Collective Institutions in Industrialized Nations by Ph.D. Samuel Enajite Enajero provides valuable insights on collectivism and how they help usher in economic development and prosperity.
Collectivism and economic cooperation are two concepts that have helped great nations achieve economic growth, stability, and social prosperity. We have witnessed and learned how countries benefitted from collective institutions throughout history. They serve as building blocks of industrialization and help sustain a nation’s continuous growth. Today, ReadersMagnet Review will feature a book that will help shed light on how collective institutions can help developing countries such as Sub-Saharan Africa.
Collective Institutions in Industrialized Nations: Economic Lessons for Sub-Saharan Africa is the complete title of the economic book by Ph.D. Samuel Enajute Enajero. It is a remarkable attempt to discuss collective institutions and how they can help the African region reach economic success.
Enajero’s groundbreaking work is divided into two parts. The first part tackles the history of collective institutions in Europe, Asia, and Africa. Part Two covers collective institutions.
One of the highlights of Samuel Enajite Enajero’s Collective Institutions in Industrialized Nations is his classification of economic goods and services according to their joint level of consumption.
Public goods are central to collective institutions and economic development, and Dr. Enajero’s book allocates a chapter on the classification of economic goods. The classification includes the following:
· Private goods: The level of joint consumption is low, and the size of the consuming group is small. Examples of private goods are rice and garri (a staple in West Africa).
· Quasi-private goods: The size of the consuming group is small, and the good is jointly consumed but not equally consumed. The benefits may either be divisible or indivisible to some consumers. An example of this is a neighbor who shares security. However, all neighbors benefit from the presence of a security, the neighbor whose property the security is located benefits the most.
· Club goods: The good is jointly consumed but completely indivisible. The consuming group is small because non-members are excluded. Examples of these are pools, tennis, and golf clubs.
· Quasi-public goods: The good is consumed by a large group under moderate joint consumption. There is joint benefit, but the benefits are not equal. An example of this would be university education; while everyone benefits from mass university education, the ones who receive the university education benefits the most.
· Pure public goods: The good is jointly consumed and completely indivisible, and no one is excluded from the consumption. National defense is an example of a pure public good.
· Mixed public goods: The good is consumed by a middle-sized group, and the level of joint consumption is moderate. Such goods can be provided privately, but local provision is necessary. Examples of mixed public goods are garbage collection, street lights,
· Local public goods: The degree of joint consumption is high, but the consuming group is not small to deter free-riders. Local governments can provide local public goods through the taxes collected from the benefiting group. Examples of these goods are roads, police, and fire protection. (WebWire)
Pure public goods are the most essential and should be non-excludable, meaning no one should be deprived of these items. Furthermore, Dr. Samuel Enajite Enajero reminds readers that for nations in Sub-Saharan Africa to prosper, they should learn to practice economic cooperation and encourage a healthy relationship between people, government, and collective institutions.
To learn more about Dr. Samuel Enajite Enajero’s book Collective Institutions in Industrialized Nations: Economic Lessons for Sub-Saharan, you can purchase a copy at Amazon and Barnes & Noble or visit his official website today.