ISSN 1027-0353
African Journal of Political Science ISSN 3461-2165 Vol. 2 (7), pp. 001-006, July, 2008. © International Scholars Journals
Review
A myth and the reality: Does democratization bring investment?
Adoyi Onoja
Department of History, Nasarawa State University, P.M.B 1022, Keffi, Nasarawa-Nigeria. E-mail: [email protected].
Accepted 28, January 2008
Abstract
With the collapse of the Soviet Union and all it symbolized in 1991 especially the seeming triumph of neo liberalism, the democratization project became a bestseller and the tool of interference in the politics of nations. The platform of relationship is the implementation of the Washington Consensus by most countries. But the real bogey is the one that linked improvement in standard of living, investments, jobs and stock market reaction to democratization. Embarking on political reform, it has been argued, would lead to inflow of investments. Since it is the only way to survive most developing countries have been hitching a ride. But it is a ride that is fraught with difficulties as expectation far outweighs the benefit. Is it really the case that democratization brings jobs and improvement in living standards? With most democratizing countries waiting for so little an investment, is there enough to go round? Considering Africa’s economic rating in the global investment scale and the attraction of the Eastern European and Asian economies, how many investment resources is left for the continent? Is this not hype, in the many, sustained by western propaganda? Indeed what kind of investment is the government in Nigeria attracting?
Key words: Democracy, investment, myth, reality, politics.