₦airaland Forum

Babatunde Fashola, the immediate past minister of works and housing, has said there are no totally free market economies in the world, adding that the idea is “illusionary”.

Fashola, on Wednesday, said this while speaking at the 36th edition of The Platform Nigeria held in Lagos with the “Democracy and the Free Market Economy”.

The event, organised by the Covenant Place, seeks to commemorate Nigeria’s Democracy Day by discussing issues surrounding its efficiency.

Fashola stressed that the thoughts of allowing market forces to determine the economy have consequential effects which would eventually lead to the government stepping in.

“Free market economy is illusionary, government plays a role in ensuring that certain businesses don’t go insolvent,” Fashola said.

The two-time governor of Lagos State said that rice and petrol were cheaper in years back due to certain interventions by the government, asserting that such shouldn’t happened in a free market economy.

Speaking further, Fashola said developed economies such as the USA and UK after the wake of the COVID-19 had to incentivise their people to cushion its effects, claiming that such derides the idea of a free market.

A free market economy is a system where the prices for goods and services are determined by the open market and consumers and producers interact freely without government intervention.

In theory, it promotes competition, innovation, and efficiency but the former governor questioned whether truly or not it’s really practiced.

Source: https://businessday.ng/news/article/the-idea-of-free-market-economy-is-illusionary-fashola/

Fashola is right. Once in a while, the government will intervene in the market and stabilise things. If not, things will go wrong.

The speech I consider most interesting was that of Oluseun Onigbide, I just came across the name today. He encouraged everyone to show interest and get involved in governance.

Prof Soludo did well, but I don't think being in government and not borrowing to invest in ventures that will yield more money for the state is something to celebrate.

I don't get, what exactly is he trying to say? Is it that the price of maggi and onions is determined by the government? Or what drove him to say this? Or i'm the one confused here, can someone help me out?

Free Economy has a different definition and has nothing to do with cessation of social welfare and subsidies.

Bibi Netanyahu has proved that it exists.

Read how he successfully liberated Israel’s economy, which helped turn it into a global powerhouse of technological innovation.

Exactly what I was telling someone here that is an advocate of zero subsidy economy, it doesn't exist anywhere in the world, govt will definitely have one or two things to subsidize for the people

Tinubu's Great Fall epitomizes Naira free falling. This is a consequence of his Free Market Economy.

LadyExcellency:
Bibi Netanyahu has proved that it exists.

Reas his successful efforts to liberate Israel’s economy, which helped turn it into a global powerhouse of technological innovation.

Lol Japan intervened in the market to save the yen about six weeks ago. Why didn't they leave everything to market forces

Babalegba:
Lol Japan intervened in the market to save the yen about six weeks ago. Why didn't they leave everything to market forces

That's not a negation of the free economy. Investors are being driven to offload the yen due to a yawning gulf in interest rates between Japan and the United States. The US Central Bank cut interest rates thereby affecting the Japanese market.
Saving jobs and keeping the financial system and banks' credit rantings is the economic and monetary decision of their central bank, not the political echelon

He made sense, I wonder if grandstar agrees with him.

But that's what your mentor is trying to implement nau

Don't you see how prices of goods and services erratically flying up

LadyExcellency:
Free Economy has a different definition and has nothing to do with cessation of social welfare and subsidies.

Bibi Netanyahu has proved that it exists.

Read how he successfully liberated Israel’s economy, which helped turn it into a global powerhouse of technological innovation.

And how many countries can successfully copy that model...you even have to travel to the Middle East to reference one

You don't have to always oppose those you don't fancy...iit hinders your ability to think freely

Government can actually find a way to introduce subsidies in some aspect, especially if the overall telling effect would inject life into the economy and maybe the Naira

No one would wanna advocate for a total free economy no matter what...for developing countries,it's gonna be suicidal

VeeVeeMyLuv:
But that's what your mentor is trying to implement nau

Don't you see how prices of goods and services erratically flying up

You sure say u understand wetin Dem dey talk?

Fashola is right. There should be price control by government .

Reasonable number of the associations are the one causing some of the ridiculous high price of goods and services.

Babalegba:
Lol Japan intervened in the market to save the yen about six weeks ago. Why didn't they leave everything to market forces

China is subsidising EV production to flood outside markets. USA China and Taiwan are pouring combined over $200 billion into silicon chip advancement. USA intervenes in auto manufacture if they have to. Those are far advanced nations o. Here you see criminal lawyers play politics, get a top job and start parading concepts that are disjointed from our reality.
Free market ends inside the textbook where it is thought as a concept.

NwaNimo1:
Dullard,,,,

https://storage.ko-fi.com/cdn/useruploads/display/4e1b7a86-58b1-4f4b-9070-985f55820091_3ojxw.gif

The fact that this is all you had to say Just showed that you're the dullard here

Ehen! Hear talk. Everyone under this APC government is either incredibly stupid or wicked.

LadyExcellency:
Free Economy has a different definition and has nothing to do with cessation of social welfare and subsidies.

Bibi Netanyahu has proved that it exists.

Read how he successfully liberated Israel’s economy, which helped turn it into a global powerhouse of technological innovation.

1 party in power forever, how many years did it take Benjamin to achieve that?

Racoon:
Ehen! Hear talk. Everyone under this APC government is either incredibly stupid or wicked.

Just imagine been subject to stupid & wicked people?

A serf couldn’t be any better than his Lord, so please get back to work @ your serfdom.

I disagree with this analysis.

The role of the government is the protection of the rights of the market participants and providing enabling environment, not regulation of prices which is determined by the forces of demand and supply.

This is the first time Nigeria is trying real capitalism. The main issue money in the pocket of consumer. It is clear now that Nigerian are very wicked and will price thing out of cost

Nice

Agent fashola the camera 🤳 discoverer of our time sounding like a broken drum again

Yet, his dumb followers will still be arguing.

Looks like the minimum requirement to join APShit is that u are foolish.

As fashola appears to be very very foolish

When government wants to shy away from any responsibility

Remman:
I don't get, what exactly is he trying to say? Is it that the price of maggi and onions is determined by the government? Or what drove him to say this? Or i'm the one confused here, can someone help me out?

Go back to secondary school. This time don’t jump out of the Windows’