Suchergebnisse

This study examines the socio-economic and political foundations of Nigeria's foreign policy during the Second Republic and their lessons in charting a new path in the 21st Century. It explores how neo-colonialism, within the context of an international capitalist economy, intensified class antagonism, socio-economic and political contradictions, which impinged negatively on the foreign policy initiatives and postures of Nigeria between 1979 and 1983. Drawing insights from the Marxist political economy approach, this fresh study departs from the common orientation of economic determinism by focusing on the complex interplay between the political, economic and social subsystems through the historical materialist approach to which little attention has hitherto been paid. The study made use of primary data through the conduct of interviews and also relied on secondary sources. The study found that the distorted and peripheral role of dependent neo-colonial Nigeria in the world capitalist economy, its sole reliance on oil and the neglect of agriculture generated socio-political and economic crises that constrained it from pursuing viable foreign policy goals during the period under study. The paper concluded that the pursuit of bold and impactful foreign policy goals by Nigeria depends on its ability to reactivate the non-oil sector of its economy, particularly the agricultural and manufacturing sectors.

In order to counter the economic crisis of the recent years, fiscal stimulus programs have been launched in numerous economies around the globe. In February 2009, the United States of America decided to spend a nominal amount of 787 billion U.S. dollars to support the economy, accounting for 5.5% of annual GDP. The U.S. are all but alone on this track. In the face of the crisis, political decision makers from several nations have agreed on fiscal expansions of significant size. For economists, it is therefore important to ask how effective such supportive actions of governments are, and what kind of circumstances can create grounds for effective policies. Economic openness of countries is a determining factor in this respect, which is gaining more importance as globalization is accelerating. As a result of the crisis, and of the sovereign debt of several countries reaching dangerously high levels, financial markets and foreign exchange markets have shown severe reactions. Relative interest rate ratios between countries and exchange rates between national currencies have changed dramatically. These developments have even caused central banks to fundamentally change the paradigm of their policy, as it is the case for the Swiss National Bank.