By Michael Ezenwata
A distinguished Professor of Finance, Banking and Economic Development Studies and retired former Dean of Management Sciences, Nnamdi Azikiwe University Prof. Steve Ibenta, has raised concerns over the inequality issue in world development among nations.
In a press release titled “The Inequality Issue In World Development: Why Some Countries Are Rich While Others Are Poor’, the academic quoted the conclusion of some nobel laureates Johnson, Robinson and Acemoglu that nations prosper where there are strong institutions that promote genuine rule of law, provide adequate political rights to elect credible and competent leaders who can create enabling economic environment with equal opportunity for all to compete and contribute to the development of their country.
In contrast, he unleashed their stand that developing nations stagnate because a government of Oligarchy exploits the people for personal or short term gains.
According to the trio, Prof. Ibenta confirmed that such countries have weak political and economic institutions designed to concentrate power in the hands of a few elite and to protect political office holders and their interests.
He made reference to the World bank statement that the vast majority of the wealth of a country is accounted for by the intangible wealth: “Human Capital And The Value Of Institutions’ as measured by the rule of law in virtually all countries.
Prof. Ibenta summarized the World bank findings which noted that rich countries are largely rich because of the skills of their populations and the quality of the instructions supporting economic activity.
Ezenwata is of the Ministry of Information, Anambra State
