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.

The Corporate University: An E-interview with Dave Hill, Alpesh Maisuria, Anthony Nocella, and Michael Parenti

Since the neo-liberal turn, corporate investment in universities has accelerated as the withdrawal of government funding, among other factors, has further exposed universities to market forces. While this process offers numerous benefits for corporations and wealthy individuals, it has been mostly detrimental for students, educators, and the public at large. In this interview, international scholars Dave Hill, Alpesh Maisuria, Anthony Nocella, and Michael Parenti broadly explain why corporations have been aggressively investing in universities. They address the numerous ways that corporate involvement in university activity negatively impacts academic freedom, research outcomes, and the practice of democracy. The interview ends on a hopeful note by presenting examples of resistance against corporate influence. Their analyses focus primarily on the United States, United Kingdom, and Canada.