Financialisation, Capital Accumulation and Economic Development : A Theoretical and Empirical Investigation of the Nigerian Economy

The primary focus of this study is to highlight those unobtrusive, yet fundamental, factors undermining economic development in Nigeria. To begin with, it posits that the decelerating pace of capital accumulation in Nigeria, which naturally occasions rising unemployment and poverty levels, and widening inequality gap, is the result of the ‘low possibility’ of capitalist enterprises in the country of earning an adequate rate of profit from their productive processes. In turn, the ‘low possibility’ is argued to be the result of the uneven development inherent in the modern capitalist structure, the high cost of capital and of production peculiar to Nigeria, and the ineffective demand for goods made in Nigeria: these elements are viewed as been precipitated by the contradictions of the contemporary political-economic arrangement that organises the Social Structures of Accumulation. For Nigeria to ‘develop’, it is contended that the unobtrusive elements inherent in the contradiction of the political-economic economic that undermine the capitalists’ ability to earn a commensurate rate of profit in the country needs to be fully addressed first. Furthermore, this study suggests that it is crucial the country embraces knowledge-based industrialisation if it is to achieve some form of ‘competitive advantage’ in the global market, which could enable its productive processes extract a commensurate level of profit from the market. To facilitate the knowledge-based industrialisation, the state should, not only create a conducive environment for industrial development but also play the lead role in transforming the peripheral and oil dependent economy to a knowledge-based economy by coordinating business organisations and investing in high-risk innovations.

Seeing disadvantage in schools: exploring student teachers’ perceptions of poverty and disadvantage using visual pedagogy

This paper describes exploratory research into the development of innovative visual pedagogies for investigating how pre-service student teachers articulate their views about the effects of poverty on educational attainment. Social class emerges as the strongest factor in poverty and educational disadvantage in the UK. The resulting issues are often awkward for students to discuss and conventional pedagogies may not have effective ‘reach’ here. Findings from this study showed that the visual methods deployed gave students pedagogically well structured spaces for the expression and exchange of a diversity of views about poverty and social class, engaging them in both heated discussions and prolonged ‘silences’. However, the pedagogies did not challenge the stereotypical deficit models of ‘the poor’ which some students expressed. Nevertheless, we argue that reconfigured versions of these visual pedagogies have considerable potential for innovative social justice work in teacher education.