Hello guys,
Which economic system do you think is good for nigeria.
Socialist or capitalist?
What is socialism?
Socialism is an economic system where by the means of production and the distribution of resources is owned by the state government.
Resources are socially and collectively owned,and goods are produced and distributed based on need rather than market forces such as profitability.
How about capitalism? capitalism is an
economic system that encourages individual producers and distributors of goods and services.capital goods are owned by individuals and corporation.
some features are:
1)private property.
2)large scale production.
3)profit institution
4)competion
5)wage institution.etc.
But it is said that capitalists exploit the working masses.
All have their advantages and disadvantages,but which one do you prefer.
Economist please share your views.
Cclalasticlala
CcMynd44
CcDominique.

Nigeria hasn't and mustn't leave the mixed economy we've been practising.
Socialism will make Nigeria look as redundant as Niger and her neighbours to the left because the Nigerian government can't properly and profitably run public enterprises of this country like it is done in Arabia.
Capitalism will lead to outright exploitation as the quality of goods will drop (thanks to low funding of Standard Organisation of Nigeria), and the price of this low quality goods will be high because business men will maximise their profit potentials to the fullest.

I love how Chinese government is supporting their private companies by buying stakes in them though; just like Britain did with British Petroleum and other others.

My advice is for the Nigerian government to privatise our public enterprises, but make them profit oriented and also be the majority shareholder in these companies. They will be properly managed and also be innovative.

My advice is idealistic anyway, but it seems like the best way to go.

In my honest opinion,we should try the two systems in different regions of the country as the case may be.
One might overtake the other which will be the widely accepted system.
If not for corruption,I think socialism is the best way forward.
Cclalasticlala.
Ccmynd44
CcDominique
CcFynest boi

Capitalism any time any day.

Socialism...