Crony capitalism

When the country initially gained its independence from Britain in 1960, expectations were high that Nigeria would become an economic heavyweight in Africa. With abundant natural resources and a large population, it seemed the stage was set for success. However, despite earnings of more than $500 billion from oil sales during the period 1970 to 2007, the country still suffered from extreme poverty, illiteracy, and high debt. Several factors have been blamed for Nigeria’s troubles including…

government have more say in regulating business? While the answer still remains unclear, economic systems such as socialism and capitalism, as well as the Keynesian economic philosophy have each undergone such periods of trial and error over the past few centuries.…

Scarcity - The problem that resources are always limited in comparison with the number and variety of wants people have Free Enterprise - Economic system in which individuals and businesses are allowed to compete for profit with a minimum of government interference Needs - Basic requirements for human survival Profit Motive - the driving force that encourages individuals and organizations to improve their material well-being Wants - Desires that can be satisfied by consuming a good or service…

attempting to refute the “observations” of Engels as a contemporary observer of the harsh economic conditions that he experienced through his family’s own cotton firm in Manchester. In this argument, Boyer shows how Engels subjectively defines capitalism through his own personal interactions subjective assumptions about industrial development in England’s urban centers: “ The living conditions in these cities was horrible” (155). More so, Boyer (1998) interjects with data collected by Asa…

Lithuania to America and Sinclair uses these experiences to reveal issues involving hardships that immigrants were subjected to, the injustices portrayed in the workforce, the unsanitary practices of the meatpacking companies, and the evils of American capitalism opposed to the benefits of American socialism. One of…

Capitalism has managed, using modern advertising and marketing tactics, to maintain a strict hold on sexuality and gender in order to facilitate the exchanging of commodities; though social progress has allowed for the inclusion of more diversified gender and sexuality spectrums into the mainstream, these spectrums are still defined by Capitalist enterprise, and our social, sexual and gender based ideologies are given definition by the advertising Capitalism uses to provide commodities with…

Central to his thought, is that our consciousness is determined by our material reality and that history proceeds from material change. Essentially, class struggle is the engine of history, and has been responsible for slavery, feudalism, and modern capitalism. Marx’s historical narrative is teleological. It is the proletariat’s historical mission to overthrow the bourgeoisie and establish authentic emancipation for all people. Marx rejects the negative liberal definition of freedom. Authentic…

Karl Marx and Adam Smith are both economists with theories of capital accumulation. Karl Marx was a German doctor of Philosophy. Adam Smith who was a Scottish moral philosopher developed a similar theory. The theories differ in the way they perceive labor value. Smith’s theory has a clear argument on capital accumulation such as his explanation for unproductive/productive labor in comparison to Marx. Marx’s explanation of productive labor, critique of abstinence theory, exploitation, and the…

What are some of the policies used in globalization that most countries have adopted? Mexico, Canada and the United States have adopted the North American Free Trade Agreement (NAFTA). This policy has led to a swift increase in the movement of money, goods, and the migration of people throughout these countries. Another policy is the General Agreement on Tariffs and Trade (GATT) and World Trade Organization (WTO). These two policies are somehow related because they focus on helping countries…

The market systems of present day are, for the most part, based upon some degree of capitalism. However, this was not always so. In previous societies, markets were heavily based upon societal factors; in fact, economies were an addition to the society, not a focus of society itself. This is where embedded and disembedded economies come into play. Disembedded economies, or capitalistic economies, are relatively new. Up until the 19th century, no one was focused on having money for the sake of…