The Neoliberal Democracy Crisis. We are in a time when nothing seems to be working. Nigeria’s growing insecurity is a reaction to a new socioeconomic order that has been fashioned by decades of neoliberal reforms rather than just the result of poor governance. Our institutions, social contracts, and the definition of what it means to live, work, and survive in contemporary Nigeria have all been altered by these reforms.The term “neoliberalism” was first used in August 1938 at the first Walter Lippmann Colloquium by German economist Alexander Ríosow. Since then, it has become a hotly debated worldwide ideology. While the theoretical underpinnings of the market economy are well-known, the economic reality brought about by neoliberalism is far less clear: slower productive growth, increasing environmental destruction, financialization of almost every aspect of life, rising inequality, increasing monopolization of resources, and an epidemic of anxiety and mental health crises.
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