Dr Abul Barkat, an Economics Professor at the University of Dhaka in Bangladesh, a previous Chairman of Janata Bank Ltd, and a chosen leader of Bangladesh Economic Association, composed numerous books and articles on the economy of Bangladesh. His most recent book “On the bigger material of society-economy-state” distributed in November 2020 will be a focal point of my investigation. The book presents an idea of “Respectable Society” that echoes the guaranteed dream by Bangabandhu Sheik Mujibur Rahman.
The creator presents an image portraying an obstructed monetary framework that has arrived at a stalemate; an old feeble framework that is disintegrating under the possibility of its supplanting with another solid one. Barkat reveals insight into a “communist framework” that is dynamic and reformist, possessed by most of individuals, overseen by the state.
The epitome of the “Respectable Society” is nature-focused multidisciplinary economy associated with social establishment, financial establishment, and political establishment. He attested human battling against nature is an unwinnable war that never proclaimed battle against us rather gave us everything for our endurance. In any case, a little gathering of individuals control public arrangement or financial conditions as a procedure for expanding benefits (lease chasing), making battle against neighbors, gatherings, countries.
It is for the merciless benefit for more noteworthy strength, a silly drive towards more force that has no qualities to the lion’s share. In this book, he features the change from feudalism to corporate free enterprise (colonialism) and tyrannous cycles implanted into this framework made by the superrich.
The worldwide corporate repulsive force making governments around the world weak by utilizing different systems, for example, IMF, World Bank, ADB and others. The book offers a leave system to make a pathway to “Fair Society”.
Barkat unfurls gives bit by bit, keeps perusers pondering, yet irritating some as it could show up as an ideal world, nonetheless, for the most this fantasy has consistently lived somewhere down in the rear of their psyches – a nice state framework. He passed on in the book the idea that isn’t a duplicate of the communism in USSR, China, Sweden, Denmark, or Norway.
It is another methodology dependent on broad investigations of society, economy and express, a three-sided approach transforming the old framework by reconstructing “Nice Social System”, “Good Economic System”, and “Fair State System”.
It dislikes private proprietorship and advances a thought that from normal assets to methods for creation, possession will have a place with most of individuals, and oversaw by state or joint co-usable. Momentary cycles for accomplishing the ideal condition of a “Respectable Society” idea can include many halfway stages; a “Nice Society” intends to decrease imbalances in pay, schooling, wellbeing, riches, and that’s just the beginning.
Between the lines in the book, it brings up numerous issues for perusers: how to cause changes in this worldwide tyrant climate; what sort of response we will look with corporate private enterprise; how to extinguish fires among rich and poor without the infringement of “shading revaluation” as a guise for system change; who starts to lead the pack, who makes the danger. Absolutely, the extent of the book isn’t tied in with tending to these inquiries regardless, this book that has numerous measurements, a living record that will grow significantly further. One should peruse it to grow the gravitas of deduction, discover what has been stripped and where we fit on the bigger material of society-economy-state.
Barkat’s perspectives show that corporate private enterprise (colonialism) is at a stalemate, so a progress is unavoidable. Corporate private enterprise is an overseeing framework or component that permits a tip top minority to control markets, government arrangements and systems, banks and anything that creates tremendous benefits for their business, utilizing each potential methods, for example, religion, financing and outfitting individuals against individuals and government.
Besides, eliminating governments and executing reformist pioneers, for example, Bangabandhu of Bangladesh, Patrick Lumumba of Congo, Salvador Allende of Chile, just as a huge number of people has become an ordinary wonder. Bangabandhu, the establishing father of a country who devoted his life to building a country that a great many people would possess, longed for building a respectable Bangladesh dependent on four standards: patriotism, communism, popular government and secularism, however he was executed, a genuine wrongdoing according to the dominant part, yet beneficial for the individuals who have been selected under the shadow of corporate private enterprise.
The framework is flawed, it isn’t intended to improve the day to day environments of the lion’s share, which has been plainly illustrated, paying little heed to military principle, autocracy, popular government, after the death of Bangabandhu, disparity in pay and abundance in the nation expanded.
Investigation of Barkat’s disparity among rich and poor in Bangladesh after the death of Sheik Mujib paints a troubling picture that raises doubt about the legitimacy of the sacred commitment. He composed, as per the constitution of Bangladesh, “the state will attempt to make conditions, as an overall standard, that nobody individual can get unmerited pay.” However, after the death, all monetary, authoritative, law requirement and equity were constrained by a gathering of individuals who eventually controlled the nation’s governmental issues and populace.
All of which brings up issues: for what reason are the public authority’s wellsprings of income contracting and the quantity of the superrich in the nation developing; for what reason is the aggregate sum of dark cash in Bangladesh around 33.3% of GDP (2018-19); why Bangladesh’s absolute bank loaning in 2019 was twofold the current spending plan, of which 16.85% were acquired by 20 individuals; for what reason are the majority of the country’s monetary resources in the possession of a little gathering.
What’s more, the effect of globalization, the effect of work sends out and the negative-total game, the arranged presentation of the dollar as the world’s exchanging money, traps and contrivances under the WTO understanding are completely pointed toward creating more benefits, further abuse and asset catch.
The outcome gives off an impression of being an expansion in overal deficit and reliance. It shows the distinction between monetary development and genuine development, which keeps on moving the other way as a great many people’s ways of life become more diligently.
Monetary Impact of COVID-19
Barkat introduced the monetary effect of COVID-19, including examination of genuine misfortune and acquainted essential exercises needed with push ahead. He supported moving from a general public of imbalance, further impacted by COVID-19, to a general public of uniformity, while knowing both the negative and the positive components in the 10,000 foot view. Specifically, a rundown of negative components, for example, the world’s most extravagant 1%, possessing half of the world’s food, and the least fortunate half, claiming just 1% of the world’s food, obviously shows how unreasonable and inconsistent our general public is.
In like manner, the rundown of positive components is empowering, for example, “People of color Matter,” “All Lives Matter,” and so forth A great many people have come to understand that pay imbalance, abundance disparity, wellbeing disparity, instructive disparity are the main drivers of issues in the public eye, and these should be tended to.
Considering the effect of COVID-19 and any remaining imperatives on disparity, he introduced a model that gives an adapting technique, including itemized investigation, raw numbers. Suggestions incorporate allotting assets for those experiencing COVID-19 and where to get cash for their critical requirements, how to make new openings, monetary security, human security, homegrown market and how to actualize them.
He contradicted money impetuses in a salvage bundle for any business claimed by rich individuals. In addition to other things, to defeat financial troubles, he upheld deserting the neoliberal formula, for the support of the World Bank, IMF, ADB in political and monetary insurance. Barkat’s proposals not just give a legitimate leave methodology from the turmoil related with COVID-19, yet in addition give a guide to moving towards an “fairness for all” general public.
Financial Reconstruction Model
Barkat’s investigation of the current financial effect of COVID-19 and financial conditions in Bangladesh is truly necessary work. He proposed a model of financial development for at the same time beating two significant emergencies, including investigation, reasoning and results. To distinguish the misfortunes from COVID-19 and beat this emergency, the proposed model has four key segments: 1. Cost decrease 2.
Obligation rebuilding 3. Rearrangement of abundance among the poor by changing the duty framework. 4. Printing additional cash when important to energize the buying influence of a great many people to meet their fundamental necessities and accordingly increment the speed of cash flow.
It is a financial model that is coherent, unmistakable, and attainable. The formula for beating all potential snags brought about by COVID-19 and financial conditions is itemized in the book.
This investigation covers essentially all areas of Bangladesh’s economy and gives valuable, nature-situated direction in the mission for value and the administration of monetary reallocation. He proposed keeping up adjusted retail costs for purchaser products to dodge genuine financial outcomes; decrease the error between the spending excess and the current record; wipe out the primary issues in the financial area; diminish boundaries to horticultural, land and public training strategies.
He proposed to build up a Royal Commission each year to set up the spending plan with the help of free specialists; dissatisfaction with regards to any unfamiliar assessment practice, task of duty recognizable proof numbers; expanding government incomes using dark cash, illegal tax avoidance charge, burdening on the web trade, burdening wea