The Game Of Exploitation: Monopoly & Monopsony

5 Min Read
910 words


The world is gradually unlocking some dystopianic features, where small players are eliminated from the top tiers and knocked into the small ponds where they'll be fighting for the little resources allocated to them in a situation of "no holds barred" while just a little percent controls the larger chunk of resources, due to their influence, their power and their means.

These people are capitalist, aiming to buy be in positions to provide goods and services without substitute, the manipulation of market, exploitation of the highest order, influencing the forces of issue demand and supply, the need to buy off every unit of commodity in the market in other to create scarcity. Creating a problems or need, and proving the solutions to these problems, for a price. With these top players making impacts, buying into protocols, changing the rules of the game, what would this mean?

In Nigeria for example, the organization who owns the rights to supply electricity has increased the price by over 50% since obtaining this right from the federal government. Knowing that this is a service without alternative. The government in their greed sold the rights to people who have incessantly manipulated the prices overtime, making the economy, the currency overly inflated.

So many industries are monopolized, which favors "a few", cement production in Nigeria is one of those area, with this monopoly backed by the government, so many industries that could have provided jobs for people have closed down due to the fact that they cannot fight or compete with a venture that solely got it's patent to operate in the economy from the government.

The cocoa or beverage industry is experiencing monopsony, a situation where you have multiple sellers but only one buyer. Cocoa for example is a cash crop because it's an unprocessed good for production which can be sold to so many countries. The government has somehow monopsonized this industry, making themselves the only buyer. This means they get to determine prices since they're the only buyers.

In reality, the government could have made it possible to help players in this industry to be able to export to foreign industry, opening a means of trade for them to sell to other players outside the country. What this would do would be to make the agricultural sector rather relevant, create the need to open up international trade opportunity for recognized cash crop owners to deal with foreign customers. But no, they didn't, they rather made themselves the only buyers to cocoa as a cash crop, thereby dictating the price irrespective of the value it held to those farmers.

So many industries are experiencing monopoly and monopsony in Nigeria, this is where opportunities are being taken and given to already big players. The truth is, these small players are what gives relevance to these big players. If everyone is financially dependent, so many government institutions will lose traction. This is why poverty is further used to control and take from the poor. This is one of the reasons why the government is trying to dwindle or deaden the revolution of crypto.

They know it'll change the lives of people. For example, if everyone own their cars because they have the means to own a car, public transportation will lose traction, if people decide to go study abroad because they have the means, educational institutions will no longer pump in the billions it does on a yearly basis to the federal government. Poverty is used to exploit people further and due to having no substitute, people are down to be exploited further on a daily basis.

Make no mistake, the government will eventually find the way to control the advent of Crypto, it can only do through the commercial banks. My point is, countries like Nigeria are becoming dystopian in nature. People at the button are fighting for scraps, taking advantage of themselves, allowing the greed to overcome them while the greatest exploitation stems from the top.

The only way to break free is to take away relevance and not sucked in. Attaining financial freedom is one of the ways to do so. This is why Crypto should be considered an ingredient to softening the control of government generally in the lives of people. When people have the means, they can decide to leave for a better economy.

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My name is @Josediccus, a young Nigerian entrepreneur who is a Vlogger, A Psychologist, Poet, Sports Writer/Analyst & Personal Finance Coach. I'm using my contents as a process to create shared meaning as well as create expressions through which people on/off hive can relate. I believe content is a process to be enjoyed and relished and I'm up for any collaborations in my field stated above. Cheers

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