31/08/2024
Some economic and cultural factors embedded in societies with modern day capitalism that made them rich lands. If Nigeria embraces these, it will also join the league of modern-day capitalism and become a rich land. Now, these factors are absent and is difficult to embed them into the Nigeria culture.
Military Security, law and order
Lack of corrupt institutions
Low amount of red tape around employment legislation and taxation
Technically well-educated mobile, flexible labor force
High grade infrastructure and good telecommunication
Fair, transparent & competitive market
Reliably enforceable contracts
Low corporation tax, between 10 and 15%
Work defines who you’re; in modern-day capitalism, the first thing people want to know is what do you do? According to how you answer, people are delighted to see you or swiftly abandon you by peanuts
People invest enormous amounts efforts in their career not only to make money but so that they can have a functioning social identity
Meritocracy: a modern-day capitalist society is a fair place, if you work hard and cleverly, you will get there, there’s no nepotism or insider trading. The playing field is level.