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.

A Race to the bottom – Prison Education and the English and Welsh Policy Context

This article examines prison education in England and Wales arguing that a disjuncture exists between the policy rhetoric of entitlement to education in prison at the European level and the playing out of that entitlement in English and Welsh prisons. Caught between conflicting discourses around a need to combat recidivism and a need for incarceration, prison education in England exists within a policy context informed, in part, by an international human rights agenda on the one hand and global recession, financial cutbacks, and a moral panic about crime on the other. The European Commission has highlighted a number of challenges facing prison education in Europe including over‐crowded institutions, increasing diversity in prison populations, the need to keep pace with pedagogical changes in mainstream education and the adoption of new technologies for learning (Hawley et al., 2013). These are challenges confronting all policy makers involved in prison education in England and Wales in a policy context that is messy, contradictory and fiercely contested. The article argues that this policy context, exacerbated by socio‐economic discourses around neo‐liberalism, is leading to a race‐to‐the‐bottom in the standards of educational provision for prisoners in England and Wales.