SOME THOUGHTS ON THE ECONOMIC PHILOSOPHY OF THE NATIONAL ECONOMIC EMPOWERMENT DEVELOPMENT STRATEGY (NEEDS) AND THE PROSPECT FOR LONG-TERM GROWTH AND DEVELOPMENT IN NIGERIA
|
 |
|
Post a Comment
|
|
|
|
|
CONTRIBUTORS:
|
|
|
CONFERENCE TITLE:
|
|
|
CONF. LOCATION:
|
None
|
|
YEAR:
|
2004
|
|
PUB TYPE:
|
Conference Paper
|
|
SUBJECT(S):
|
None
|
|
DISCIPLINE:
|
Economics
|
|
HTTP:
|
|
|
LANGUAGE:
|
English
|
|
PUB ID:
|
103-410-662
(Last edited on
2005/01/05 12:20:31 US/Mountain)
|
|
SPONSOR(S):
|
|
|
ABSTRACT:
The economic philosophy of NEEDS is couched under economic reconstruction, poverty alleviation, social justice and self-reliance which are assumed attainable through rapid deregulation, shrinkage of the public sector and strengthening of the influence of the market forces for efficient allocation and co-ordination of resources and economic activities, respectively. The overall philosophy of NEEDS is therefore no less Smithian in origin than it is neoclassical in advocacy. The Smithian economic philosophy argues that wholly unaware of the effects of their actions, self-interested individuals often act as if driven by an invisible hand to produce opulence and the greatest social good. This paper takes a critical look at each of the components of the underlying philosophy of NEEDS, namely, the incubation of the private sector in Nigeria; harmonizing the conflicting interests of major classes in the Nigerian society; the twin concept of development and underdevelopment; and the power of popular participation. The paper then demonstrates that NEEDS document contains some seemingly unresolved theoretical and practical contradictions. Using the history of the collapse of the Greek City-states, the Great Depression and SAP in Nigeria as examples, it highlights the similarities in the adoption of the economic philosophy of unbridled self-seeking in times of great economic upheavals and how that inevitably produced catastrophic consequences on those societies; The paper also argues that unless the contradictions identified are resolved, it would just be practically impossible for NEEDS to provide a coherent policy platform that will empowered Nigerians. The paper finally advices the authors of the NEEDS document to be mindful of the fact that when the neo-classical model is forcefully applied to a dependent capitalist economy, the natural outcome has always been a further distortion of the economic structure that reflects itself particularly in the worsening of income distribution. This in turn leads to the continuous concentration and “reproduction” of power in a few hands which has grievous social and political repercussions for the entire society.
|
|
|
|
STATISTICS
|
|
Click on # to view
|
|
Citations
|
|
0
|
|
References
|
|
0
|
|
Comments
|
|
0
|
|
Quality
|
|
0/0.00
|
|
Interest
|
|
0/0.00
|
|
View(er)s
|
|
7/1936
|
|
|
|
|
|
|
| Prev |
Next |
|