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.

Situated Intersectionality and Social Inequality

In this article1 I introduce and discuss some of the ways situated intersectional analysis can help to describe – and even explain – different kinds of social, economic, political and personal inequalities. As I have been working on intersectionality for many years – both before and after the issues discussed under this term were to be so labelled, I shall focus primarily on my own version rather than conduct a review of the literature. The paper starts by discussing the ways sociological studies traditionally describe inequality focusing on issues of class. It then introduces intersectionality as a theoretical framework that can encompass different kinds of inequalities, simultaneously (ontologically), but enmeshed (concretely). The latter part of the article examines the ways different kinds of systemic domains provide multiple grounds for the production and reproduction of these inequalities. (1An earlier version of this paper was presented at an ISA plenary in Yokohama, Summer 2014.)