Dynamic Economic Transition of Bangladesh in the Philosophy of Karl Marx: A Searching Analysis

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