Economy, Commerce and Wealth. Culture and Customs of the Yorùba.

Abstract

When we study society, we are studying human interrelationship; the successes and challenges. Economists measure the living standard and growth development rate over time in material terms. Culturists analyze the charter of life, i.e., the socio-cultural institutions that are used to guide people's emotion into socially sanctioned forms (be it in the social private life or in the public political domains). They argue that the use we put this non-material culture into dictates what we get in material terms. Yet, the material gain is put over and above the non-material culture. This chapter discusses economy, commerce and wealth generation in traditional and contemporary Yorùbá society using data and information from historical sources, oral traditions, interviews, observations and library research. The objectives of the chapter are to: (i) define and identify the interconnectedness of economy, wealth and commerce within the context of Yorùbá culture; ii) highlight the different forms of economic systems in Yoruba land during the pre and post-colonial period; iii) evaluate their economic growth; and iv) identify potential for future development. Culture is described as a manner of thought and ways of doing things. Culture influences the actions and reactions of people. According to llésanmi's (2004, p.33) theory of culture, the Yoruba ideological thought or outlook about life, kinship or family ties determines their wisdom about economic activities, it determines their manner of generating wealth. Their wisdom about money and power affect their trade (Ilésanmi 2004, pp. 55-56). Thus, this chapter analyzes economy and growth with the sociocultural and economic milieu of the Yorùba.