The Nigerian economy is most definitely a structured political economy similar to that of the United States. The term political economy examines the relationship between politics and economics in modern societies. Specifically, this relationship consists of a key alliance between the government and the economy which are manipulated by the capitalist class in order to serve all of their own interests. The capitalist class however can be further broken down into a ruling class that holds the greatest power ot only among its military governmental branches, but also the business and finance sectors.
This is seen in the American society, specifically in the neoliberal policies implemented by the capitalist class system which wishes to privatize and deregulate different markets in order to continue to prosper. Yet, this is not the same as the Nigerian State has ownership over everything. The Nigerian military government and its elite ruling class have come together to create a powerful force hat has exploited people, land, labor, resources and markets.
Only $13.90 / page
The class structure created by the Nigerian governmental system is the fundamental cause of their peoples’ poverty, and the global political economy produces an increase in unjust social relations in class, race, and even ecological systems. As Nigeria consists of a wealthy class which seeks wealth by any means, it is hard to see how a country like this can evolve much more until corruption is taken out of everyday elationships of the upper class.
However, there is great hope at the same time, because Nigeria is a country that has learned to make positive changes and learned from many of these changes, such as the democratization of the Nigerian state. Nigeria has learned to adapt and deal with many of their national issues, therefore if necessary changes are made in order to diversify the wealth produced by the exploited economy. The “national cake” can be shared to benefit the social order of the society as a whole.