What Happens to the African Economies When Governments Change?

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By Prof. Charles Okeke

 

“A high of economic security is essential for maximum production” – J.K. Galbraith

 

It is a settled case in economics that uncertainty affects economic performance. However, there is a huge difference between risk and uncertainty. Insurance companies, for example, deal with risk and not uncertainty. We can insure against risk because it has probability distribution, but uncertainty does not have a probability distribution and, as a consequence, cannot be insured against. Uncertainty negatively affects business investment and capital formation. Kliesen (2013) observes that “Increases in economic uncertainty index tend to be associated with declines (or slower growth) in real GDP and in real business fixed investment.” So, whether political transitions have positive economic impact on Africa’s economies would depend on the degree of uncertainty they bring with them.

            In the seventies and eighties military coups swept through many African countries. It would make a good graduate paper to examine how these events affected African countries in terms of economic performance. As first approximation, the wholesale removal of government officials and bureaucrats that occurred with the military in some countries meant that on-going economic programmes and policies were aborted. The hope of economic transformation will remain just that for Africa until the issue of governance and effective leadership is resolved Omosegbon and Okeke (2014)

 

Background

Around the world, the degree of government involvement in economies lies on a continuum: from high level of engagement in such countries as Eritrea and North Korea to minimal involvement in pre-China Hong Kong. In most modern economies, such involvement takes one or two forms: monetary and/or fiscal policies. The former entails the changing of the quantity of money to impact interest rate and price level with the aim of affecting the economy. The fiscal policy is aimed at impacting the macro-economy by changing government spending and taxes.

The impact of governmental actions on economies is a matter of continuing debate among researchers, scholars and policy makers and this debate is not new, but has been going on for centuries.

The extent of government involvement in an economy has ranged from Robin Hood type to everybody to himself and God for us all and everything in-between. These approaches have moral implications, philosophical underpinnings, and political consequences.  It is, therefore, not surprising that among the earliest studies on the subject was done by an Irish moral philosopher, Adam Smith, in his celebrated book called for short, The Wealth of Nations published in 1776. The issues he raised remain as relevant today as they were then. In this book, Smith carved out limited role for government that includes provision of defense, police, infrastructure, and administration of justice. Everything else, he left to the individual who he believed would serve the interest of the society as he pursues his own private interest, as if guided by an invisible hand. This represented a marked departure from the past where individual worked to serve the interest of the kings and guilds.

He further opined that production of goods and services should be left in the hands of the businesses who in pursuit of their desires for profits would serve the interest of the buyers as if guided by the invisible hand. This philosophy and the economic arrangement resulting from it (in its various mutations) became the order of the day. In particular, it affected greatly the economy that emerged in the United States whose Independence from Britain coincided with the publication of Adam Smith’s Wealth of Nation. In Smithian economy, businesses and consumers will continually pursue their respective interests. For businesses, it is profit: if prices are too high, they would be unable to sell their products, so they would have to lower the prices. For workers, it is wage: if wages are too high, they do not get hired, so they would have to lower their asking wages to get hired. Some economists refer to this as Free Enterprise economy. In such an economy, everything has a price and the higher the price, less of such an item would be bought.

 

It Takes A Theory (not facts)

            Some time, in the eighteen-hundreds, as if guided by Smith’s philosophy, a social scientist named Karl Marx applied for employment as a reporter for The New York Times, but was rejected. Subsequently, he wrote a very influential book that would turn the world on its head called Das Capita. It is possible to speculate that, may be and just may be, the world would have been spared the pains that accompanied socialist experiment if Marx was successful with his job application.

The Great Depression of the nineteen thirties made a mess of the assumptions of Adam Smith’s free-market theories. Businesses were lowering product prices, but people were not buying; workers were lowering their wages, but they were not being hired. Unemployment rate was reported to be as high as 25% in the United States and in many places even more. All over the so-called developed-countries, shouts of revolution as predicted by Karl Marx was in the air. Adam Smith’s theory was losing its adherents.  Against this background of concern and trepidation, another English Economist, John Maynard Keynes came up with a new theory to explain the puzzling phenomenon. He published his theory in 1936 in a book called The General Theory of Employment, Interest, and Money. Among economists, this book is commonly referred to as The General Theory. In this book, he laid the guiding principles of when and how the government should get involved in the economy and effectively raised questions about the free-enterprise theory of Adam Smith. This development ushered in massive government involvement in the economies around the world. Africa’s governments are no exception. Take away from this section: it takes a theory, not facts, to kill a theory.

I have heard people say, “it is just a theory.” You must have heard that said too or may even have said it yourself. I am, however, reminded that Keynes notes in The General Theory that “the ideas of economists and political philosophers, both when they are right and when they are wrong, are more powerful than is commonly understood. Indeed, the world is ruled by little else. Practical men, who believe themselves to be quite exempt from any intellectual influences, are usually the slaves of some defunct economist.” (Keynes, p.383.)

The International Monetary Fund (IMF) inspired and fostered upon nations program of structural adjustment of the nineteen eighties was a continuation of the debate that has spanned centuries. Countries will have to determine and accept which of the competing theories would best work for them given their circumstances and history and political development.

 

Importance of Institutions

American historian, Arthur M. Schlesinger, Jr. once said that “History is to the nation what memory is to individual. An individual deprived of his memory becomes disoriented and does not know where he is headed and consequently becomes prisoner to the present.” For a nation, the custodian of memory are her institutions, both formal and informal. These could be created or could emerge through traditions and practices over time. They provide the parameters and frameworks that guide and adjudicate human interactions. We can quickly change the formal rules, but the informal rules are not as easily changed.

Institutional framework gives rise to organisations. They both provide rules which would guide competitive and cooperative games of life. The organisations which emerge depend on the institutional framework which prevails. There are those who believe that free people will devise frameworks and enforcement mechanism to guarantee their freedom while those in serfdom will be unable to devise such mechanisms. According to Nobel Laureate Douglass C. North, “… public opinion usually causes constitutional structure, and seldom, if ever, the other way around.” North, p. 60. This is a devastating conclusion for Nigeria and Africa where we see a landscape dotted with rampant dishonesty and lack of integrity among legal practitioners, judges, religious leaders, politicians and ignorance among the citizenry.  It is, therefore, an existentialist responsibility of the press, our educational institutions, civic organisations to inform the public of its rights and responsibilities.

One of the most relevant criteria for measuring the contribution of leaders and political actors would be the extent to which they have encouraged and supported building and changing for the better institutions which mediate human interactions. The press has to abhor the reportage of the politics of personality. “If organisations – firms, trade unions, …, political parties, …, to name a few – devote their efforts to unproductive activity, the institutional constraints have provided the incentive structure for such activity.” North, p.110.

Another responsibility of the press is to shine light on those leaders who champion the building of institutions and ignore those who are erecting personal edifices. In the same vein it has to be watchful to ensure that the institutions so built are living up to their purpose. Instruction in history of the country and civic duties and responsibilities should start at the elementary schools through universities.

 

Natural Resources and Economic Instability

I recall many years ago, as a newly matriculated university student, my young sociology professor commented that “things are stolen by thieves, because there are things to be stolen.” The statement intrigued me for the simplicity and profoundness of the message. What is the source of Africa’s perpetual political instability and conflict? The answer would depend on who you ask. Just as a carpenter would see most issues, if not all, as a hammer and nail problem, economists have tended to see human events as economic resources issues and this is not unlike the political scientist who would see struggle for resource control behind most human conflicts.

While resource endowment could give a country an initial advantage in its process of economic transformation, other factors will come into play for the transformation to proceed unimpeded.  In the words of Professor Douglass North, “It takes resources to transform inputs … into outputs and transformation is a function not only of technology employed, but of institutions as well. Therefore, institutions play a key role in the cost of production.” (North, p. 61.)

It is all of these and more. It is for this reason that I began my lecture at the Annual Realnews 6th International Conference with a question about the size of Africa and its natural resources. Africa is replete with all forms of natural resources that are highly in demand all over the world and yet the Continent is still struggling to feed its people. What a paradox! See Figures 1 and 2 below:

 

Figure 1.

True size of Africa
True size of Africa

It is not common knowledge that Africa is the second largest Continent on earth behind Asia. The January 6, 2015 issue of the Economist explains the world maps are misleading saying that “the popularity of the 500-year old Mercator projection of the globe perpetuates a distorted view of the world.” In actuality, land mass of the United States, China, India and many European countries will fit comfortably into the area currently occupied by Africa. Equally amazing is the natural resource map of Africa will confound the mind of any objective observer. Africa’s current (2018) population estimate is placed at 1.28 billion with a population density of 43 persons per square kilometer. Compare: Asia has a population of 4.46 billion people with population density of 100/Km2.

 

Figure 2.          Truncated Natural Resources Map of Africa

 

Truncated Natural Resources Map of Africa
Truncated Natural Resources Map of Africa

Natural resources will give a country a critical head-start if well harnessed, but not determine where you end up. Natural resources are finite. What happens when a country runs out of its natural resources or when they are taken over by other nations? You can look at natural resources as credit extended to nations without collateral in hope that the endowed nations will use the credit to make investment in its people (human capital development) such that when that credit line runs dry, the receiving nation would have transformed its people with appropriate knowledge to put them on the road to continuous prosperity and well-being.

How well has Africa done with its enormous and varied natural resources? Not well! Many African nations have acted like drunk sailors with credit cards and when morning comes, they have nothing to show for it with the creditor at the door. Take a look at Japan. A country with no known natural resources. It imports iron ore and produces steel and sell cheaper than any country on earth. What’s the secret? Investment in human capital and technology. Africa could do better with huge resource endowment given to it as a gift of nature. This is the richest continent of earth and paradoxically with the poorest people. Something is seriously wrong. Its young people are taking incalculable risk to escape to any other continent, but Africa. Their leaders, should I say rulers, are encouraging this emigration through covert, overt actions and inactions.

It is not uncommon for these rulers to appropriate the revenues, often from mono-product economies, to themselves and their families and build or purchase mansions in foreign lands and those that could not be sufficiently absorbed by such purchases would be stashed away in foreign bank accounts. These potentates use their countries’ Central Banks as their personal piggy-banks. Since some of these “leaders” are not accountable to their citizenry, political positions and appointments become a do-or-die propositions. Is it that these rulers are inherently bad people or is it because of the absence of institutions to check these excesses? I am more inclined to conclude the later.

 

As Nigeria Goes …

Nigeria is often referred to as the “giant of Africa.” Whether such designation is correct or not, only time will tell. Who owns Gatwick Airport in Britain? Who is considered the Father of Copper technology and Semi-conductor? Who designed Chevy Volt Car? Who is the doctor who delivered a baby twice? These are all Nigerians who left the shores of this country and went to places that would enable them to develop their God-given talents. They did not want the fires within them to be extinguished by the failed Nigeria’s elites and political system that do not encourage excellence.

Depending on who is counting, one in five African is a Nigerian. So, with a population estimated around 200 million, any disturbance in Nigeria will have regional and global impact. Two mutually reinforcing factors are usually at work: census and elections. The country is now on the verge of another election. Although Nigeria is considered a “giant” in Africa, it does not come in as one of the Top Ten Democracies in Africa in a recent survey, but neither does it come in as one of the Top Ten Weakest. Interestingly, while at the top on democracy index – Mauritius came in second as most developed, while Eritrea, one of the ten weakest democracies in Africa came in last as least developed (Adapted from 2016 Human Development Index)

Professor Larry Diamond (2015), Class, Ethnicity and Democracy in Nigeria, argued that “Most Nigerian political leaders manifested a weak commitment to democratic values and behavioural styles” He did not place the blame for bastardised democratic practice in Nigeria on this lack of democratic orientation. Rather contends the deeply flawed federating structure doomed the First Republic – that one region is larger than all others combined /and given the fact that social and political dispensation were allocated on per capita basis. This means that through the federal structure, the nation’s resources and largesse would go to the largest region. Some would argue that the post-war creation of states was meant to correct this structural imbalance. Others, however, contend that the creation of states was merely a war strategy aimed at sowing division in the Eastern Region to hasten the win-the-war effort. The Northern domination of the Federal government and the concomitant advantage such arrangement accords the North remains.

It is evident that more states have been created in the North than in any other region such that in presidential race, the road to victory is easier for any politician who carries the North and a few Southern states. We have more states in the North than all the states in the Southern combined. This portends absolute advantage in the presidential political game. The fear of one region dominating another or all others has always been a soft under-belly of Nigeria’s politics. It is for this reason that any one aspiring to occupy the highest position in the land is well advised not to even appear to be carrying a regional agenda in resource allocation and appointments. Winner-take-all allocative mechanism does not bode well for a country, past and present. Some half-baked politicians have tended to use ethnic and religious division for political advantage. While it may seem a pipe dream for some, it would be welfare-improving for presidential candidates to select their Vice Presidents from other parties, given the characterization of Nigeria’s politicians attributed to Madiba, the Late Nelson Mandela: that the country has no principled opposition. The prevailing principle today is to get a share of “national cake.” As long as Nigeria’s politicians are rewarded and not held accountable for this gutter politics, the politics of empty and unfulfilled promises will continue and gradual and steady disillusionment with everything politics will continue. There is no doubt that citizen participation in the electoral process in a democracy is paramount. However, participation without knowledge is as good as not participating at all.

The citizens of a free society must be able to exercise their right to vote for a candidate of their choice, unhindered by individual, group or state apparatus. Anything short of this will constitute a usurpation of individual freedom of choice and bastardisation of the electoral process. The protection of the electoral process is sacrosanct in a democracy and a sine qua non for credible exercise of voting rights. How that translates into economic development is not authoritarian variety. However, my strong preference will be to have a democratic government where the governed make informed decision about how they are governed and by whom without coercion.

 

The How of Change and Economic Impact

From the late 1960s through 1980s many African governments changed hands through military interventions and not by popular will. It was quite common in some countries such as Nigeria to embark on wholesale dismissal of prior government functionaries following a military coup d’etat. When this happened, prior development policies were also jettisoned by the new government. A whole new set of programmes would be initiated. Such policy discontinuities negatively affected the economy.  Would this not happen when the change in government is initiated through the ballot-box by the citizenry? It depends on at least two factors: compelling vision by the incumbent government and acceptance by the majority of the citizenry. Adjunct to that is whether the opposition is principled with clearly articulated vision for the country. In most African countries, including Nigeria, neither of these two conditions is obtainable.

Maier, Karl (2000), This House Has Fallen, argues that “The Nigerian problem is the unwillingness or inability of its leaders to rise to the responsibility to the challenge of personal example which are the hallmarks of true leadership.” When decidedly military regimes fell out of favour, former military leaders dressed as civilians and became civilian heads of state and senate leaders without understanding well that the skills needed as a military dictator are different from the skills of a legislator. The unwillingness or inability to negotiate bills that budgets remain unapproved for years and as long as they are collecting their out-of-proportion salaries, there is no urgency. It would be useful if a bill is passed that bars the legislators and the presidency from collecting their salaries until such a time the budget is approved. The government affects the economy through its fiscal policies (changes in taxes and spending) which are reflected on the budget. The budget is a document of priorities. A government without a budget is a government without priority and, therefore, would have a negligible or no impact on the macroeconomy.

This inability to pass a budget is an aspect of poor governance and lack of accountability. Casey (2015) addresses this issue head on where she lists poor governance, weak political accountability, ethnic allegiance, wide-spread illiteracy and lack of information about the candidates as impediments indicators for Africa’s political development.

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Role of the Press in the process of democratic transition

The mass media as group has pivotal role to play in the developmental process. Such will include the promotion of non-violent, socially responsible, democratic seminars on conflict resolution. A journalist is not only expected to report objectively the facts as they emerge, but in some cases, will have to interpret those facts and sometimes draw conclusion. For the print and spoken media, the language has to be pedestrian to make the ideas accessible to the local population as well as the national audience.

The Press should constitute the eyes and ears of the citizenry irrespective of class, especially and especially, when the citizens do not have the means. In addition, the press should bring attention to the difficulties faced by the participants in the electoral processes, including the Independent National Electoral Commission (INEC) whose responsibilities are enshrined in the Nigeria’s Constitution. The functions of INEC are found in Section 15, Part 1 of the Third Schedule of the 1999 Constitution (As Amended) and Section 2 of the Electoral Act 2010 (As Amended) …

In carrying out its responsibilities, the Press should investigate and report on the structure and dynamics of the electoral process including the present and past activities of the participants with the aim of informing the voting public as well as the competitors in the process. The media face enormous risks and temptations which range from treats to threats from politicians, their supporters and paid agents. The Press should not incite electoral violence through its reportage and news coverage. The properly constituted and honest pressmen and women represent the guardians of democracy. Above all, it is part of the duties of the Press to inform the public about the issues in the elections that would have national or regional or local consequences. The promises of the aspiring politicians should be fact-checked for authenticity. It is not uncommon for politicians to promise projects to be started and completed, only to have them started and quickly abandoned the moment the election is over. Electoral promises kept and broken should be reported to give the public the opportunity to make informed decisions. This is one of the linkages between political transitions and economic development.

The Independent National Election Commission cannot be seen as manipulating the voting process to favour a candidate or party. In the past, elections in Nigeria were always enmeshed in fraud and chicanery because of the continued centralization of revenue collection and disbursement. The fact that the current federal structure revenue disbursement has never been seen as inequitable is not new. What is new is that some people are beginning to voice their opinions on the perceived inequity and their voices are getting louder. Those charged with running the ship called Nigeria need to pay heed to the rising voices of concern. To navigate a huge and complex nation such as Nigeria requires a seasoned statesman not a mediocre. It is for this reason that the voting population should be afforded every opportunity to know those courageous individuals who have come forward to vie for various political positions. This country is at the cross-road of history. The country can go forward or backward or be in a stand-still position is no longer an option. The world is watching to see whether we shall partake at the dinner table or be the dinner itself. The choice is yours.

While the initial impetus for states creation may have been politically motivated and the rationale that states creation accelerated development retroactively offered, many of the states are not economically viable and would have to depend on the eleemosynary handouts from the Federal government to survive. This is not a sustainable option for this country in the long term under true federalism. As a way out, contiguous states may have to embark on joint projects and enjoy scale benefits. The choice is yours.

Nigerians need accurate information about candidates who vie for the political offices in the land to enable them make sound decisions. Given the tattered nature of some of our institutions where the instructions in history and civic responsibilities are suspect, it has become sine qua non for the success of democratic experiment the nation has embarked on. The choice we make in this election will determine the future of Nigeria. The world would not save Nigeria. Only Nigerians at home and abroad will.

There is no doubt that there are some people who are running for the various political offices who have no clue about how to move the country forward and are more interested in amassing personal fortunes while pursuing a very narrow political agenda for a small group of people. Such individuals must be rejected at the ballot boxes. Some have opined that the country is politically in comatose. Fearless and independent press would have to come forward with accurate and verified information which will aid the voters in making sound and credible voting decision. The Press, you are the watch-dogs, and guardians of this nascent democracy.

 

While Actions Are Important, Words Are Powerful.

When a leader, in words, extols the importance of national unity, but uses every opportunity he or she gets to act like a village chief or regional spokesman, he should be called out for what he is: local ruler instead of a national leader. Nascent democracy does not need such people. Throughout Nigeria’s history, there has always been fear of regional domination by one group or the other. It has dogged every election ever conducted in this country and I firmly believe that such fears continue to lurk at the background as Nigerians go to polls in less than one hundred days. Anyone who strokes those fears through actions or words is not a true patriot. The press should call out such people in strongest possible terms. Such people are the enemies of a democratic Nigeria. Many of the crises and tragedies of the modern era began with words. In Rwanda, reckless words uttered by useless politician following the death of the President of the country led this beautiful country to a senseless orgy of killing and blood-letting and the world did nothing. If such a phenomenon were to occur in Nigeria, does the country have enough statesmen and stateswomen who are willing to come out and avert what may amount to an existentialist event. The press is obligated to call such people out as they are a mortal danger to this nascent democracy.

Anyone or group that advocates the idea of group or regional domination as opposed to regional specialisation represents a throwback to the discredited past that should be relegated to the dustbin of history. Such backward vision should not be part of this country’s future.  The people who are aiding and abetting those who hold such beliefs do not mean well for Nigeria. The Press should call out such people or group. How does political transition impact economic development? Terminological confusion needs to be cleared up here before any meaningful analysis can occur. I suspect that many see the concepts of economic growth and economic development as synonymous. I hate to burst your bubble: they are not the same. It is imperative that we have clarity on these two concepts as it would be an exercise in unwisdom to measure something which we cannot define.

Economic growth means that we have more real goods and services available to the residents of a particular country than we had the previous year or period, while economic development means continuous improvement in production and distribution and capital formation. How does political transition affect these?   The former is simple, but the latter is quite complex. In the case of economic growth, if oil is suddenly discovered in a formerly barren land where economic activity was hitherto unknown, the discovery will lead to increases in job opportunities and will result in income growth for those directly and indirectly involved in the oil drilling and distribution processes. Income, both national and/or personal, could grow without a corresponding change in the level of development. Many sub-Saharan African countries have experienced income growth, but no economic development. Economic growth is not synonymous with economic development.

Economic development has been defined as “the integrated, continuous, and substantial transformation in production, distribution, and capital formation.” (Mamalakis, 1976, p. 345) Beyond the short-run boost in spending as elections approach the Nigeria’s politicians have not shown sustainable loyalty to their populace. Fundamental question to be asked of any politician would be this: where do you see the country or your state twenty years from now? How do you wish to be remembered when you leave office? How do you propose to change the country’s educational curricula to start addressing the local needs?

Professor Akpan Ekpo (2013) has addressed the continuing paradox of economic growth and economic development in a series of presentations and publications. The solution is in ourselves and not in the stars. Our school curricula need to go through massive transformation with the aim of finding solutions to existing and future problems. While rote learning and memorization have their place, curricula with emphasis in critical thinking must be ushered in as a matter of urgency, if Africa and Nigeria are not to miss out on the innovations and developments in and of the twenty-first century as they did the 20th Century. The choice is ours. Our development will come from within and not from the outside. What is militating against our national transformation and rebirth is to be found in our procrastination, neglected knowledge, unchecked ego and lack of creativity. I am not optimistic, but hopeful that Nigeria will rise to the challenge, but has to get its structure and governance in order. The country as is currently governed, not ruled, will always fall short of its potential.

Peaceful transition of power is important and well-conducted election, with enabling infrastructure and security, would enhance that, but electing ignorant, uninformed and unconscious people into offices will not change Nigeria’s ruinous trajectory. It was a Greek philosopher, who said that “Character is destiny.” As Party-hopping and divisive appeals to tribal affiliation and religious bigotry will only increase the alienation of the populace to the benefit of scum-bag politicians who have nothing to offer the country. It is absolutely necessary to elect visionary leaders who are committed to building a nation worthy of emulation where the youth would see a future that would enable them achieve their God-given potential and live a purposeful, and productive lives.  Leadership should not begin and end with driving around in a foreign-made car while being entertained by clownish theatrics of police motor-cycle dispatch riders to the beguiled amazement of the deceived population. Authentic leadership involves having a vision, setting goals and surrounding yourself with competent people who implement your vision and carrying out your goals

At some point in Nigeria’s history, in the seventies and eighties, it became common- place that the only way to change the country’s direction was through military intervention. So, it was. All manners of military leaders emerged. Those interventions began to play on the people’s psyche such that some civilian politicians started nursing and publicly expressing the notion of civil-military diarchy. Tragic! Individuals with no discernible leadership skills became leaders. Previous civilian leaders left no serious written legacy to guide future leaders to follow, groping in the darkness continued.  No enduring legacy as we see in such places as the former Upper Volta whose young leader changed its name to Burkina Faso – the Land of Upright People or Ethiopia that is left a legacy of wellspring historical and philosophical document, Kebra Negast, which still provides a solid guide and maps to its people. Such a thing does not exist in Nigeria. The only thing that mattered was wholesale stealing and appropriation of public fund. When it appeared that military regimes were no longer in vogue, those who enriched themselves during that era used their ill-gotten wealth to transition into civilian leaders. The cries, tears, despair, frustrations, and hopelessness of our people and unemployed youths continue unabated into the present era. In the meantime, our politicians and well-placed civil servants steal the country’s God-given resources and stash them away in other countries.

How many mansions have politicians and civil servants from other countries built in Nigeria? None! Nigeria’s failure is not because it lacks people, but because it lacks enabling institutions to support the aspirations and efforts of its hard-working peoples. In an environment of mass illiteracy, the press has the added responsibility of checking empty campaign promises of politicians and documenting the resulting dashed hopes and cynicism the Nigeria’s citizenry. You are one of the effective checks on the politics of poverty which Nigeria’s politicians engage in.

Finally, how does the press deal with fake news? It should not be dismissed outright and neither should they be liberally repeated. Rather, they should be investigated thoroughly in concert with other news outlets.

I defer the rest of my comments to the discussion session. I thank Ms. Maureen Chigbo, the publisher and CEO of Realnews with her team for putting together this amazing lecture series to deal with issues facing the nation and Africa. In so doing, she has made a conscious decision to light a candle and not to curse the darkness. It is the responsibility of us all to change the ruinous path which unconscious characters, who come in various forms, have taken this nation and Africa as a whole for personal gain and fortune. Thank you all!

 

 

Reference Notes

“Background and Purpose of the Workshops.” National Research Council (1992). Democratization in Africa: African Views, African Voices. Washington, DC: The National Academies Press. Doi: 10. 17226/2041.

Casey, Katherine (2015), “Crossing Party Lines: The Effect of Information on Redistributive Politics.” American Economic Review, 105 (8), pp. 2410-2448.

Diamond, Larry (2015), Class, Ethnicity and Democracy In Nigeria, 2nd Ed. (Lagos: Nigeria Next Quarter).

Ekpo, Akpan H. (2013), “Growth Without Development in West Africa: Is It A Paradox?” Paper presented at the Annual Conference on Regional Integration in Africa (ACGRIA5), organized by CREPOL, July 1-2, Praia, Cape Verde.

Keynes, John M. (1964), The General Theory of Employment, Interest, and Money, (New York: N.Y., A Harvest Book/Harcourt Brace and Company Ed.)

Kliesen, Kevin L. (2013), “Uncertainty and the Economy,” Regional Economist, (April), Federal Reserve Bank of St. Louis.

https://www.stlouisfed.org/~/media/files/pdfs/publications/pub_assets/pdf/re/2013/b/uncertainty.pdf

Maier, Karl (2000), This House Has Fallen, (New York, N.Y.: Public Affairs).

Mamalakis, Markos, J. (1976). The Growth and Structure of the Chilean Economy: From Independence to Allende. (New Haven, CT.: Yale University Press).

North, Douglass C. (1990), Institutions, Institutional Change and Economic Performance, (New York, N.Y.: Cambridge University Press).

Omosegbon, O. and C. Okeke (2014), “The Integration of Africa: Commodity Based Industrialization Examined.” In Diery Seck, Ed. Private Sector Development in West Africa. Advances in African Economic and Political Development (Cham, Switzerland: Springer International Publishing).

Smith, Adam (1982), The Wealth of Nations. (New York, N.Y.: Penguin Books).

 

 

*Charles C. Okeke, Ph.D., is a Professor of Economics, Dean, School of Education, Behavioural and Social Sciences, The College of Southern Nevada, Las Vegas, NV 89146, USA

– Jan. 11, 2019 @ 13:55 GMT |

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