Institutions and Organizations of Defense and Security Among the Yoruba in the Nineteenth Century

Abstract

"Maintenance of the security of life and property in society enhances both public peace and mutually productive ways of life. With public peace achieved in society, a myriad of opportunities exist to create commercial and industrial openness and thereby attract productive entrepreneurs. The more secure productive entrepreneurs feel about their lives and property, the greater the confidence they have in receiving reasonable returns from their investments. Productive entrepreneurships are further enhanced when operational rules effectively lower transaction costs and thereby facilitate increasing possibilities for most participating individuals to reach more mutually acceptable contractual agreements. Economic development is more likely in such a political economy."