RVIEW OF RELATED LITERATURE
Since capitalism must continue to survive,and marxist theory will continue to be relevant in almost all level of analysis of globalisation,a number of ideas may be considered for of this research project.
MARXIST THEORY AND THE STATE.
The executive of mordern state is but a commitee for managing the affairs of the whole bourgeoisie(marx and Engels 1848).Every where marxism and socialism came to be associated with vanguardism,authoritarianism and excessive state intervention,admittedly,many African dictators used the language of marxism and socialism to deny their people basic freedom and indulged in excessive and waseful spending of state financial resources including supressing of their own people in the name of workers or poor people and loored the treasuries of the countries.
As the African political elites saw the state as an arena and source of power,status and other form of wealth accumulation(Bayart,Ellis and Hibuo 1998) this lead to violent overthrow of the government at the hand of pro-democracy and pro-reform movement.This paractice which Bate (1984)refers to as a rational response by the African states motivated by the desire to purchase votes stay in power decome the new sentiment of the economic policy making in African had direct consequences.
MARX ON CAPITALISM
Marx made critique of capitalism from various perspective,on economic,psychological and even political grounds 'you are poor not because of anything you have done,not because of sin or the will of God,you are poor because of the economic and political condition.These conditions are called capitalism"(Mahajan and chad 1988)
most critigue of marx scarcely engaged with profound economic analysis of the capialism.Two limitation in marxist analysis of capitalism are worth of a brief; one relating and to shape of the socialist future,the other ao an analysis of the nature of clss politics in emerging society.The economic crisis currently confronting most nation had to an almost universal embrance of neo-liberalism,both in term of explanation of causes and as a sulution.
The international financial institution have become the primary instrument for the implementation of neo-liberal adenda in Africa for example,the neo-liberal perscription are embodied in the stabilization and structural adjustment programme(SAP),There is no doubt that the worsening economic crisis in Africa,perticularly the dedt burden has created the opportunity for western capiatalist nations and international financial institutions to collaborate in impossing neo-liberal policies on african countries.
African countries for must adhere to the demand of international monetary fund(imf) and world bank,before they obtain loan from these intitutions before their debt resheduleed or forgive.Confronting with poor tearm of trade with the developed capitalist countris coupled with unfair trade practice and unequal terms of trade and proctionist tendencies,mejority of African countries have being forced to accept neo-liberalism as only alternative of their economic problem.
specifically in Nigeria, this can be seen dring Babangida's regime in 1985-1993,the structural adjustment programme was design either intentionally or by defauit to incresase the level of poverty of the country or worsen the economic problems.Therefore,it can be deduced that the neo-liberal globalization as an extension of capitalism only worsen the economic and political crisis in most AFRICAN counteies.
