Over the past 15 years, Bangladesh has been governed under the policy of 'Development, not Democracy,' with Prime Minister Sheikh Hasina focusing on mega projects, which have often led to mega corruption. A recent white paper, led by Professor Debapriya Bhattacharya, reveals that approximately $16 billion has been illicitly transferred abroad annually during this period.
In total, about Tk28 trillion has been siphoned off, indicating that, akin to colonial rulers, Sheikh Hasina and her party, the Awami League, have governed with the intent of plundering national resources. These domestic plunderers, viewing the country as dispensable, have funneled their ill-gotten wealth to destinations like Canada and Singapore. Sheikh Hasina herself has acknowledged that her driver possesses assets worth 4 billion taka.
The student protests in July and August were sparked by opposition to the corrupt practices of the looter mafia syndicate. The quota system was manipulated to bolster Awami League loyalists in government positions, facilitating unchecked plundering. Public frustration has also been fueled by rising commodity prices, enforced disappearances, extrajudicial killings, and state repression.
As students initiated resistance against this syndicate, the general populace joined in solidarity. The formation of the Anti-Discrimination Student Movement platform has garnered widespread public support, transforming the movement from a call for quota reform into a broader anti-fascist struggle.
This backdrop necessitates charting a future path for Bangladesh that includes an economic system devoid of plundering and corruption.
For a democratic state project, it is imperative to guarantee social security, free education, and healthcare for citizens. Fundamental rights must be constitutionally ensured, and the private sector should operate without state harassment, fostering a competitive environment for business.
Tax policies require revision, and measures must be taken to prevent waste and embezzlement in government projects. Such reforms will aid in combating corruption and inequality, steering the economy towards a healthier trajectory.
Efforts should prioritize repatriating the funds illicitly transferred abroad over the past 15 years. Implementing effective measures to prevent capital flight will further strengthen the economy.
Under Sheikh Hasina's tenure, abuse of power has left the banking sector in a fragile state. To prevent such abuses, stringent policies must be enacted in the banking and insurance sectors, including necessary reforms to existing laws governing banking companies, stock and securities, and money laundering.
Completing these reforms will curb undue government interference in critical economic structures, allowing the central bank to operate independently.
A significant portion of the population is engaged in the informal economy, including street vendors and small to medium-sized entrepreneurs, who play a vital role in the national economy. Lacking state support, they have independently secured their livelihoods, often falling prey to extortion by political parties and the administration.
Despite their contributions, there is no governmental policy or plan for this sector. Recognition and incentives are necessary, and supporting these entrepreneurs can help mitigate economic monopolies.
The information technology and manpower export sectors hold immense potential. By providing training to the youth, substantial employment opportunities can be created, leading to significant foreign exchange earnings.
The private sector employs a large workforce, yet job security and equitable wages are lacking. The government should develop comprehensive plans to ensure that public employment is not seen as the sole viable option.
While exploitation and inequality are inherent in capitalist systems, it is possible to reduce disparities through prudent policies and planning that ensure equal opportunities for all citizens.
In Bangladesh, the nature of political power has fostered inequality. By restructuring political power dynamics, it is feasible to diminish disparities and build a welfare state within the existing capitalist framework.
The article was published on the occasion of the 15th founding anniversary of the popular Bengali daily Kaler Kantho. The writer is the Joint Convener, Jatiya Nagorik Committee.
BDST: 1226 HRS, JAN 13, 2025
