What brought about the worst economic downturn in modern history?
By Chukwuma Charles Soludo Introduction No issue commands a greater, broader consensus in Nigeria today than the need for restructuring the Nigerian federation.
It is fair to admit however that there is still reasonable disagreement regarding the consistency of the case for restructuring and the nature and content of restructuring. Content and nature restructuring In terms of content and nature, we can group the various restructuring models into three categories: There seems to be a preponderance of mainstream opinion around the hybrid option, and the loudest case for restructuring is so far based on political and non-religious agitation.
We now need to deepen the conversation in at least two levels. First is to ensure greater convergence of views on what should be the content of restructuring. Second and for the first one to happen, the public must understand how the proposed restructuring will affect their lives-especially their pockets.
Our thesis is that while other considerations may be important, the overarching case for restructuring is economic: To solve the problem of development will entail reforming these institutions.
Unfortunately, this is difficult because economic institutions are collective choices that are the outcome of a political process. The economic institutions of a society depend on the nature of political institutions and the distribution of political power in society.
As yet, we only have a highly preliminary understanding of the factors that lead a society into a political equilibrium which supports good economic institutions… Nevertheless, some countries do undergo political transitions, reform their institutions, and move onto more successful paths of economic development.
An important insight from the above as well as cross country experiences is that institutional development is not a cut and paste affair. The political and economic institutions must synchronise, and there is no universal template as to how they emerge given the varied political and historical experiences.
Context and history matter, and building progressive institutions is a continuous work in progress. However subjective one may view institutions, we can still recognise a good institution as one that unleashes and maximises the creative energies of the people for the promotion of the highest possible security, prosperity and happiness of the people.
Oil or natural resource boom is known to cause the appreciation of the real effective exchange rate thus harming the economy, and this has been referred to as the Dutch Disease syndrome.
Ours is beyond the Dutch Disease. Instead of the Lottery windfall aiding the family, the arrangements designed to utilize it might turn the Lottery into a curse.
When oil price goes up, we celebrate and the economy booms, and when it falls, the economy slumps and everything goes burst — salary arrears, exchange rate collapse, inflation, output stagnation, poverty and unemployment soar, etc. Something has to give! Visionary and capable leadership Soludo Having a visionary and capable leadership is critical for the transformation of a society.
Whatever the skills of Lionel Messi or Christiano Ronaldo as footballers, if the field of play is a cassava farm, their talents might come to naught. Sometimes the debate about leadership and system comes down to chicken and egg argument.
My view is that we have searched for too long for good leaders to fall from heaven but for a change, let us focus also on reforming our evidently defective institutions-at least to loosen the suffocating stranglehold of Abuja and unleash the creative and competitive drive of our people.
It is an oxymoron to repeat the same thing over and over and expect a different outcome. Nigeria at the moment is stuck on the low speed lane. Most times,1 insist for my sanity to keep focused on the list of what is right with Nigeria. However, for our discourse, I draw attention to what I call the Nigerian Newspaper Headline Index here I compute over a given period the ratio of good news to bad news on the headlines of Nigerian newspapers.
One is amazed how it correlates well with other indices of our progress or retardation.Democratic political analyst Ruy Teixeira said Friday that Texas Democrats are struggling to boost party support among white voters.
"The fundamental problem is the white vote," Teixeira told Hill. This was obviously an indication that Imran’s PTI does not envisage any fundamental change in the political economy of the State of Pakistan. The ruling political . fundamental fairness Individualistic Political Culture the culture, historically dominant in the middle tier of american states, in which citizens understand the state and nation as marketplaces in which people strive to better their personal welfare, citizen participation is encouraged as a means of individual achievement, government is a.
"Texas-sized" is an expression that can be used in two ways: to describe something that is about the size of the U.S. state of Texas, or to describe something (usually but not always originating from Texas) that is large compared to other objects of its type.
Start studying GOVT Ch. 1: The Political Culture, People, and Economy of Texas. Learn vocabulary, terms, and more with flashcards, games, and other study tools.
Much of the action in Texas politics takes place at the intersection of government and economics – sometimes subtly, other times boldly. This shouldn't be too surprising, since state and local government is enmeshed in the economy at .