Abstract
This treatise set out to examine if indeed the global economy and by implication the Nigerian economy had progressed into depression. Applying the political economy paradigm as a perceptual prism of analysis, the paper established the linkages between political and economic sphere and upheld that political decisions determine who gets what when and how in the economy. It averred that the dominant socio-political ideology is the ‘free-market’ which goes into crisis occasionally. It upheld that the current global economic meltdown is not unconnected with the occasional crisis of capitalism. It submitted that the global economy was indeed in depression. The implication of mono-economy based on crude oil, purchased only by the west whose economy is shrinking is very dire to the Nigeria it observed. It recommended the adaptation of the Keynesian principles of economic management which involved massive public intervention in the various sectors, stimulating employment, demand and above all allowing the private sector to participate while the commanding heights of the economy remained with the state. The paper concluded that the economy should progress with a development plan for both the global and the Nigerian economy as a way out of depression. This was how past depressions were managed.
Highlights
It is a common feature of all international news channels (CNN, BBC, Euro-news, AJE, and VOA) to broadcast the falling price indices in international stock exchanges
It is instructive to state one of the thesis of this paper, that the global economy is progressed into Depression, given the present vital signs
The ruling class in Nigeria have two major characteristics; (i) they are comprador bourgeoisie who preside over the property of their western masters; ‘Comprador’ a Portuguese word for ‘buyer’ is used here to describe those state officials who perform the function of organizing the foreign traders’ access to local markets (Panter-Brick, 1978:171); (ii) The economy is dominated by ignorant elites at the driver’s seat; (iii) the public polices emanating thereof, are dictated to them by the operators/owners of the Bretton Woods Institutions (BWIs); (iv) public policies such as ‘glasnost and perestroika’ euphemism for “Reforms, Privatization and Disinvestment’ from the commanding heights of the economy becomes the main thrust of the economic policy of the state
Summary
It is a common feature of all international news channels (CNN, BBC, Euro-news, AJE, and VOA) to broadcast the falling price indices in international stock exchanges. O. Box 882 Uyo, Department of Political Science, University of Uyo, Akwa Ibom State, Nigeria in stock exchange, the inability of the three giant auto makers, Chrysler, Ford and General Motors to remain in business because of financial crisis. Box 882 Uyo, Department of Political Science, University of Uyo, Akwa Ibom State, Nigeria in stock exchange, the inability of the three giant auto makers, Chrysler, Ford and General Motors to remain in business because of financial crisis They are not realizing revenue as a result of low trading and poor turn over. Framework of Analysis: In order to evaluate and contribute in finding answers to the questions which had arisen in the previous sections, the adopted perceptual prism for evaluation is the ‘Political Economy Paradigm’ This is because the developments at the superstructural level (politics and law) determine the nature of economic production, distribution and the social relations thereof. This lead to the positions of this paper as stated below
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