IMPLICATIONS OF AYN RAND’S LAISSEZ-FAIRE CAPITALISM AS A RATIONAL AND MORAL IMPERATIVE ON THE POLITICO-ECONOMIC SYSTEM OF NIGERIA

Abstract

 An immediate glance at our country, Nigeria delineates a state beleaguered by a dilapidating economy and poor standard of living. This is evidenced in the numerous setbacks, controversies and complications encircling our economic and financial sectors. The issues of taxation, lobbying, undue privileges given by government to some businesses, monopoly by government aid, brain drain, quota system, federal character, subsidy, antitrust laws, and pressure from labour unions, among others are regrettably persistent problems in the affairs of the politico-economic process. These are the springboards to inadequate trade policies, dwindling economy, low income among the populace, mismanagement of funds, substandard goods, liquidation of companies, corruption and the general crumbling of the politico-economic sector. Invariably, the researcher uses analytic method to traverse Ayn Rand’s laissez-faire capitalism as an indispensable necessity for the revitalization of Nigeria’s economy, the general standard of living, and that of the world at large. Following the tenets of Ayn Rand’s laissez-faire capitalism, this work presents as a panacea to the frustrated economy of the world, and Nigeria in particular: freedom in business, integrity, regard for individual ability, desire for only the earned, respect for property rights and acceptance of the profit system.