Overview

This book presents a critical analysis of the informal business sector and explores how it can be effectively leveraged to contribute to inclusive and sustainable economic development within BRICS+ nations and the Global South. Drawing on insights from dualistic economic theory, the dynamics of informal markets, and institutional roles in economic growth, the authors emphasize the need for nuanced and evidence-based policy approaches. Through the application of key theoretical frameworks—including the Lewis Model, segmented labour market theory, and new institutional economics—the book evaluates the sector’s role in shaping economic development indicators across BRICS+ nations and the Global South. In particular, the volume provides policy frameworks to support the formalization and empowerment of informal enterprises, contributing to inclusive growth and resilient economic systems. It also analyses and offers solutions on how the informal sector can best be engaged and explains that in order to create policies that effectively harness the informal business sector's potential for economic development, a deeper understanding of it is imperative. Over the course of the book, ideas from the fields of dualistic economies, the dynamics of the informal sector, and the function of institutions in economic growth are incorporated. Targeted at scholars, policymakers, and practitioners in the fields of entrepreneurship, development economics, and informal enterprise, the book offers both academic insights and practical policy recommendations. It serves as a valuable resource for understanding the structural, cultural, and institutional forces influencing the informal sector in emerging economies.

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9781032949970

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Brian Ngwako Mokgatetswa Mahosi is a lecturer specializing in Entrepreneurship and currently serving as the section head for Entrepreneurship in the Department of Applied Management at the University of South Africa, South Africa. He holds a PhD in Economic Management Sciences with Business Administration from North-West University, and an MTech in Entrepreneurship from Tshwane University of Technology, South Africa. His research focus area is entrepreneurship, specifically the informal sector. Fulufhelo Godfrey Netswera is a full professor and Deputy Vice Chancellor for Research at the University of Venda, and previously served as the Executive Dean Faculty of Management Sciences at Durban University of Technology (DUT), South Africa. He is tasked to develop the DUT Business School. Historically, he was the Director of the North-West University Business School, USA; Deputy Dean of the Faculty of Management Sciences at Cape Peninsula University of Technology, USA; Director of South African BRICS Think Tank at the National Institute for the Humanities and Social Sciences, India; Director of the Turfloop Graduate School of Leadership at the University of Limpopo, South Africa; and Research Management Director at University of South Africa, South Africa. Ayanda Sibiya is a senior lecturer in the Department of Business Management at the University of Johannesburg, South Africa, with over 15 years of experience in the educational arena. Elton Fernandes is a full professor of the Production Engineering and Transport Engineering programmes at the Alberto Luiz Coimbra Institute for Postgraduate Studies and Engineering Research, a unit of the Federal University of Rio de Janeiro, Brazil. Sergei Smirnov is an associate professor of the Department of Business Economics, Faculty of Economics, Saint Petersburg State University, Russia. He received his PhD from the same university in 2005. Shen Yi is a professor at the School of International Relations and Public Affairs, Fudan University, China. He also serves as Director of the Centre for BRICS Studies and the International Research Institute of Global Cyberspace Governance.

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