IDEAS home Printed from https://ideas.repec.org/a/arp/tjssrr/2016p133-142.html
   My bibliography  Save this article

Financial Crimes, Primitive Accumulation and the Development of Capitalism in Nigeria

Author

Listed:
  • Matthew Dayi Ogali

    (Department of Political & Administrative Studies, University of Port Harcourt, Port Harcourt, Nigeria)

Abstract

The development of capitalism in Europe and America was preceded and instigated by the imperatives of primitive accumulation in which criminal, bloody, unethical and inhuman methods were adopted to accumulate wealth the investment of which stimulated the Industrial Revolution. Â This paper presents the thesis that the pervasive elite disposition towards financial crimes in Nigeria constitutes a form of primitive accumulation for investment in the transformation of a pre-capitalist social formation into a capitalist society, effectively utilizing legislations such as the Land Use Act and the financial institutions as the drivers of the processes of dispossession of peasant land and legitimization or laundering of illicit funds. Marxist Political economy is the preferred theoretical and analytical framework for the study. Data gathering was derived mainly from secondary sources and personal observations and the method of data analysis qualitative and historical. The objective of the paper was to critically analyze the implications of financial crimes for economic transformation in Nigeria. It concludes that the upsurge of financial crimes is attributable to the inordinate drive for capital accumulation for the development of capitalism in Nigeria. The significance of the paper lies in its reconceptualisation of financial crimes for a better comprehension of the dynamics of an underdeveloped capitalist society.

Suggested Citation

  • Matthew Dayi Ogali, 2016. "Financial Crimes, Primitive Accumulation and the Development of Capitalism in Nigeria," The Journal of Social Sciences Research, Academic Research Publishing Group, vol. 2(7), pages 133-142, 07-2016.
    • Handle: RePEc:arp:tjssrr:2016:p:133-142
    as

    Download full text from publisher

    File URL: http://www.arpgweb.com/pdf-files/jssr2(7)133-142.pdf
    Download Restriction: no
    File URL: http://www.arpgweb.com/?ic=journal&journal=7&month=07-2016&issue=7&volume=2
    Download Restriction: no
    ---><---

    Citations

    Citations are extracted by the CitEc Project, subscribe to its RSS feed for this item.
    as


    Cited by:

    1. repec:arp:tjssrr:2019:p:1103-1115 is not listed on IDEAS
    2. Dare Ojo Omonijo* & Obatunde Bright Adetola & Akinmayowa S. Lawal & Michael C. Anyaegbunam & Jonathan A. Odukoya & Elizabeth I. Olowookere, 2018. "An Exploratory Study of Igbo Business Mentoring (Nwa Boy) for Establishing Small-Scale Enterprise: Panacea to Youth Unemployment in South-East Geo-Political Zone of Nigeria," The Journal of Social Sciences Research, Academic Research Publishing Group, pages 808-820:5.

    Corrections

    All material on this site has been provided by the respective publishers and authors. You can help correct errors and omissions. When requesting a correction, please mention this item's handle: RePEc:arp:tjssrr:2016:p:133-142. See general information about how to correct material in RePEc.

    If you have authored this item and are not yet registered with RePEc, we encourage you to do it here. This allows to link your profile to this item. It also allows you to accept potential citations to this item that we are uncertain about.

    We have no bibliographic references for this item. You can help adding them by using this form .

    If you know of missing items citing this one, you can help us creating those links by adding the relevant references in the same way as above, for each refering item. If you are a registered author of this item, you may also want to check the "citations" tab in your RePEc Author Service profile, as there may be some citations waiting for confirmation.

    For technical questions regarding this item, or to correct its authors, title, abstract, bibliographic or download information, contact: Managing Editor (email available below). General contact details of provider: http://arpgweb.com/?ic=journal&journal=7&info=aims .

    Please note that corrections may take a couple of weeks to filter through the various RePEc services.

    IDEAS is a RePEc service. RePEc uses bibliographic data supplied by the respective publishers.