THEORETICAL ANALYSIS OF ‘AKU RUO ULO, AMARA ONYE KPATARA YA’ IGBO ECONOMIC PHILOSOPHY: A FOCUS ON ENYIOGUGU-MBAISE ANCIENT KINGDOM

DR.  NJOKU, Kenneth Chukwudi

Authors

DR. NJOKU, Kenneth Chukwudi Department of Business Administration, University of Agriculture and Environmental Sciences (UAES), Umuagwo, Imo State. Author

Abstract

The issue of wealth has over the centuries, remained a major concern to humanity. It appears to be the central focus of most human efforts as it is the hinge on which individual and world economies rotate. Many socio-economic philosophies also navigate their survival around the concept, relevance and nature of wealth. The aku ruo ulo Igbo economic philosophy unarguably remains one of those sustainable and wealth-oriented socio-cultural philosophies available to mankind. This study therefore is a theoretical analysis of this great Igbo economic philosophy with a focus on the Enyiogugu-mbaise Ancient Kingdm. It has the objective of unveiling the nature and state of aku ruo ulo in Enyiogugu with a view to investigating if the people sincerely channel their wealth to the development of their autonomous communities for seamless bridging of developmental gaps. The extant literature methodology was adopted in the qualitative research. The study examined the nature of the wealth (aku) in question, and analyzed the different types of wealth including financial wealth, social wealth, time wealth, and mental wealth. The factors that impede aku ruo ulo economic philosophy were also discovered and stated. The study employed the Quantity Theory of Money and the Social Capital Theory for its theoretical framework. Various empirical studies were also used to expose the research gaps which the present study bridges. It was found that aku ruo ulo remains the most potent business and economic philosophy of the Enyiogugu Ancient Kingdom; Enyiogugu people recognize and celebrate legitimate wealth; and Enyiogugu Ancient Kingdom has a well-established and sustainable socio-cultural platform for driving home the benefits of aku ruo ulo economic philosophy. It was concluded that aku ruo ulo economic philosophy was the greatest philosophical index to access the contributions of the sons and daughters of Enyiogugu to the development of their families and autonomous communities. The study recommends that Enyiogugu Autonomous communities should recognize their sons and daughters who fill growth and development gaps in the society.