Hermeneutic Analysis of Max Weber's Political Ethics vis-a-vis Nigeria Economic System

Abstract

This study employs a hermeneutic approach to explore the intricate connection between Max Weber's political ethics and the Nigerian economic system, utilizing multidisciplinary research methods, including multiple regression analysis. The investigation focuses on the impact of three distinct types of authority – traditional, charismatic, and legal-rational – on Nigeria's GDP per capita. This exploration considers various factors including historical, cultural, ethical components, and economic indicators. Findings reveal that traditional authority exerts a significantly negative effect on GDP, underscoring the imperative for a modernization process that adeptly integrates tradition with contemporary economic practices. Although charismatic and legal-rational authorities have a relatively marginal influence, the study highlights their potential as catalysts for economic growth and recommends further exploration. This research aims to guide policymakers by advocating for governance strategies that both preserve cultural heritage and foster innovation. Furthermore, it calls for researchers to adopt hermeneutic methodologies, integrating both qualitative and quantitative research approaches for a more holistic understanding.