In other words, the economy is private sector driven; the tone and pace of the economy are determined by the activities of individuals. This is opposed to what obtains in a socialist economy where the planning and implementation of all economic activities are centralized and totally under the control of Government.
In the 21st century global community, democracy is the sanctioned political system. This is primarily so because of its philosophy and spirit foster human development. The rule of law and capitalism are the fundamental ethos of democracy. Therefore, in a democratic system of government, power lies with the people; power to make leaders, as well as the
Consequently, in a democratic system of government, power lies with the people; power to make leaders, as well as the power to create and multiply wealth. This behooves me to submit that the government in a real democracy should be committed to regulation and sustainability of the rule of law.
Furthermore, these are the platforms on which businesses can run and this regulation ensures that rules of doing business exist and are adhered to by all players in order to forestall a situation where one company short-changes another or where the entire public is living at the whims and caprices of business entities. Therefore, the regulation provides total protection for all and sundry in the economy.
Furthermore, the rule of law provides for security of lives, property and the enforcement of contracts. In an economic setting where contracts can be repudiated or breached without avenues for redress, commercial activities will be totally impossible.
Additionally, the frequent fall in Nigeria’s crude oil output and the unrest in the creeks of the Niger Delta underscores what security of life and property means to business. From the foregoing, we can see the role of government in a democracy.
Considering the world’s advanced cases like the USA, it does not include directly the creation of jobs, manufacturing, trade, commerce e.t.c but principally the creation of an enabling environment for business activities to flourish and flourish well.
However, in a centrally planned economy which is gradually going into extinction, the role of the government is all-inclusive.
In Nigeria today, the problems of low economic growth, poor physical infrastructure, unemployment, food scarcity etc are always blamed on the government of the day. This is done out of sheer ignorance of the fact that in a democracy, Capitalism is the economic maxim and the destiny of any such nation is dependent on its inventory of CAPITALISTS.
A capitalist according to the Oxford Advanced Learners Dictionary is a person who owns or controls enormous wealth and uses it to produce more wealth.
What is wealth
Wealth in economic terms is defined as a “stock of income-generating assets”. Income generating assets could include financial securities, (shares, stocks, and bonds) physical plant, machinery, equipment, factories, skills etc.
The capitalist is not just an entrepreneur, but a type of entrepreneur that is passionate about creating more wealth from his existing stock. Most businessmen and captains of industries who are resting on their oars do not pass for capitalists. The capitalist sees wealth creation as a continuous process that never ends as far as income generating opportunities exists.
Capitalists play strategic roles in the emergence of any nation from the backside of the desert to the assembly of a developed nation of the world. They are cardinal for the strategic relevance of their countries and domestic economies.
STRATEGIC ROLES OF CAPITALISTS:
- Custodians of trans-generational wealth
- Economic pillars
- Growth drivers
- Development vectors
DISTINCT FEATURES OF CAPITALISM:
- Futuristic orientation
- Positive towards opportunities
Genesis 13:2, “Abram was very rich in cattle, in silver and in gold”. All the Patriarchs of faith were Capitalists. Abraham had 300 employees in his days. In the 21st century economy, Christians share miraculous testimonies of how they get jobs in Multinational Corporations in the Oil and Gas, Telecommunications and Financial Services sectors of the global economy while others are busy taking over the control and ownership of such organizations. This is an aberration.
Capitalism is a Christian strategy for executing the “DOMINION” mandate – Genesis 1:26-28 ……. have dominion over every creature ……
A large corporation owned by a Christian, which employs 3,000 persons is an extension of the kingdom of our God.
Arise today, for the kingdom of this world, has become the kingdom of our God and of his Christ.
Michael Mebele is the Lead Consultant/CEO of Stridesedge & Waterlife (Management Consultants), a Conference Speaker and Trainer.