The Political Economy of Terrorism: A Comparative Analysis of Boko Haram and the Islamic State

Abstract

Contrary to studies that highlight the lethality or morality of terrorism, this paper makes the case that there is need to interrogate acts of terrorism from a political economic point of view. It was argued that this excessive focus on the violence neglected an economic understanding of modern terrorism from various groups across the globe. This paper thus situated the incidence of the Boko Haram and the Islamic State terrorist groups on a political economic framework. The study showed that terrorism was not a ‘stupid thing’. The study further revealed that both terrorist groups and their sponsors were not psychopaths but rational beings who derived huge economic benefits from their violent acts. The paper concludes by arguing that until the economic reward on terrorism evaporates, such acts may never cease to occur in the regions and beyond.