Namibia's Triple Challenge and Its Economic Development

Vito Bobek, Moritz Jellenz and Tatjana Horvat

A chapter in Perspectives on Economic Development - Public Policy, Culture, and Economic Development from IntechOpen

Abstract: This chapter consists of two parts. In the first theoretical part, economic culture and economic performance are presented. Economic performance and development of market economy institutions depend on many factors. It became evident that economic and cultural factors play an important role. There is a lot of evidence that this role has been underconceptualized and analytically-experimentally underexploited. In the second empirical part, authors dive into the complex topic of Namibia's cultural changing process, combined with its economic development. Such development is only traceable if the historic cornerstones of the nation (e.g., colonization, genocide, apartheid, foreign administration, and independence) are taken under consideration. The emerging social and economic challenges, e.g., poverty, gender, and social inequalities as well as unemployment, will be monitored. To describe Namibia's economic development, several indices, for instance, foreign direct investment, gross domestic product, and Hofstede six-dimension model, will be applied. Furthermore, indices of Namibia's cultural development (CDIS) will be presented and analyzed. While demonstrating Namibia's significant cultural and economic aspects, perspectives in regard to the well-being of the next generations are incorporated.

Keywords: cultural development; economic development; FDI; GDP; Namibia's economy; sustainable economic development; unemployment (search for similar items in EconPapers)
JEL-codes: F63 O10 (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:ito:pchaps:201087

DOI: 10.5772/intechopen.88638

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