Tag Archives: Political Economy

Another Look at the Political Economy of the Mainstream and New Media (Published)

This paper examined the political economy of the mainstream and new media, it explicates how media industry, the political economy of the media and capitalism affects the accessibility of information in the new media. The study established that the political economy of the media deals with the generation and distribution of resources (film, social media, online newspapers etc) and that power (capitalism) affects it. The paper’s design method is a narrative literature review and the data sources included Google scholar, blogs, Google, and the web of science. Books, print journals, magazines, were also used. A narrative review was conducted between March –May 2017. The paper outlined and discussed the issues raised, into themes concerning political economy of the media; new media; Marxist and Pluralist view of media ownership; the political economy of the new media and the influence of capitalism on the accessibility of information from the new media. The study revealed that capitalism is one of the driven forces that affects the pluralism and democratization of information on the internet; due to capitalism some classified information are sold and copyrighted

Keywords: Capitalism, Democratization, Information, New Media, Pluralism, Political Economy

Materialism and Commodifcation of Delegacy: A Political Economy of Vote Buying/Selling In 2014 Pdp Governorship Primary in Nasarawa State, Nigeria (Published)

Party politics in Nigeria is essentially a market scenario whereof political power, patronage and votes are objects of economic transaction. Driven by the logic of materialism and opportunism, the average Nigerian politician sees politics as a premium investment as well as an avenue for material accumulation and aggrandizement. Partisan relations in this context are characteristically commoditized in such a manner that passes for buying and selling of electoral patronage and votes. This paper examines this trend with particular reference to the 2014 PDP primary election in Nasarawa State. By way of a purposive survey conducted on a cross-section of delegates to the 2014 PDP primary elections in the State, the paper observes that vote buying/selling played a significant role in determining the outcome of the elections. The paper reveals that most of the delegates were approached with pecuniary offers by agents of political aspirants in a bid to influence their voting choices. Although there was no ample empirical evidence to prove that the delegates were actually compromised in the process, circumstantial evidence suggests that some of the delegates must have voted based on material inducement. The paper thus submits that vote buying/selling is an important determinant of electoral victory in primary elections in Nigeria. More empirical studies are required in other parts of the country to validate the findings of this study.

Keywords: Commodification, Delegacy, Materialism, Opportunism, Political Economy, Selling, Vote Buying

The Political Economy of Deregulation Policy in the Downstream Sector of the Petroleum Industry in Nigeria (1999-2015) (Published)

Successive governments in Nigeria since 1999 have faced the challenge of whether or not to adopt deregulation policy in the downstream sector of the petroleum industry. In fact, the decision of whether or not to adopt deregulation policy as a panacea for remedying the perennial fuel scarcity and arbitrary price increases in petroleum products has been an albatross around successive governments in Nigeria. This paper interrogates the political economy of deregulation policy in the downstream sector of the petroleum industry in Nigeria since the enthronement of democratic rule in 1999, hence contends that the subsidy regime of successive governments has not addressed the perennial scarcity and arbitrary price increases of petroleum products in the country. The paper maintains that the fuel subsidy regime has been an epitome of corruption as it has failed to address the original intentions of its founding fathers. It is the view of this paper, therefore, that a complete deregulation policy in the downstream sector that will ensure government’s outright removal of fuel subsidy, remains the only antidote to addressing the perennial scarcity and arbitrary price increases of petroleum products by ambitious petroleum marketers in Nigeria. It is by so doing that market forces shall become the major determinants of the prices and distribution of petroleum products for the teeming consumers in Nigeria. The paper concludes that savings that would accrue from fuel subsidy removal could be channelled into addressing the ailing infrastructure and human capital in the country

Keywords: Political Economy, deregulation policy, downstream sector & petroleum industry

Political Economy of Small Arms Proliferation in the Niger Delta Region of Nigeria (Published)

The paper examines the proliferation of small arms in the Niger Delta and is of the opinion that the proliferation of small arms in the Niger Delta is a consequence of the existential realities of the people of Niger Delta. This opinion is made more concrete with the adoption of political economy approach with takes a holistic analysis of the subject matter. It took into consideration the inherent contradictions of a capitalist mode of production which finds expression in economic determinism as the underlying factor in determining the material existence of the people of Niger Delta as occasioned by the actors of the state.

Keywords: Actors of the State, Niger-Delta, Political Economy, Proliferate, Small Arms

The Political Economy of Oil Marketing In Developing Countries: An Analysis of the Politics of Petroleum and Petroleum Politics in Ghana. (Published)

This article probed the politics of subsidy in developing countries.  In spite of the adoption of neoliberal policies of capitalism where production, distribution and exchange of goods and services are supposed to be in the realm of the private sphere, most developing economies are still ingrained unrepentantly in sacrificing scarce national resources meant for infrastructural development on subsidies while scavenging for loans from the International Financial Institutions for development.  This paper focuses on Ghana’s experience of the unbridled subsidies on petroleum products in spite of the striking parallels that exist between the state’s economic resources and the sustainability of petroleum subsidies. This paper argue that Ghana’s economic challenges in recent times, and its indebtedness to Oil Marketing Companies (OMCs) are as a result of the unbridled subsidy and politicization of petroleum products since Ghana’s Fourth Republic.

Keywords: Deregulation, Marketing, Petroleum, Political Economy, Regulation, Subsidy

The Political Economy of Oil Marketing In Developing Countries: An Analysis of the Politics of Petroleum and Petroleum Politics in Ghana (Published)

This article probed the politics of subsidy in developing countries.  In spite of the adoption of neoliberal policies of capitalism where production, distribution and exchange of goods and services are supposed to be in the realm of the private sphere, most developing economies are still ingrained unrepentantly in sacrificing scarce national resources meant for infrastructural development on subsidies while scavenging for loans from the International Financial Institutions for development.  This paper focuses on Ghana’s experience of the unbridled subsidies on petroleum products in spite of the striking parallels that exist between the state’s economic resources and the sustainability of petroleum subsidies. This paper argue that Ghana’s economic challenges in recent times, and its indebtedness to Oil Marketing Companies (OMCs) are as a result of the unbridled subsidy and politicization of petroleum products since Ghana’s Fourth Republic.

Keywords: Deregulation, Marketing, Petroleum, Political Economy, Regulation, Subsidy

Politicisation of the Counter-Insurgence Operations in Nigeria: Implication for the Political Economy (Published)

Political partisanship is a very intriguing game. However, the tendency among some megalomaniacs to politicise sensitive national issues has undermined Nigeria’s national interest as well as exacerbated its fragile security. Many political actors mainly from the two major political parties— PDP and APC— were more inclined to using incendiary utterances in order to score cheap political followership in the build up to the 2015 General Election. The study relied on documentary evidence through which data were generated for the validation of its hypothesis. It found that the inclination among these politicians and ethnic jingoists to politicise the counter-insurgence operations has not only sustained the insurgency but also undermined Nigeria’s political economy. Basically, it recommended the adoption of a non-partisan counter-insurgence approach as a remedy for Boko Haram insurgence.

Keywords: Boko Haram, Common Good, National Security, Political Economy, Politicisation

FISCAL FEDERALISM AND ECONOMIC DEVELOPMENT IN NIGERIA: THE CONTENDING ISSUES (Published)

An enquiry into the economies of such federations as the United States, Canada and Germany suggests that federalism is compatible with economic success. Such a proposition is, however, unsustainable considering the fact that India, Mexico and Nigeria, which are also federal states, have continuously performed poorly, reinforcing the view that a major explanation for the poor economic performance of the countries in the latter category lies in the manner in which their respective federal systems are operated. This paper therefore brings to the fore the nexus between Nigeria’s fiscal federalism and a lack of economic development in the oil-rich country. Our central argument is that Nigeria’s fiscal federalism has not spurred the desired development as envisaged by the architects of the system. The country’s over-dependence on oil, as well as the concentration of economic resources at the federal centre are at the heart of the country’s lack of economic success. Therefore, if Nigeria’s fiscal system is to achieve its economic objectives, the inherent contradiction manifesting in the over-centralisation of the federal system has to be addressed

Keywords: Economic Development, Fiscal federalism, Nigeria, Political Economy

Is Privatization Related With Macroeconomic Management? Evidence From Some Selected African Countries (Review Completed - Accepted)

Has macroeconomic management succeeded in making privatization promote growth in Africa? What are the probable strategies that should accompany the privatization reform process to promote growth in Africa? To what extent has the privatization process succeeded in attracting foreign direct investment to Africa? The study investigates the relationship between macroeconomic management and privatization. Many African countries have embarked on one form of privatization reform or the other since 1980, as one of the stringent conditions for accessing capital from the IMF and the World Bank. Secondly, globalization and the gradual integration of the African economy into the global economy also means that Africa has to strategically develop its domestic market to cushion itself from fluctuations and probable contagion associated with global economic crisis that are always inevitable (Stiglitz, 2000 and Ojeaga P., 2012). The methods of estimation used are the OLS, linear mixed effects (LME), 2SLS and the GMM method of estimation. It was found that macroeconomic management has the capacity to affect the success of the privatization reform process. It was also found that privatization was not promoting growth in Africa; privatization could promote growth if long run growth strategies are implemented together with the privatization reform process. Privatization was also found not to have the capacity to attract foreign investment to many African countries.

Keywords: Africa, Game theory, Macroeconomic Management and Privatization, Political Economy

Liberalism and Realism: A Matrix for Political Economy (Published)

Politics and economics share an intimate relationship. To separate either in analysis is unfair, as it dismisses the interdependency between both schools of thought. Thus, in issues pertaining to the Political Economy, there is a fusion between politics and economics to obtain the most thorough and holistic understanding of both spheres. Political economy is concerned with the allocation of scarce resources in a world of infinite wants and needs. In order to allocate these resources, politics are used within a state to provide for the people. Of the different analytic frameworks there are two dominant perspectives: Liberalism and Realism. Liberalism can be attributed to a political doctrine that takes protecting and enhancing the freedom of the individual and their economic activities to be paramount in nation-states, while Realism is based on certain assumptions or premises that nation-states are the dominant actors within the political economy and the proper units of analysis. Other units of analysis are subordinated to the nation-state and therefore superfluous to integrate into evaluation. This paper is directed towards liberalism and realism paradigm; a matrix very useful in comprehending the behavior of the nation-state and in describing, explaining, and predicting political economy. The paper recommends that liberalism should operate under real-world conditions, reflecting state interest and aggrandizement, and such advancement should result in peace instead of the expected dose of conflict.

Keywords: Liberalism, Matrix, Political Economy, Realism