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African Economics in the Global System: A Case Study of Nigeria

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(1)

A Case Study of Nigeria and its

Integration in the Global Economy

By Allison Beaufort

(2)

Worldview and Economics

Eurocentric and African

Capitalism and African Socialism

Integration in the Global Market

Nigerian Traditional Economic Systems

Igbo

Yoruba

(3)

Proposal of a cultural framework for

economic issues

Societal generalizations and their implications

for the individual

Case study – uncertain how widespread

(4)

European and African

Perspectives

(5)

African

Western

Community

 Societal equilibrium

 Orientation of the individual within the community

 Individual redistributes success

Interconnectedness

 Benefit the community

 Nurture relationships: communal, spiritual

Communal Equilibrium

 Only engage in activities to benefit all  Redistribute success to others

Interpersonal Relationships

 Considered most valuable

Individuality

 Individual first, community second  Use of the community for advancement

of the individual

 Individual boasts own successes

Progress/Achievement

 Benefit the individual

 Tangible rewards: material, wealth  Move up the hierarchy

Competition

 Perpetuate self advancement/success  Little regard for welfare of others

Materialism/Wealth

(6)

African Socialism

Capitalism

Purpose: Collective Welfare

 Public ownership

 Modernization and unification  Centralization

 Cooperation  Egalitarianism

 Respect for the individual

 Class differences ceased to exist – the people as a whole became important

Purpose: Profit

 Investment in order to make profit  Institutions enable conversion to

capital

 Commodity exchange for money  Maximum returns

Private Gain/Individual Benefit

 Profit

 Use of all available resources  Striving towards personal success

Competition

 No/little regard for the “loser”  Individual motivation

 Exploitative

 Most efficient/inexpensive form of labor to earner greater profit

(7)
(8)

GNI Per Capita (2003)

World:$7,375

Less-developed countries:

$3,850

More developed countries:

$26,989

Sub-Saharan Africa:

$1,831

Per Capita GDP Growth –

Annual (1965-1999)

High-Income Nations: 2.4%

Sub-Saharan Africa: -0.2%

Annual Percentage

Growth in Total Factor

Productivity (1965-1994)

Crops

Western Europe: 2.50%

Sub-Saharan Africa: -0.32%

Livestock

Western Europe: 1.19%

Sub-Saharan Africa: -0.01%

(9)

Gini Index

Germany: 28.3

United States: 40.8

China: 44.7

Nigeria: 50.6

Human Development

Index

Germany: 0.905

United States: 0.910

China: 0.687

Nigeria: 0.459

(10)
(11)
(12)

Role of interpersonal connection

Family and community

Universe and divine

Purpose of production

Maintenance and creation of

social relationships

Perception of success

(13)

Importance of labor

and hard work

Connection to spirituality

Use of kinship systems

Trust economics

Isusus

and Rotatory

Credit Unions

Trade relationships

(14)

Cultural context vs. global system

Looking for ways to allow systems to work in

conjunction to one another

Opportunities for growth within the cultural

References

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