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.

Monsters Take to the Streets! Monstrous Street-Art as Pedagogy of Resistance to Post-Olympic Regeneration in Hackney Wick?

This chapter explores geographies of gentrification and resistance in relation to the monstrous through the lens of street-art in post-Olympic London. It takes as a geographic case study Hackney Wick, which has for a long time been a bastion of alternative and creative living due to cheap rents in large, ex-industrial warehouse spaces. The artistic sociality of the area is imbued within its landscape, as prolific street artists have adorned ex-industrial warehouses and canal-side walls with graffiti and murals. Since the announcement of the 2012 Olympic Games, the area has been a site of intense political and aesthetic contestation. The post-Olympic legacy means that the area has been earmarked for redevelopment, with current residents facing the possibility of joining thousands already displaced by the games. The anxiety of dispossession is reflected by monstrous characters and sinister disembodied teeth, eyes and fingers embedded within the landscape, painted by local artists. Using geographically sensitive mobile and visual methodology to document the landscape and artwork, the chapter analyses and interprets the monstrous themes using a range of theorists including Mikhail Bakhtin, Georges Bataille and Nick Land. I argue that monstrous street-art lays visible claim to public territory for aesthetic purposes at odds with the visions of redevelopers and the needs of capital. Whilst street-art and graffiti do not fit easily within frameworks of organized political resistance or collective social movements, they operate as a kind of epistemological transgression that triggers transformative affects in the viewer. This creates conditions for pedagogies of resistance to gentrification by expressing and mobilizing political affects such as anger and anxiety, raising awareness of geographical politics, and encouraging the viewer to question the status quo of the built environment.