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Question 2: post-communism & developing countries future of liberal markets, authoritarian rule - Research Paper Example

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Leaders across Europe are struggling to restore confidence in a single currency while the economy in the United States is still limping forward at quite a slow rate. Consequently, the economy of North Korea continues to enjoy alarming growth and developments. Cuba and North…
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Question 2: post-communism & developing countries future of liberal markets, authoritarian rule
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Download file to see previous pages rich oil mines in parts of Nigeria, Dimgba (2004b) argues that internal wars and political instability have negated the growth and development process in the country. This paper explores the state of the economic market in a developing nation recovering from wars and clashes that have destabilized the economic growth and development process of the country.
Free and liberal markets are characterized with stiff competition in the market system, a characteristic which results in development of new ideas (innovation) in order to cope with the prevailing market situation. In a state-controlled market, there is no room for competition as there is a monopolistic control of the resources and the general market. It is in this perspective that this paper is based i.e. there is a need to establish a competition law in Nigeria. By so doing, it will mean there is the opening of doors to liberal markets, since it is only a liberal market that a competition law can flourish. The major concern in Nigeria is the politically influenced state control of the major resources and sources of revenue. This makes it clear that the establishment of competition laws in Nigeria would be acceptable politically only if they address the concerns of the public interests via creative destruction. Analysts have argued that authoritative states have developed a form of destruction that is rather creative (Dimgba, 2004a). This process invests liberal markets with a vital momentum that regenerates itself by enabling workers, ideas and resources previously invested in an industry that is dying to recombine artlessly and produce products to satisfy the demands coming forward. Dimgba (2004a) goes further and argues that the greatest weakness of an authoritative state is the inability to sustain creative destruction. Those behind the idea of creative destruction have the fear of creating a program that is beyond the state’s control for if this happens; the state will be in turmoil.
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