web Access: http://www.gemconsortium.org/country-profile/93
GEM (2012). Egypt Entrepreneurship, Web Access: http://www.gemconsortium.org/country-profile/58
GEM (2013). Malawi Entrepreneurship, Web Access: http://www.gemconsortium.org/country-profile/85
GEM (2014). Uganda Entrepreneurship, Web Access: http://www.gemconsortium.org/country-profile/117
GEM (2012). Ethiopia Entrepreneurship, Web Access: http://www.gemconsortium.org/country-profile/129
GGA/Good Governance Africa (2014). Africa in Fact, The Journal of Good Governance Africa, Making up the middle, Issue 28, November 2014, Web Access: http://gga.org/publications/africa-in-fact-november-2014-making-upthe- middle GSMA/Groupe Speciale Mobile Association (2014). Digital Entrepreneurship in Kenya 2014, Web Access: http://www.gsmaentrepreneurshipkenya.com/ GSMA_KENYA-AR2014-060214-WEB-SINGLE-PGS.pdf
Handley, Antoinette (2014) Varieties of capitalists?, The middle class, private sector and economic outcomes in Africa, August 2014, WIDER Working Paper 2014,/101, World Institute for Development Economics Research (WIDER), United Nations University UNU-WIDER, Web Access: http://www.wider.unu.edu/publications/workingpapers/2014/en_GB/wp2014-101/, https://doi.org/10.35188/UNU-WIDER/2014/822-3
Jerven, Morten (2010). The Relativity Of Poverty Income: How Reliable Are African Economic Statistics?, pp. 77-96, in: African Affairs, Volume 109, Number 434, January 2010 https://doi.org/10.1093/afraf/adp064
Jerven, Morten (2014a). Who's Counting?, pp.5-8, in: Africa in Fact, The Journal of Good Governance Africa, Making up the middle, Issue 28, November 2014, Johannesburg, South Africa: GGA; Web Access: http://gga.org/publications/africa-in-fact-november-2014-making-up themiddle
Jerven, Morten (2014b). African growth miracle or statistical tragedy?, Interpreting trends in the data over the past two decades, WIDER Working Paper 2014/114, September 2014, World Institute for Development Economics Research (WIDER), United Nations University UNU-WIDER, Helsinki: UNUWIDER, Web Access: http://www.wider.unu.edu/publications/workingpapers/ 2014/en_GB/wp2014-114, https://doi.org/10.35188/UNU-WIDER/2014/835-3
Jerven, Morten (2014c). African middle class: myth or fact?, Blog, in: The Sunday Independent, December 14, 2014, Web Access: http://www.iol.co.za/ sundayindependent/african-middle-class-myth-or-fact-1.1795310
Kappel, Robert (2014). Africa: Neither Hopeless Nor Rising, GIGA Focus, International Edition English, Number 1, 2014, Web Access: http://www.gigahamburg.de/de/system/files/publications/gf_international_140 1.pdf
Kharas, Homi (2010). The Emerging Middle Class In Developing Countries, OECD Development Centre, Working Paper No. 285, January 2010, OECD, Paris, Web Access: http://www.oecd.org/dev/44457738.pdf
Kingombe, Christian (2014) Africa's Rising Middle Class amid Plenty and Extreme Poverty, ECDPM (European Centre for Development Policy Management), Discussion Paper No. 167, October 2014, Web Access: http://ecdpm.org/wp-content/uploads/DP167-Africas-Middle-Class-Plenty- Extreme-Poverty-October-2014.pdf
Kunene, Benedict, Maurice Mubila, Oluyele A. Akinkugbe (2015). Education, Chapter 6, pp. 130-148, in: Mthuli Ncube and Charles Leyeka Lufumpa, Ed., The Emerging Middle Class in Africa, Routledge, Taylor & Francis Group, London and New York Kushnir, Khrystyna/Melina Laura Mirmulstein/Rita Ramalho (2010). Micro, Small and Medium Enterprises Around the World: How Many Are There, and What Affects the Count, 2010 MSME Country Indicators, Washington D.C.: World Bank/IFC, Web Access: http://www.ifc.org/wps/wcm/connect/9ae1dd80495860d6a482b519583b6d16/MSME-CI-AnalysisNote.pdf MOD=AJPERES
Lofchie, Michael (2015). The Political Economy Of The African Middle Class, pp. 34-59, in: Mthuli Ncube and Charles Leyeka Lufumpa, Ed., The Emerging Middle Class in Africa, Routledge, Taylor & Francis Group, London and New York Lufumpa, Charles Leyeka, Maurice Mubila, and Mohamed Safouane Ben Aissa (2015). The Dynamics Of The Middle Class In Africa, pp. 9-33, in: Mthuli Ncube and Charles Leyeka Lufumpa, Ed., The Emerging Middle Class in Africa, Routledge, Taylor & Francis Group, London and New York
McKinsey (2010). McKinsey Global Institute, 2010, Lions on the move: The progress and potential of African economies, McKinsey Company June 2010, 70 pages, Web Site and Access for the McKinsey Global Institute: http://www.mckinsey.com/insights/mgi and for the McKinsey & Company: http://www.mckinsey.de/
McKinsey (& Company) (2012a). The rise of the African consumer, A Report from McKinsey's Africa Consumer Insights Center, October 2012, by Damian Hattingh/Bill Russo/Ade Sun-Basorun/Arend Van Warnelen, Web Access: file:///C:/Users/wohlmuth/Downloads/Rise_of_the_African_consumer- McKinsey_Africa_Consumer_Insights_Center_report%20(1).pdf
McKinsey (& Company) (2012b). Africa at work: Job creation and inclusive growth, Mc Kinsey Global Institute, August 2012, Web Access: http://www.mckinsey.com/insights/africa/africa_at_work
McKinsey (& Company) (2013). Lions go digital: The Internet's transformative in Africa, Mc Kinsey Global Institute/McKinsey & Company in Africa/ McKinsey High Tech, Media & Telecoms Practice, November 2013, Web Access: http://www.mckinsey.com/insights/high_tech_telecoms_internet/lions_go_digital_the_internets_transformative_potential_in_africa
McKinsey Global Institute (2016). Lions On The Move II: Realizing The Potential Of Africa's Economies, September 2016, McKinsey& Company, Web Access: http://www.mckinsey.com/global-themes/middle-east-and africa/ realizing-the-potential-of-africas-economies ; and for Lions On The Move I see: http://www.mckinsey.com/global themes/middle-east-and-africa/lions-on-themove )
Melber, Henning, Editor (2016). The Rise of Africa's Middle Class, London: Zed Books, ISBN: 9781783607143
Melber, Henning (2015). Where and What (for) is the middle?, Africa and the Middle Class(es), pp. 246-254, in: European Journal of Development Research, Volume 27, Number 2, April 2015
https://doi.org/10.1057/ejdr.2015.3
Milanovic, Branko and Shlomo Yitzhaki (2002). Decomposing World Income Distribution: Does the World Have a Middle Class?, pp. 155-178, in: Review of Income and Wealth, Series 48, Number 2 https://doi.org/10.1111/1475-4991.00046
Mutegi, Mugambi (February 19, 2014). 8,300 super-wealthy control twothirds of Kenya's economy, Blog in Business Daily, Web Access: http://www.businessdailyafrica.com/8-300-billionaires-control-two-thirds-of- Kenya-s-wealth/-/539546/2213834/-/md5kpfz/-/index.html
Ncube, Mthuli (10/2/2013). The Making of the Middle Class in Africa, Blog at World Bank, Web Access: http://blogs.worldbank.org/ futuredevelopment/ making-middle-class-africa
Ncube, Mthuli and Abebe Shimeles (2013). The making of the middle class in Africa, April 2013, Paper presented at the April 2013 African Economic DevelopmentConference, Vancouver: African Economic Development: Measuring Success and Failure, Web Access: http://mortenjerven.com/wpcontent/ uploads/2013/04/vancouver MthuliAbebe-April-18th-2013.pdf
NWW/New World Wealth (2015). The Africa 2015 Wealth Report, July 2015, Web Access for Information: http://www.researchandmarkets.com/ reports/ 3196314/the-africa-2015-wealth-report
Omidyar Network (2013). Accelerating Entrepreneurship In Africa, Understanding Africa's Challenges to Creating Opportunity-driven Entrepreneurship, Developed in partnership with Monitor Group, April 4, 2013, Web Access: Web Access: http://whiteafrican.com/wp content/uploads/2013/07/ONAfrica- Report_April-2013_FInal.pdf
Page, John (2014). Three Myths about African industry, pp. 36ff, in: Africa Growth Initiative at Brookings, Foresight Africa, Top Priorities For The Continent In 2014, January 2014, Washington D.C.: The Brookings Institution Web Access: http://www.brookings.edu/~/media/Research/Files/Reports/ 2014/foresight%20africa%202014/Foresight%20Africa_Full%20Report.p f
Ravallion, Martin (2009). The Developing World's Bulging (but Vulnerable) «Middle Class», Policy Research Working Paper 4816, The World Bank, Development Research Group, Director's Office, January 2009, Web Access: https://openknowledge.worldbank.org/bitstream/handle/10986/4013/W S481 6.pdf
Renaissance Capital (2011). A survey of the Nigerian middle class, Strategy Nigeria, Thematic research 26 September 2011, Web Access: http://www.fastestbillion.com/res/Research/Survey_Nigerian_middle_class-260911.pdf
SASAS (South African Social Attitudes Survey) (2008). Talking in class, Subjective Class identification in South Africa, by Ben Roberts, Human Sciences Research Council (HSRC), Pretoria, South Africa, http://www.hsrc.ac.za/ uploads/ pageContent/1607/Talking%20In%20Class.pdf
Standard Bank (2011). The five trends powering Africa's enduring allure, Trend 1: A larger, younger, and more affluent population, Standard Bank, Africa Macro, Insight & Strategy, Standard Bank, Johannesburg, South Africa, 12 September 2011, Web Access: http://www.standardbank.com/ Resources/Downloads/Africa%20Macro_5%20trends%20powering%20Africa% 27s%20allure%20%28trend%201-Demographics%29.pdf
Standard Bank (2014). Understanding Africa's Middle Class, by Simon Freemantle, Web Reference to the statement of the Standard Bank on the Report: https://appablog.wordpress.com/2014/08/19/standard-bank-reportconfirms- strong-growth-in-africas-rising-middle-class-and-even-faster-futuregrowth/
The Africa Report (February 2013). Top 500 Companies In Africa 2013 (based on firms' 2011 performance), by Jeune Afrique Groupe; Web Access: http://www.theafricareport.com/top-500-companies-in-africa-2013.html
The Africa Report (September 2013). Top 200 Banks 2013 (based on banks' 2011 results), by Jeune Afrique Groupe; Web Access: http://www.theafricareport.com/Top-200-Banks/top-200-banks-2013.html
Thurow, Lester C. (1987). A Surge in Inequality, pp. 30-37, in: Scientific American, 256 https://doi.org/10.1038/scientificamerican0587-30
UCT Unilever Institute of Strategic Marketing (2012). 4 Million & Rising, Black Middle Class Expanding, Date posted June 18, 2012, Web Access to Information: http://www.uctunileverinstitute.co.za/research/4-million-rising/
UNDP, 2013, Human Development Report (2013). The Rise of the South: Human Progress in a Diverse World, United Nations Development Programme/ UNDP, New York, Web Access: http://hdr.undp.org/sites/ default/files/reports/14/hdr2013_en_complete.pdf
VC4A/Venture Capital for Africa, Web Access: https://vc4africa.biz/
VC4A/Venture Capital For Africa (December 2014, 2015). Venture Finance In Africa, the progress of early-stage high-potential growth companies, Summary Report, Web Access: https://vc4africa.biz/blog/2014/12/17/vc4africa-report-venture-finance-in-africa/
Ventures Africa (November 23, 2012). Africa's Secret Millionaires: The 5 Richest Tanzanians You've Never Heard Of, Web Access: http://www.ventures-africa.com/2012/11/africas-secret-millionaires-the 5- richest-tanzanians-youve-never-heard-of/
Ventures Africa (October 9, 2013). The Richest People in Africa 2013, Web Access: http://www.ventures-africa.com/2013/10/richest-people-africa-2013/
Ventures Africa (December 11, 2013). 10 African Millionaires Under 40, Web Access: http://www.ventures-africa.com/2013/12/10-african-millionaires-under-40/
Ventures Africa (February 28, 2014). Meet 10 African Millionaires under 40 - Who will be the next?, Web Access: https://vc4africa.biz/blog/02/28/meet-10-african-millionaires-under-40-who-will-be-next/
Ventures Africa (August 20, 2014). Africa's Middle Class To Maintain Explosive Growth, by Niyi Aderibigbe, Web Access: http://www.venturesafrica.com/2014/08/africas-middle-classto-maintain-explosive-growth/
Visagie, Justin (2011). The Development Of The Middle Class In Post-Apartheid South Africa, Paper presented at the Micro-econometric Analysis of South African Data Conference 2011, October 2011, Web Access: http://www.aceconferences.co.za/MASA%20FULL%20PAPERS/Visagie,%20 J.pdf
Visagie, Justin (29 April 2013a). Who are the middle class in South Africa?, Does it matter for policy?, Blog in: Econ3x3, Web Access: http://www.econ3x3.org/article/who-are-middle-class-south-africa-does-itmatter-policy Visagie, Justin (2013b). Race, Gender And Growth Of The Affluent Middle Class In Post-Apartheid South Africa, Conference Contribution, Biennial Conference Of The Economic society Of South Africa, University Of The Free State, Bloemfontein, South Africa, 25-27 September 2013, published as ERSA (Economic Research Southern Africa) Working Paper 395, November 2013 Web Access: http://www.econrsa.org/system/files/publications/ working_papers/working_paper_395.pdf
Visagie, Justin (2015). Growth of the middle class: Two perspectives that matter for policy, pp..3-24, in: Development Southern Africa, Vol. 32, No. 1 https://doi.org/10.1080/0376835X.2014.965387
Visagie, Justin, and Dorit Posel (2013). A reconsideration of what and who is middle class in South Africa, pp. 149-167, in: Development Southern Africa, Vol. 30, No. 2 https://doi.org/10.1080/0376835X.2013.797224
WEF/World Economic Forum (2014a). Who are Africa's Global Growth Companies 2014, by David Alkman, May 9th 2014, Web Access: https://agenda.weforum.org/2014/05/africas-global-growth-companies-2014/
WEF/World Economic Forum (2014b). List Of Global Growth Companies Honorees 2014 Africa, Web Access: http://www3.weforum.org/docs/AF14/WEF_AF14_GGC_Honorees_List.pdf
Wohlmuth, Karl (2011). Strengthening Technological Effort and Innovation Capabilities, pp. 165 - 199, in: Yumkella, Kandeh K., Director-General of UNIDO/Patrick M. Kormawa/Torben M. Roepstorff/Anthony M. Hawkins, Eds., 2011, Agribusiness for Africa's Prosperity, An UNIDO Publication, Vienna: UNIDO, 2011, 345 pages; Web Access: http://www.unido.org/ index.php?id=1001692 and: http://www.unido.org/fileadmin/user_media/ Services/
Agro-Industries/Agribusiness_for_Africas_Prosperity_e-book_NEW.pdf
Wohlmuth, Karl (2014). African Lions, African Tigers, and Emerging African Middle Classes - A Very Skeptical Note Extended, pp. 4-32, in: Berichte, Oktober- Dezember 2014, 24. Jahrgang, Nr. 205, Berlin: Forschungsinstitutder IWVWW e. V.
Wohlmuth, Karl (2015). Gelingen die Wirtschaftsreformen in Tunesien? Der Handlungsbedarf betrifft alle Bereiche der Wirtschaftspolitik, S. 24-31, in: »Berichte«, Oktober-Dezember 2015, 25. Jg., Nr. 209, Berlin: Forschungsinstitutder IWVWW e. V.
Wohlmuth, Karl (2016). Ansatzpunkte einer nationalen Beschäftigungsstrategie für Tunesien - Management von De Industrialisierung und Initiierung von Politiken der Reindustrialisierung, IWIM, Discussion Paper, Blaue Reihe Nummer 127, Universität Bremen
World Bank Group (2014). Doing Business 2015, Going Beyond Efficiency, Comparing Business Regulations For Domestic Firms In 189 Countries, 12th edition, A World Bank Group Flagship Report, IBRD/The World Bank, Washington D.C., Web Access: https://openknowledge.worldbank.org/bitstream/ handle/10986/20483/DB15-Full-Report.pdf?sequence=1
World Bank (2007). Global Economic Prospects, Managing the Next Wave of Globalization, Washington D.C.: The IBRD/The World Bank 2007, Web Access: http://www.worldbank.org/content/dam/Worldbank/GEP/GEParchives/GEP2007/381400GEP2007.pdf
World Bank (2014) (last updated October 9, 20114), PovcalNet: an online analysis tool for global poverty monitoring, accessed at: http://iresearch.worldbank.org/PovcalNet/
Downloads
Published
How to Cite
Issue
Section
License
Authors who publish with this journal agree to the following terms:
- Authors retain copyright and grant the journal right of first publication with the work simultaneously licensed under a Creative Commons Attribution License that allows others to share the work with an acknowledgement of the work's authorship and initial publication in this journal.
- Authors are able to enter into separate, additional contractual arrangements for the non-exclusive distribution of the journal's published version of the work (e.g., post it to an institutional repository or publish it in a book), with an acknowledgement of its initial publication in this journal.
- Authors are permitted and encouraged to post their work online (e.g., in institutional repositories or on their website) prior to and during the submission process, as it can lead to productive exchanges, as well as earlier and greater citation of published work (See The Effect of Open Access).