News
The Idea Of Free Market Economy Is Illusionary – Fashola
Babatunde Fashola, the immediate past minister of works and housing, has said there are no totally free market economies in the world, adding that the idea is “illusionary”.
Fashola, on Wednesday, said this while speaking at the 36th edition of The Platform Nigeria held in Lagos with the “Democracy and the Free Market Economy”.
The event, organised by the Covenant Place, seeks to commemorate Nigeria’s Democracy Day by discussing issues surrounding its efficiency.
Fashola stressed that the thoughts of allowing market forces to determine the economy have consequential effects which would eventually lead to the government stepping in.
“Free market economy is illusionary, government plays a role in ensuring that certain businesses don’t go insolvent,” Fashola said.
The two-time governor of Lagos State said that rice and petrol were cheaper in years back due to certain interventions by the government, asserting that such shouldn’t happened in a free market economy.
Speaking further, Fashola said developed economies such as the USA and UK after the wake of the COVID-19 had to incentivise their people to cushion its effects, claiming that such derides the idea of a free market.
A free market economy is a system where the prices for goods and services are determined by the open market and consumers and producers interact freely without government intervention.
In theory, it promotes competition, innovation, and efficiency but the former governor questioned whether truly or not it’s really practiced.
- News10 hours ago
Breaking: Tinubu Makes Fresh Appointment
- News7 hours ago
#USElection2024 Live Updates: Trump Vs Harris…Latest Results…Latest Polls
- Top Stories10 hours ago
Hardship: We’ll No Longer Watch Anyone Insult Tinubu – Doyin Okupe Vows
- Top Stories9 hours ago
#USElection2024: Trump, Harris close campaign in swing states on eve of deadlocked election
- Entertainment23 hours ago
BBNaija’s Dorathy goes naughty on her birthday(Photos)
- Top Stories3 hours ago
Breaking: House Of Reps Finance Committee Visits FIRS
- Top Stories23 hours ago
Breaking: Tinubu Directs Release Of Minors Arraigned For Hunger Protests
- News23 hours ago
I didn’t lose 2023 election, you stole it – Atiku to Tinubu