JBS Vol 04. Num 2. 2002 - POLITICAL ECONOMY OF SUSTAINABLE DEVELOPMENT IN BANGLADESH

Although Bangladesh has had a glorious past, it is one of the most underdeveloped countries in the world. It is
lagging far behind its neighbors in terms of the human development index. This paper attempts to identify the
major causes of underdevelopment, analyzes policy options in view of principles of sustainable economic growth
and development, and recommends education reform as the number one choice that is politically feasible.
Continuation and strengthening of the highly centralized colonial administrative and educational system; state
owned corporations of commerce, finance and industry; and poor infrastructure, environmental degradation,
political instabilities and high levels of corruption are considered the primary sources of underdevelopment. The
paper presents guidelines for decentralized governance with clear demarcation of jurisdictions, privatization of all
state corporations and supporting competitive markets, and education reform. In addition to requiring mass
education, it argues for the production and export, after meeting domestic requirements, of highly qualified
professionals. It recommends focusing on finance, management, computers, engineering, medicine, and nursing
where there exists high world-wide demand. The proposed decentralization and privatization may not be politically
feasible and fully realizable in Bangladesh as these measures are against the interests of the ruling class. Education
reform is the only feasible option in the short run.