The Political Economy and Impact of Educational Finances in Communist and Liberal Democracies: The Case of China and Nigeria

Education is universally perceived as the backbone and engine of development in every socio-political formation. Without education, development is said to be a mirage or simply put a dream that is not feasible and realizable. This study delves in to the political economy of education in the communist state of China and the liberal or mixed ideological state of Nigeria. The study also analyses the impact of educational finances in the two countries showing the significance of high level of financial concern to education. The study has adopted both primary and secondary sources of data in order to arrive at a scientific conclusion. Findings show that the higher the amount of finances used in the process of developing educational institutions, the higher the outcome of having more educated individuals in the society and the better level of economic development. The study concludes that the Chinese government has been able to develop manpower in the mainland due to the proper financing of education, research and development, motivation in the development of science and technology while Nigeria is lagging behind due to corruption, lack of commitment and political instability among other things. The study recommends absolute finances in scientific research and more budgetary instruments be geared towards education for development, among other things.