Strengthening economic cooperation: Cooperative economics theory may have the answers

In the current article, we explain and critically discuss the merits and applicability of cooperative economics perspective (David Ellerman 1943-2024). Specifically, we adopt foreign direct investment (FDI) as a theoretical lens to establish an argument and provide justification for how and why Ellerman’s perspective may facilitate economic cooperation. To improve the validity and reliability of existing cooperative economic observations, we employ a theory triangulation approach, which in turn creates the opportunity to generate new and credible findings of cooperative economics. We also set Nigeria as a research context for the purpose of data analysis. Research findings indicate that cooperation has been in decline worldwide, and especially in Nigeria, due to the fact that Nigeria has not provided an enabling environment facilitating economic cooperation within the country. Nigeria can benefit from cooperative economics, using Ellerman’s three cooperative economics perspectives to boost its economy. These perspectives are: employee ownership, information theory and employee share option trust. Research findings further reveal how well these perspectives play a role in facilitating economic growth, development and cooperation within Nigeria on different levels. According to our findings, the Nigerian government should acknowledge the importance of recognizing and addressing the requirements for establishing successful operations and approaches of cooperative economics, so that potential members can devote considerable time and energy to establishing new businesses, and ultimately facilitating economic cooperation in the country. Limitation and suggestions for future studies are discussed.