ACADEMIC STAFF UNION OF UNIVERSITIES (ASUU)

Transcript:ACADEMIC STAFF UNION OF UNIVERSITIES (ASUU):
ACADEMIC STAFF UNION OF UNIVERSITIES (ASUU) NIGERIA AND ECONOMIC RECESSION: REAPPRAISING THE NEOLIBERALISM OPTION Nasir Fagge ISA B.Sc., Ph.D. (ABU), M.Sc., M.B.A. (BUK) Department of Physics Bayero University, Kano, Nigeria Keynote Presentation At CEPED Symposium Organized By ASUU Owerri Zone Nnamdi Azikiwe Unversity Auditorium, Awka. 11th March, 2017 OUTLINE OF THE PRESENTATION Introduction: Definition of basic thematic concepts. Brief about Nigeria: Potentials at independence, Vision (or lack of it) of some of its leaders, The “experts” that drive their economic agenda) and how their action (or inaction) led us to where we are today. Analyse the implications of economic recession vis-à-vis the 2016 crisis of the Nigerian state. Discuss the “magic wand” interventions of neoliberalism and their implications to Nigeria and its citizens. Proffer some recommendations on the way out for our great country and Conclude. INTRODUCTION DEFINITIONS Economic recession is a period of general economic decline and is typically accompanied by a drop in the stock market, an increase in unemployment, and a decline in the housing market. Generally, a recession is less severe than a depression. The blame for a recession generally falls on the federal leadership, often either the president himself, the head of the Federal Reserve, or the entire administration (Paul McKinney). DEFINITIONS A recession is briefly defined as a period of declining economic activity spread across the economy (according to the US NBER). Depression, on the other hand, is a sustained, long-term downturn in economic activity in one or more economies. It is a more severe economic downturn than a recession, which is a slowdown in economic activity over the course of a normal business cycle. DEFINITIONS A depression is an unusual and extreme form of recession. Depressions are characterized by: their length abnormally large increases in unemployment falls in the availability of credit (often due to some form of banking or financial crisis) shrinking output as buyers dry up and suppliers cut back on production and investment, large number of bankruptcies including sovereign debt defaults, DEFINITIONS significantly reduced amounts of trade and commerce (especially international trade), highly volatile relative currency value fluctuations (often due to currency devaluations) Price deflation, financial crises and bank failures are also common elements of a depression which do not normally occur during a recession. A typical example is the Greek economy which sank into recession in 2009, and graduated to depression two years later. Neoliberalism as defined by the