Abstract
This article holistically attempts to evaluate the economic environment of Bangladesh in a dynamic way and endeavor to forecast the risks and challenges and way out from its socio-economic anomalies in near future. For analysis and investigation, primarily the secondary data sources are used for reaching the critical juncture. It is historically evident that Bangladesh has been faced with diverse economic and political doctrines since its inception. The volatility and uncertainty of its socio-economic philosophy made Bangladesh suffer a lot. It is observed that the socialistic economic system with the democratic rule was preceded by a mixed economic system with autocracy and ultimately capitalistic economic system with so called democratic rule in Bangladesh. The present capitalistic nature of Bangladesh's economy has both positive and negative flanks. Globalization, international trade, economic growth and creation of wealth can be marked as the commendable part. On the contrary, economic inefficiency, inequality, the emergence of the proletariat and capitalistic class, presence of exploitation, mismanagement and incompatibility of various policies, incredible and non-transparent financial sector are the challenging part. The most frightening fact is that vulnerability and fragility, absorbing and tackling incapability of both internal and external economic shocks by Bangladesh economy signal the weakest side of capitalism of the country. Here, the entire analysis based on the perspective of Bangladesh can be regarded as its limitation. Last but not the least, it concluded that only a proper and timely thoughtful action with an impeccably structured economy may find the escape of such dangers. To end, this paper concludes with possible policy recommendations. Keywords: Economic Systems, Karl Marx, Bangladesh and its Economic Transition, Class Conflict and Final Crisis of Capitalism in Bangladesh. DOI: 10.7176/RHSS/10-16-07 Publication date: August 31 st 2020
Highlights
Origin of the human being may be debatable but the development patterns of human life are not
When Sheikh Hasina led-Bangladesh Awami League (BAL) was in power for the first time in 1996 after military regimes, being aware of the socialist legacy of the country and virtues of free-market economy she allowed competition intending to break up a monopoly in the telecommunication industry as well as open up many sectors like health, banking, higher education, economic and export processing zones which were traditionally reserved for the public sector
It can be said that Bangladesh took so many years to be a liberal capitalistic economy
Summary
Origin of the human being may be debatable but the development patterns of human life are not. Economic formation i.e. economic systems comprised of superstructures and mode of production governed these economic activities for the material and non-material economic growth of human life (W.K 1958). This economic growth and emancipation made Pakistan decolonize from British Empire and later Bangladesh was able to unshackle from oppressive and exploitative West Pakistan in 1971. The growth of Bangladesh was unprecedented, it is enwrapped with many socioeconomic and political complications Marx in his theories explained scientifically the evolvement of human history in connection with its surroundings. He tried to capture the political and economic segments of human life in his various writings. As a part of his analysis of the nature of the economic system, Marx evaluated and prophesied by about the glitches and consequences of the capitalistic mode of production
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