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SPECIAL REPORT: Jigawa villagers link declining farming output, urban drift to abandonment of damSPECIAL REPORT: Katsina farmers lament impact of climate changeSoyinka at 90: A tribute and memorable encounters, By Lanre ArogundadeSPECIAL REPORT: Jigawa villagers link declining farming output, urban drift to abandonment of damSPECIAL REPORT: Katsina farmers lament impact of climate changeSoyinka at 90: A tribute and memorable encounters, By Lanre ArogundadeTwo hundred and thirty-four years ago,...
They further undermined subjects that seriously challenge the ‘intellectual’ bases of neoliberalism. These include the ‘Economic Doctrines/Thoughts’, ‘Economic History’, ‘Economic Sociology’, and ‘Political Economy’ to which Smith paid tireless attention in his works. These were systematically wiped out from the curricular of tertiary education institutions.
The second, is the opposite of the first and was brought by human interference. Yet, Smith argued, that the “unnatural and retrograde order” has contributed to development. For example, that international trade widens the market, expands productivity, increases profits, sharpens competition, develops DOL/technology, grows the national wealth, and improves citizens’ welfare.Production and reproduction of wealth are therefore, central to Smith’s development doctrine.
Smith advocated that individuals should be encouraged to pursue their legitimate business, but not at the expense of society. For, society: “cannot subsist among those who are at all times ready to hurt and injure one another.” Therefore, individuals must control their do-or-die desperation for profit, otherwise, the state must administer social justice.
In contrast, the payment of “liberal” wages: gives workers additional incentives to work dedicatedly; build a healthy, industrious labour force; improve their standard of living; produce and reproduce a healthy working class; and increase the wealth of nation.
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