Advocates and critics of capitalism (Free market economy) agree that its main contribution in history has been the encouragement of economic growth. My question is how was this achieved?



TonyeBarcanista, seun, jarus,

Please everyone view is honestly appreciated

SE is the epicenter of capitalism in Nigeria. SW and North is largely socialism...depend so much on federal allocation.

There is nothing like a free market.
Anyone who brings that crap to you need to get his head examined . He is likely to be a sociopath or psychopath or lack critical thinking abilities .
The so called free market is rigged on every layer .
The free marketers are the same people whose entire business model is on government money or favour.

Naija9090:
SE is the epicenter of capitalism in Nigeria. SW and North is largely socialism...depend so much on federal allocation.

keep deceiving yourself. Maybe you saw market........
Better service delivery is not socialism and capitalism is not 4 x 4 shops.

oduastates:
There is nothing like a free market.
Anyone who brings that crap to you need to get his head examined . He is likely to be a sociopath or psychopath or lack critical thinking abilities .
The so called free market is rigged on every layer .
The free marketers are the same people whose entire business model is on government money or favour.

Interesting view. To my understanding, capitalism is an economic system in which each individual economic agent is engaged in economic activity with a large measure of economic freedom. Individual economic actions conform to the existing legal and institutional framework of the society which ks governed by the institution of private property, profit motive, freedom of enterprise and consumer sovereignty. .

Rays123:
Interesting view. To my understanding, capitalism is an economic system in which each individual economic agent is engaged in economic activity with a large measure of economic freedom. Individual economic actions conform to the existing legal and institutional framework of the society which ks governed by the institution of private property, profit motive, freedom of enterprise and consumer sovereignty. .

This is the theoretical definition. In the real world ,it does not work like that .
How is it going to work when vested interest control governments and the institutions are manned by the people they are supposed to be regulating?
You are more likely to find the freedoms in a farming settlement in Osun than in Lagos .
In America , free market capitalist gutted their manufacturing sector and shipped plants to China for a quick extra buck .
German nationalist socialism on the other hand, beefed up their manufacturing without selling their heirloom to China. Today, their earnings from exports is simply incredible .

A mixture/blend of capitalism and socialism remains the best

Naija9090:
SE is the epicenter of capitalism in Nigeria. SW and North is largely socialism...depend so much on federal allocation.

Don'tconfuse you going to china to dump FG subsidized dollar in exchange for goods that employed chinese in its production into Nigeria economy amounts to capitalism. Innoson for example can't boast of 5% local input into its final products. The people you call socialist dominate the industry for providing your most basic needs. Transportation, Housing, food.
For shelter industry i give te SEners 30%

Sibrah:
Don'tconfuse you going to china to dump FG subsidized dollar in exchange for goods that employed chinese in its production into Nigeria economy amounts to capitalism. Innoson for example can't boast of 5% local input into its final products. The people you call socialist dominate the industry for providing your most basic needs. Transportation, Housing, food.
For shelter industry i give te SEners 30%

Everyone knows that SW people are socialists minded. That's why you guys can't do without government.
That 2x2 shops when properly managed, becomes that industry that employs your socialists people eg Erico Tomatoes paste industry owned by an Igboman in NoMansLand.
Since the beginning of this mess created by Buhari, mention one Yoruba industrialist that have being approached

TonyeBarcanista:
A mixture/blend of capitalism and socialism remains the best

Capitalism or Socialism or even both stands to enslave the people if not done with self-sufficiency in sight and properly. When we import what happens to wealth that's suppose to circulate in the economy is that it is exchange for goods produced by foreigners (employs foreign hands) and wealth is transferred to foreign hands(capital flight). Our own form of economy isn't capitalism/socialism 15% of the way. We simply harrass govt from LG, to state to FG for money either via dollar subsidy, petroleum subsidy, religious trip, training stipends, or unproductive hours in govt employment.

Rays123:
Advocates and critics of capitalism (Free market economy) agree that its main contribution in history has been the encouragement of economic growth. My question is how was this achieved?



Tonyenista, seun, jarus,

Please everyone view is honestly appreciated

True! Empirics prove that Capitalism contributes to growth and this is quite intuitive. What do you think will happen if you tell a man that his earnings will equal his level of productivity? He will do everything in his capacity to increase his productivity. The problem though is that some people are going to be poor because they lack the requistive productive capacity to compete and capitalist do not care what becomes of these persons, hence the criticism of capitalism.
A good market system should cater for every one (both productive and unproductive ones) that's why the mixed market system is popular.
Eonomic growth is necessary but not a sufficient condition for development, as the growth may be accounted for by a few individuals.
Capitalism is better if it's augmented by a functional socialist system (mixed market)

Rays123:
Advocates and critics of capitalism (Free market economy) agree that its main contribution in history has been the encouragement of economic growth. My question is how was this achieved?



TonyeBarcanista, seun, jarus,

Please everyone view is honestly appreciated

Good luck getting worthwhile answers to your question on Nairaland! Frankly, you'd be better off asking for references to some decent economics textbooks.

HiddenShadow:


Everyone knows that SW people are socialists minded. That's why you guys can't do without government.
That 2x2 shops when properly managed, becomes that industry that employs your socialists people eg Erico Tomatoes paste industry owned by an Igboman in NoMansLand.
Since the beginning of this mess created by Buhari, mention one Yoruba industrialist that have being approached

Tomato is a soft target begging to be processed. What about electronics, machines, housing, petroleum, rice, flour, clothing(shelter) etc you guys love to go buy finished article of in foreign land? Stop being stubborn and grow in knowledge and understanding of your real situation.
The dollar account of all exporters is suppose to fund the import needs of importers. What we have had is a case of govt giving out dollars from oil sales to importers(largely SEners) who add no value to the system but help promote capital and employement flight. Nigerians have been net consumers for too long, if you are truely productive and reasonably competitive, sell your products and services to the dollar market and buy what you need with the dollar earned, not you going to govt for dollars. Buhari can't subsidize every toothpick, mascara, toothpaste, noodle, DSTV subscription with non-existent Dollar that isn't his fault. Importation of those things means a foreigner is employed for its production and the wealth generated in Nigeria has been transferred to the foreigners hand for the forseeable future. For even offering to give hard earned Dollar out at a low rate to importers of certain items is a plus from govt.

Sibrah:
Don'tconfuse you going to china to dump FG subsidized dollar in exchange for goods that employed chinese in its production into Nigeria economy amounts to capitalism. Innoson for example can't boast of 5% local input into its final products. The people you call socialist dominate the industry for providing your most basic needs. Transportation, Housing, food.
For shelter industry i give te SEners 30%

which one is shelter industry in SE.Dangote cement na north o

HiddenShadow:


Everyone knows that SW people are socialists minded. That's why you guys can't do without government.
That 2x2 shops when properly managed, becomes that industry that employs your socialists people eg Erico Tomatoes paste industry owned by an Igboman in NoMansLand.
Since the beginning of this mess created by Buhari, mention one Yoruba industrialist that have being approached

eleganza,gbagi market,oshodi market,elizade motors,honeywell,forte oil,conoil(for your mind na ibo get these ones too abi)

oduastates:


This is the theoretical definition. In the real world ,it does not work like that .
How is it going to work when vested interest control governments and the institutions are manned by the people they are supposed to be regulating?
You are more likely to find the freedoms in a farming settlement in Osun than in Lagos .
In America , free market capitalist gutted their manufacturing sector and shipped plants to China for a quick extra buck .
German nationalist socialism on the other hand, beefed up their manufacturing without selling their heirloom to China. Today, their earnings from exports is simply incredible .

yes it does.nobody stopped the non vested interests from vesting

Rays123:
Advocates and critics of capitalism (Free market economy) agree that its main contribution in history has been the encouragement of economic growth. My question is how was this achieved?



TonyeBarcanista, seun, jarus,

Please everyone view is honestly appreciated

Capitalism is driven by greed. Greed creates drive and competition. Competition creates innovation, efficiencies and productivity. The economy grows based on increased production.

The efforts of Nigerian government to recover the looted fund without the full supports of Nigerian would not make the task easy for the government, to recover the looted fund, we are hearing that the looters will fight back the nation and they were doing so without hide! it's samefull to this nation that a few elements with their evil acts and their colaborators hold down the 170 million nigerian in sufferance at the watch of themselves without any reactions isn't this a shame to the nation? If $1 trillion is unaccounted for and we are looking elsewhere for an angel to come and fix our economy for us without taken the looters responsible, it's a shame to this nation, if we still depend on the aid of western world , Usa, Asia gulf state for our own survival while harbouring the looters who looted us to bone without challenge, then it's a shame to the nation! if the Europian looted their treasory can they have the money to fix their economy talkless of helping others. if a party which formed for the service of the people openly support and protected the looters it is a shame, enough is enough for the office holders and publics sevants who looting nigeria treasory. NLFRC is now at watch of you looters and a drastic action will be taken against any looters!
here is some of the action taken so far:
Letter to the UN
Letter to the EU
Letter to the world bank and monetary institutions
Letter to the AU
Letter to the ECOWAS
Letter to the nations: Swis, Gb, Usa, Germany, Asian nation, Gulf states etc
we let's these international communities known that we need their full support on how to help nigerian government recover every kobo looted in nigeia and placed in their countries, no more hide out for the looters any longer, they either return the looted fund at their disposure or return it, no other options, they may try to play god or take is as joke all for their peril!

JOIN NLFRC Crusade to save nigeria nation!
NLFRC: Nigeria Looted Fund Reserve Recovered Crusade.
GOD BLESS NIGERIA....AMEN

co-ordinator oyinkinola

Naija9090:
SE is the epicenter of capitalism in Nigeria. SW and North is largely socialism...depend so much on federal allocation.

Fact