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Why the side-hustle is key to Nigeria's economy

Nkem Ifejika meets with Nigerian entrepreneurs who show how the nation's economy is finding lubricants other than oil.

Via Seth Dixon
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Rowena Spence Cortina's curator insight, March 10, 2015 10:37 AM
Seth Dixon's insight:

The shadow economy, the black market or the side-hustle; these are all names for the informal sector of the economy.  In many countries such as Nigeria, this is a way of making money outside their normal jobs to boost their income and try to rise above just getting by.  "It was my grandmother who taught my mum that if you were lucky enough to have a salaried job, that was just pocket money. The real money came from your five to nine."  If working 9-to-5 represents the formal economy, this BBC podcast (and accompanying article) are all about the 5-to-9 economy

Courtney Barrowman's curator insight, March 14, 2015 9:11 AM

unit 6

BrianCaldwell7's curator insight, April 5, 8:12 AM

The shadow economy, the black market or the side-hustle; these are all names for the informal sector of the economy.  In many countries such as Nigeria, this is a way of making money outside their normal jobs to boost their income and try to rise above just getting by.  "It was my grandmother who taught my mum that if you were lucky enough to have a salaried job, that was just pocket money. The real money came from your five to nine."  If working 9-to-5 represents the formal economy, this BBC podcast (and accompanying article) are all about the 5-to-9 economy. 


Tags: economic, labor, Nigeria, podcast, 

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The surprising math of cities and corporations

"Physicist Geoffrey West has found that simple, mathematical laws govern the properties of cities — that wealth, crime rate, walking speed and many other aspects of a city can be deduced from a single number: the city's population. In this mind-bending talk from TEDGlobal he shows how it works and how similar laws hold for organisms and corporations."


Via Seth Dixon
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Built 4 Betterness Ed van den Berg's curator insight, December 14, 2014 3:17 PM

Not surprisingly the DNA of cities is a follow-up of human DNA and understanding this will explain and predict how the body of a city will develop!

SRA's curator insight, April 16, 2015 2:10 AM

The idea that cities are just organisms that are satisfying the laws of biology is interesting. Especially because Physicist Geoffrey West brings the idea of Scalability which by definition is, the ability of a system, network, or process to handle a growing amount of work in a capable manner or its ability to be enlarged to accommodate that growth. What’s mind blowing to me is that the system that is referred to here is human interaction.  We create these cities through our interaction and experience. With a growth rate of 1,000,000 people every year the math adds up to an agreeable 15% rise in income levels, patents, and super creative people every year which is undoubted a win for civilization and society. But with that we must keep in mind also this means a 15% increase in things like deadly disease, crime, poverty, and ecological issues leading to further degradation of our planet. This unbounded growth means the system is destined to collapse. The math behind cities doesn't lie if we don’t prepare cities have a fate to die like every other organism in Biology. So it is up to us to create and innovate to sustain this growth and avoid the collapse. But we must do so at a forever increasing pace. Which subsequently is also part of another system predetermined to collapse. What I mean is what happens when we cannot innovate fast enough to sustain this growth?


- Caleb Beckett

BrianCaldwell7's curator insight, April 5, 8:14 AM

While corporations rise and fall, it is quite rare for a city to entirely fail as an economic system.  Huge cities have some negative consequences, but the networks that operate in the city function more efficiently on economies of scale in a way that offsets the negatives.  Increasing a city's population will continue to improve the economies of scale (larger cities have higher wages per capita, more creative employment per capita, etc.).  However, this growth requires major technological innovations to sustain long-term growth.  

 

Tags: urban, planning, megacities, industry, economic, scale, TED, video.

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First taste of chocolate

"To be honest I do not know what they make of my beans," says farmer N'Da Alphonse. "I've heard they're used as flavoring in cooking, but I've never seen it. I do not even know if it's true." Watch how the Dutch respond to a cocoa bean in return or you can watch our entire episode on chocolate here.


Via Seth Dixon
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Benjamin Jackson's curator insight, December 13, 2015 6:02 PM

this is an interesting demonstration of the disconnect between the consumer and the producer. we would consider chocolate to be the product these guys are producing, yet we forget that they only deal with it at the rawest level. something we see everyday is something as rare as gold to these guys.

Martin Kemp's curator insight, December 17, 2015 3:12 PM

how do these people not know what the crop they are producing is or tastes like? that is amazing to me how you can be so oblivious to what you are doing. and how the place that produces cocoa does not actually have access to it.

BrianCaldwell7's curator insight, April 5, 8:15 AM

What is the geography of chocolate like?  This video was produced in the Netherlands, the global center of the cocoa trade, but the world's leading producer of cocoa is Côte d'Ivoire.  There is a dark side to chocolate production; the dirty secret is that slavery is commonplace on cocoa plantations in West Africa.  Although the worst of the situation is glossed over in this video, it still hints at the vast economic inequalities that are part and parcel of the global chocolate trade and the plantation roots of the production.  What are some of your reactions to this video?  


Tags: chocolate, Ivory Coast, Africa, poverty, development, economic, globalization, industry, labor.

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Product of Mexico - Harsh Harvest

"Farm exports to the U.S. from Mexico have tripled to $7.6 billion in the last decade, enriching agribusinesses, distributors and retailers.
American consumers get all the salsa, squash and melons they can eat at affordable prices. And top U.S. brands — Wal-Mart, Whole Foods, Subway and Safeway, among many others — profit from produce they have come to depend on.These corporations say their Mexican suppliers have committed to decent treatment and living conditions for workers.  But a Los Angeles Times investigation found that for thousands of farm laborers south of the border, the export boom is a story of exploitation and extreme hardship."

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Todd Scalia's curator insight, December 14, 2014 1:12 AM

we work the fields for our families. 

Jake Red Dorman's curator insight, December 17, 2014 11:36 AM

It’s crazy to see how desperate some of these people are to get working and how much they do for such a little reward. These people are working longer and harder than probably all Americans and they are barely surviving. They work for survival. It’s hard for some of these people to stay healthy, especially in the harsh conditions and tight living spaces that these people have to deal with on an everyday basis. 

Brian Wilk's curator insight, March 22, 2015 2:10 PM

Corporations are always looking for the cheapest base product to import. Unfortunately for the laborers of Mexico, their country does not enforce globally accepted standards of labor. The US cannot police other countries' policies and procedures, but we can educate our own consumers about the working conditions behind the product they buy. The consumers then have a choice; do they want to pay 49 cents a pound for bananas or 99 cents. What is more important, the health and welfare of the employee who picked the produce or the financial well-being of the consumer who purchases it?

This obviously is big business for Mexico and the US should apply some pressure to motivate our friends south of the border to foster better working conditions for their employees. It would seem to me that Mexico could afford to pay their workers a little more and still be competitive given their proximity to the US. I think I will start buying my bananas from Ecuador....

 

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38 maps that explain the global economy

38 maps that explain the global economy | Research Capacity-Building in Africa | Scoop.it
Commerce knits the modern world together in a way that nothing else quite does. Almost anything you own these days is the result of a complicated web of global interactions. And there's no better way to depict those interactions than some maps.

Via Seth Dixon
Nevermore Sithole's insight:

Global economy

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Mr. Lavold's curator insight, September 28, 2014 7:05 PM

Many ideological issues  relate to economics - and many economic issues related to geography. Take a look at these maps and see if they help you understand the global economy and where Canada fits in. Consider how different ideologies might view these maps and the data that they contain.

Maghfir Rafsan Jamal's curator insight, September 28, 2014 10:45 PM

I find a treasure.. :D

Courtney Barrowman's curator insight, October 1, 2014 11:14 PM

Unit 6

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Where the extremely poor live

Where the extremely poor live | Research Capacity-Building in Africa | Scoop.it

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dilaycock's curator insight, May 5, 2014 8:52 PM

This information is taken from the World Bank's 2014 report "Prosperity for All." The report looks at "progress to date in reducing global poverty and discusses some of the challenges of reaching the interim target of reducing global poverty to 9 percent by 2020.... . It also reports on the goal of promoting shared prosperity, with a particular focus on describing various characteristics of the bottom 40 percent."

Sid McIntyre-DeLaMelena's curator insight, May 29, 2014 12:48 PM

This graphic reveals the poorest populations and where they live and even though India and China are economic competitors on the global stage they still have the poorest communities. 

IN poor communities, the human place is changed by using less structurally sound architecture and disregarding cultural presence for functionality though holding true to cultural presence in individual lives.

Amanda Morgan's curator insight, September 18, 2014 11:49 AM

I agree with this article from the Guardian that development should be measured in human rights gains more than economic advancements.  While globalization is taking place and allowing countries to trade and maximize profits, a large percent of people in the world are deprived basic human rights and are entirely forgotten about and not valued.