RETHINKING NIGERIA'S ECONOMIC SYSTEM - SHOULD WE BE A CAPITALIST OR SOCIALIST ECONOMY OR PERHAPS A MIXED ECONOMY?
Capitalism can be defined as an economic system where ownership of the means of production (land, labour, capital and enterprise) is concentrated in the hands of private individuals. Conversely, a socialist system can be viewed as an economic system wherein collective ownership of the means of production and the economy is centrally planned by the government. While some are of the view that Nigeria’s economic salvation is perhaps rooted in this concept of capitalism, others hold a contrary opinion demonising capitalism and calling for its eradication altogether. My proposition is simple- I believe that neither view is correct and the ideal solution is perhaps a hybrid of the two economic systems.
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This article was written by our senior legal consultant, Dr Oluwafifehan Ogunde.
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NameRETHINKING NIGERIA'S ECONOMIC SYSTEM - SHOULD WE BE A CAPITALIST OR SOCIALIST ECONOMY OR PERHAPS A MIXED ECONOMY?
Date19 July 2019
CategoryResources & Publications
AuthorDr Fife Ogunde