Political Economy of Crony Inequality among Nations: A Study on Capitalism and Socialism


Aluko Opeyemi Idowu


All over the world, the economy system of states revolve around capitalism, socialism and mixed economy. In most cases, capitalism had embalmed the economy of nations turning governments against the people, employers against the workers all in the name of surplus values and profiteering motives. Although capitalism had made economies of nations to grow but it is at the expense of the masses interest. The review of most government policies reveals a shift to accommodate inequalities in the economy systems. This research reveals the level of inequality in economic system of nations. What are the impacts of these profiteering motives on the economy? The methodology adopted is the survey analysis of institutional database of economy records of different regions in the world. The theoretical frameworks of deprivation theory coupled with Marxian theory were used to analyse the political economy of crony inequality of capitalism and socialism among nations. The conclusion is based on the level of positive impact the economy system has despite the inequality it creates in the polity.


Abiola, A. G., & Olaopa, O. R. (2006). Economic development and democratic sustenance. In E. O. Ojo (Ed.), Challenges of sustainable democracy in Nigeria (pp. 25–34). Ibadan: John Archers Publishers.

Afrobarometer. (2013). Economic Database of Africa Countries. Retrieved from http://www.afrobarometer.org/online-data-analysis/analyse-online

Aluko, O. (2015). Political Economy of Crony Capitalism: The Prospect and the Bane. Journal of Economics Library, 2(3), 192-197.

Aremu, F.A. (2011). Asymmetrical foreign Policy Behaviour of Japan and China. Jericho, Ibaban: College press and publishers.

Ball, T., & Dagger, R. (2012). Socialism. In Encyclopædia Britannica. Encyclopædia Britannica Ultimate Reference Suite. Chicago: Encyclopædia Britannica.

Berglof, E. (2015). New structural economics meets European transition. Journal of Economic Policy Reform,18(2), 114-130.

Berglof, E., Yifu Lin, J., & Radosevic, S. (2015). Transition economics meet new structural economics: editorial introduction. Journal of Economic Policy Reform, 18(2), 89-95.

el-Ojeili, C. (2015). Narrating Socialism—Four Voices. In Beyond Post-Socialism (pp. 150-174). Palgrave Macmillan, UK.

Fried, A., & Sanders, R. (1992). Socialist thought: A documentary history. New York: Columbia University Press.

Gómez, J. D. (2015). Socialism and Identity in the Life and Works of Richard Wright. La Palabra, (27), 33-43.

Heilbroner, R., & Boettke, P. (Eds.) (2012). Economic Systems. In Encyclopædia Britannica. Encyclopædia Britannica Ultimate Reference Suite. Chicago: Encyclopædia Britannica.

Hyden, G., & Mukandala, R. (Eds.). (1999). Agencies in foreign aid: comparing China, Sweden and the United States in Tanzania. London, UK: Springer.

International Monetary Fund (IMF). (2015). Global Data World Economic Outlook Databases (WEO). Retrieved from http://www.imf.org/en/Data#global

Izak, M., Mansell, S.F., & Fuller, T. (2015). Introduction: Between no future and business-as-usual: exploring futures of capitalism. Futures, 68, 1-4. DOI: 10.1016/j.futures.2015.03.006

Karo, E., & Kattel, R. (2015). Economic development and evolving state capacities in Central and Eastern Europe: can “smart specialization” make a difference?. Journal of Economic Policy Reform, 18(2), 172-187.

Leguil-Bayart, J. F., Ellis, S., & Hibou, B. (1999). The criminalization of the state in Africa . Bloomington, IN: Indiana University Press.

Lerner, W. (1994). A history of socialism and communism in modern times: theorists, activists, and humanists. Upper Saddle River, New Jersey: Prentice Hall.

Li, H. (2015). Democratic Socialism. In Political Thought and China’s Transformation (pp. 60-78). Palgrave Macmillan, UK.

Lin, J. Y. (2015). The Washington Consensus revisited: A new structural economics perspective. Journal of Economic Policy Reform, 18(2), 96-113.

Mayne, R. (2012). History of Europe. In Encyclopædia Britannica. Encyclopædia Britannica Ultimate Reference Suite. Chicago: Encyclopædia Britannica.

Newman, M. (2005). Socialism. N.P.: John Wiley & Sons.

Obuoforibo, G. (2010). Between nationalism and globalization: A critical analysis of Africa’s Dilemma. Political Science Review, 5(1).

Peet, R. (2015). Global Capitalism and the Crisis of HumanityBy William I. Robinson New York: Cambridge University Press, 2014. Economic Geography, 91(4), 513-514.

Rivkin, N. D. (2015). Socialism in Early 20th Century American Literature. Washington: Lee University.

Saleh, A. (2013). Relative deprivation theory, nationalism, ethnicity and identity conflicts. Geopolitics Quarterly, 8(4), 156-174.

Smith, R. (2015). Ending poverty in Mongolia: From socialism to social development. International Journal of Social Welfare, 24(2), 159-169.

Taylor, M. (2015). The Unchanging Core of Brazilian State Capitalism, 1985-2015. School of International Service Research Paper, 2015(8), 33.

Tougas, F., & Beaton, A. (2002). Personal and Group Relative Deprivation: Connecting the ‘I’ to the ‘We’. In Walker, I., & Smith, H. (Eds.), Relative Deprivation: Specification Development and Integration. Cambridge University Press, United Kingdom.

United Nations. (2015). European Economic Report, UN Economic database. New York: United Nations.

Walks, A. (2016). A review of Debt to Society: Accounting for Life under Capitalism by Miranda Joseph. Journal Economic Geography, 92(1), 115-117.

Weingast, B. R. (2016). Capitalism, Democracy, and Countermajoritarian Institutions. Supreme Court Economic Review, 23(1), 255-277.

Wilde, M. (2015). Latin America's Turbulent Transitions: The Future of Twenty First Century Socialism by Burbach, Roger, Fox, Michael and Fuentes, Federico. Bulletin of Latin American Research, 34(1), 131-133.

World Bank. (2015). World Economic Database, World Bank Economic database. Washington, DC: The World Bank.

Capitalism, Crony Inequality, Marxism, Socialism, Relative Deprivation, Political Economy
Research Articles


How to Cite
IDOWU, Aluko Opeyemi. Political Economy of Crony Inequality among Nations: A Study on Capitalism and Socialism. Journal of Community Development Research (Humanities and Social Sciences), [S.l.], v. 10, n. 2, p. 25-36, june 2017. ISSN 2539-5521. Available at: <http://www.journal.nu.ac.th/JCDR/article/view/1817>. Date accessed: 22 jan. 2019.