In the recent article of Dr. Richard Ebeling a professor at Citadel College of South Carolina USA to the Institute of Economic Research, he wrote “the hallmark of a truly free market is when all associations and relationships are based on voluntary agreement and mutual consent. Then Dr. Walter E. William a professor at George Mason University USA succinctly echoed it as, in the free market society, people are morally and legally viewed as sovereign individuals, possessing rights to their life, liberty, and honestly acquired property. Dr. Ebeling finalized his interpretation by stating that in free-market practice, you only improve your own position by improving the circumstances of others.
In this market, whether you are pure or applied scientists as a cover of any brand, either an Ivy League graduate exploring market opportunities in the industry, or an intellectual offering of services, one thing is evident: your brand exposure increases one business network coverage, with the potentiality to render quality services to the market towards potential beneficiaries in exchange for a reward. The article defined it as phase one of market engagement, then comes, the second phase, which requires the actors to justify by deeds as a proof of the quality of skills in discharging the task through talents, knowledgeability, and capacity in skill of effort via experience. It is at this stage, the owner of the services gains credence and appreciation in value to sustain the appetite of customers/clients, and maintain the relationship of business under the sovereign will of both parties, to the extent that, the satisfactory nature of services to customers/clients results in a willing recommendation to other networks to patronize in the services. This is what sustains every Entrepreneur efforts and sacrifices to serve honestly in a chosen market. And such is the highest and authoritative principles of moral and ethical codes one could experience in a free market-based system.
But unfortunately on the continent of Africa, which most of my writings are based on, the huge problem that disturbs the economic market is the inability to distinguish the phase-one market engagement from phase-two market relations, as described above in this article. Knowing the difference between leveraging on college reputation and family credence, if any, to establish a perceptional network towards the second stage of justifying, whether you could live up to expectation in accordance with the market perception as an individual unit performance is very relevant. It is observed that most of the actors in such a market fail to the test of the latter, and rather turn to join and adopt a radical view of socialist mainstream ideology, which it adepts are mostly noted to build cover-up of cult circle, with most cases weak individual professional unit to independently discharge tasks to the satisfaction of customers, in comparison to the perception of competence initiated around themselves as an individual brand unit. Hence, the socialists’ viewpoint of coerced market control becomes a camouflage to sustain sovereignty of brand perception, lacking a corresponding service satisfaction. And such an act only offers protection in favour of service providers against the customers’ ability and legal right to question the poor standards of services offered in the market.
As a result, most of these market actors in Africa find political industry as a lucrative enterprise and a means to run a private business, as well as, a conducive environment to run shady business deals to become rich overnight, not on the merit of competency or quality of skills demanded by the market. The sad among all, is the use of the same political office, as many evidences attest within Africa, to vilify or frustrate the smooth functioning of competent enterprises serving with honesty and integrity, in other to escape free and fair market competition.
I am among the few scholars who celebrate the ideal nature of the automated trading platform for securities trading. As a free market-based rule system, your comeptency determines your rewards.
Emmanuel Tweneboah Senzu (Ph.D.), is a professor of Economics & Finance, School of Social Sciences & Law, Njala University, Sierra Leone. A research fellow to West Africa Monetary Institute.