chapter  14
20 Pages

PRIVATIZATION IN BANGLADESH

WithAbulmaal A. Muhith

Bangladesh emerged as a new nation at the conclusion of a nine-month long brutal war of liberation. The radicalized leadership of the liberation war and the circumstances prevailing in the devastated country virtually forced the option for a socialist state system. There was an immediate expansion of the public sector. Commitment to socialist transformation of the economy, however, was half-hearted and so there was not even the zeal and success usually associated with an initial revolutionary switch to a socialist mode of production and distribution. This transformation remained confined to public ownership of industry and public control of a large part of foreign trade. Agriculture or housing remained in the private sector and even domestic trade was not sought to be fully controlled by the public sector. But like the rest of the sub-continent, bureaucratic red tape and restrictive regulations were a prominent feature of the economic management system of Bangladesh immediately after liberation.