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Events in the last few weeks prove among other things that the world is indeed a global village. The headlines could not have been worse for the ruling party in the United States which is already battling an image problem.
 Frankly, quite a privileged number who studied Economics or Finance knew the economic meltdown would eventually happen. The reckless appreciation of real estate prices could not be backed by any sensible reason and to think that these home mortgages were packaged together into mortgage backed securities, plain vanilla and complicated derivatives by financial institutions only encouraged moral hazard and abuses.
Foreign countries, sovereign funds backed by record level oil earnings, agencies and financial institutions scrambled to grab a piece in the once lucrative but highly volatile and risky US housing market segment. |
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 Nigeria started its journey as a nation in 1914 when it was formed through the amalgamation of the then Northern and Southern protectorates. An imperialist nation governed by the British had emerged and continued till 1960 when Nigeria gained independence. A country endowed with abundant human, material and natural resources, it was clear to everyone in the world over that it only needed the right leadership to become a rich and great nation.
The passion evoked by independence in the 1960s was heart rendering but this was short lived in 1966 with the first military coup which began with a wave of violence, coups and counter coups and ultimately the denigration of national values and ethos.
Those events signaled a chain of reactions and counter reactions that the entire country has battled with till date.
Today, the Nigerian professional or entrepreneur is left alone to deal with the challenges and problems which ought to be fixed by the country’s institutional framework. It seems everyone now have their private roads, source of drinking water, power generation sets and others. |
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 The events of the last few weeks clearly reveal the truth about the weaknesses of the capitalist system. The new world order in the last two decades has placed emphasis on the emergence of market driven economics where agents such as individuals and firms are encouraged to accumulate and allocate their resources as they wish.
The belief that all agents will act in a responsible and logical manner does not hold true after all. As governments gradually withdrew from the market place allowing the private sector to drive the economy, we have seen a total abuse and near destruction of a system widely touted for driving unprecedented global growth witnessed in the last 3 decades. The re-emergence of Russia on the world stage and the successes recorded by India and China are indications of the opportunities that capitalism and its variants as practised in different parts of the world provide.
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