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ROCHANOMICS AS CONCEPT AND THEORY

INTRODUCTION Rochanomics (derived from the first name of the governor of Imo State Nigeria ‘Rochas’ and the term ‘Economics’) is conceived as a new branch of development economics which emphasizes the primacy of the political and cultural system and other social conditions hindering the means of production and overall growth, but which also employs the sanction of people power to overcome those conditions for the purpose of achieving sustainable growth in real and visible terms.

Key to Rochanomics are three strategic theories propounded in 2011 by Nigerian economist and development expert Dr. Frank Azuoma - (i) THE REASONABLY HONEST AND CAPABLE DEVELOPMENT THEORY which prescribes that only a reasonably honest and capable political leadership enjoying the public trust can motivate both the owners of the factors of production and the populace to save in a developing economy bedevilled by official corruption and other vices like Nigeria; (ii) THE PAIL LOADER IN FRONT DEVELOPMENT THEORY which prescribes that the least a country with little resources in search of growth could do is to place the construction industry (typified by a pail loader) at the forefront of its developmental action programme - the principe being that increased government expenditure on public works targetted at creating and developing new economic infrastructue and constantly refurbishing the old ones are capable of stimulating the entire economy of a people facing serious problems of anti-growth social phenomena; and (iii) Massesism which demands that public consciousness of the pervading presence and interest of the commoners of the society as an interst group will always be available to threaten and compell government personnel to restrict themselves to public actions and policies that will engender growth and eliminate official corruption and other vices hindering growth. Massesism is not an appeal to fatalism.

Rochanomics is based on the result of empirical research commissioned by Antioch Institute of Research and Development, Owerri,Imo State of Nigeria and aimed originally at finding out why government policies for stimulation of growth have continued to fail in realizing their set targets and how in the premise the people can intervene to help government overcome the problem in the common interest. Survey of 8,250 residents of Imo State randomly selected from all the twenty-seven local government council areas of Imo State, all tertiary institutions, political parties and professional groups in the state led to the conclusion that people power was the answer, being that the enemies of state growth were few, well entrenched in the political and cultural system and can be outwitted or compelled to remove themselves. People power was understood by all respondents to mean “expressed or expressible interest of the common people or masses of the state”. The need for people power to intervene is that government policies have repeatedly failed because the level of interaction and co-operation necessary for achieving success in the economy has not taken into consideration the nature and character of the people themselves who are the only ones in the best position to dismantle the otherwise onerous factors hindering growth. Rochanomics is not an appeal to potential fatalism or class violence but a rule of economic survival and growth by the people and for themselves, a sort of a last line defense, which the state can control. It is propounded in an egalitarian society for general application to all egalitarian societies and others where the ups and downs movement of growth are known and the factors of conflicts and contradictions militating against growth can be outwitted by people power. The theory maintains that savings and capital accumulation are critical for planned growth in much the same as education and reasonably honest and capable popularly elected leadership.

ASSUMPTIONS AND CONDITIONS The following nine underlying assumptions and conditions apply:-

1.	The economy is one dominated and operated by stakeholders who are proud that they are egalitarian. 2.	Consensus among the stakeholders in both the public sector and the private sector exist to make necessary sacrifices aimed at collectively battling economic stagnation. 3.	There is an existing or emerging political leadership that enjoys and maintains the confidence of the masses. 4.	That leadership is honest and capable, and can conform to acceptable ethical behaviour acceptable to the masses. 5.	That leadership has been enthroned by popular will. and not by force or any coup d’etat. 6.	Capital accumulation and increased private and public savings designed to strengthen the public trust remain the driving force for growth. 7.	Land reforms will vest ownership of land in the state only nominally and for the purpose of planning the construction of roads, residential and commercial layouts and cities, and provision of water and electricity. 8.	Basic education must be free and compulsory to make useful knowledge and necessary available for growth. 9.	Governance must be decentralized to make the ordinary citizen see the reality of good governance which is for his own welfare and prosperity. 10.	Labour activities must be liable to public censure.

VALIDITY AS ECONOMIC THEORY The theory is propounded from the result of empirical research cited earlier in this Chapter which by different hypotheses identified the invisible hands that hound fiscal and monetary policies and   render them ‘useless’ in the state, and the effectiveness in the consciousness of the people of people power. The theory is successfully applied in Imo State as confirmed empirically by the successes which the incumbent governor has recorded between April and June 2011 alone.

SOCIAL DATA OF THE IMO EXPERIMENT 1.	Never in the history of Nigeria has a governor been elected with the common man and the security agencies –army, police, state security, on the same side working to let the people’s choice of governor be.

2.	Never in the history of Nigeria has the rich and the poor left their homes in their homes to the polling booths, voted, waited for their votes to be counted and the results announced to prevent rigging.

3.	Never in the history of Nigeria has any one been elected governor without his having to dish out bribe money directly and through party godfathers to gullible voters who helplessly accept and do their bidding which is to sell their voters cards.

4.	The choice of the governor was facilitated by consensus between top civil servants and captains of industry in the state that the time was up for a change in the structure of political leadership of the state.

5.	The decision to change was economic growth motivated.

6.	People and government agreed that capital accumulation is now very vital and all necessary sacrifices to achieve it must be made by all.

7.	The governor took steps by forfeiting his salaries and part of his security votes and members of his economic team followed suit.

8.	The free education programme which previous administration said was impossible has been successfully implemented.

9.	There is massive public construction works in all parts of the road with idle workers now being gainfully employed and linkage industries receiving different degrees of stimulation.

10.	The general apprehension in the entire state is that the populace will revolt against any incidence of new corruption or any governmental action which is not people-based.

11.	The critical factor upon which government and people enjoy equal  systemic co-operation is the concept of people power.

LIMITATIONS 1.	It may be considered primitive in industrialized and other nations or states where free enterprise is deeply rooted and society is well organized. 2.	Control of the human factor in people power may be difficult. 3.	It hinges on strong political will on the part of the leadership. 4.	The least proof of  dishonesty or corruption  available in the public domain may jeopardize industrial and general peace.

CONCLUSION The economy of Imo State has experienced tremendous growth in the period June 2011 - May 2012 from the results of the new developmental models and ideas of The governor of Imo State Rochas Okorocha, and that has given bent to growing interests being shown by development economists and planners n Nigeria in the subject Rochanomics.

REFERENCES:

Azuoma Frank, "ROCHANOMICS: NEW APPROACH TO DEVELOPMENT", Mail Group Publishers, Owerri Nigeria, www.mailgrouppublishers.com, (ISBN: 978-50628-2-3)

Arneson Richard (2002), “Egalitarianism”, the Stanford Encyclopedi of Philosophy, Web:http://plato.standford.edu/entries/egalitarianism

Claude Ake (1981), “A Political Economy of African” Lagos, Longmans. (ISBN 0582643740)

Forrest Toown (1994), “The Advance of Africa Capital Growth of Nigerian Private Enterprise”,	Edinburgh University Press (ISBN 0-7486-0492-8)

George Akalonu (2000), “Imo Economics Guide”, Owerri Tafrique International Associates.

H.W Ord et al (1969) “An introduction to West African Economics”, Lusaka, Heinemann (ISBN 0-435-97430-0)

M.C Vaish (1973), “Macroeconomics Theory”, New delhi, Vikas, Publishing House Pvt Ltd (ISBN 07069-1231-4)

M.L Jhingan (1975), “Advanced Economic Theory”, New Delhi, Vikas Publishing House Pvt. Ltd (ISBN 0-7069-08961-1)

Njoku G. C, “The Use of the Construction Industry as Economic Regulator” Unpublished HNDThesis,Federal Polytechnic Owerri.

Ricahrd A, Musgrave et al (1973), “Public Finance In Theory and Practice”, Tokyo, McGraw Hill, Inc. (ISBN 0-07-044120-0)

Robert E. Baldwin, “Economic Development and Growth”, New York, John Wiley & Sons Inc. (ISBN 047104592-6)

W.A. Lewis (1969), “Some Aspects Of Economic Development”, Benin Nigeria