Bangladesh Economic Association (BEA) President Dr. Abul Barkat emphasized rethinking of the existing economic policies and finding a 'unified new economic theory for humane development for all'.
He said neo-liberal economic policies are designed by the developed countries, which those states never followed during their developing period and even do not follow still now.
"Today's developed countries have never followed liberal or neo-liberal economic policies during their developing period, but they are prescribing those policies now for the developing and poor countries."
He was speaking at the plenary session of the 19th Biennial Conference of BEA. The theme of this year's conference is 'Rethinking political economy and development'.
Prime Minister Sheikh Hasina inaugurated the three-day conference on Thursday morning.
Justice ABM Khairul Haque also spoke at the session, while BEA governing council chairman Dr. Qazi Kholiquzzaman Ahmed chaired it.
Dr. Abul Barkat presented a paper on the session titled 'The theory of neo-liberalism and evolution of economic theories: poverty of philosophy'.
He said the developed countries have always pursued 'absolute protectionist policies' for their economies. Subsequently, they are now developed economies.
"They still follow 'absolute protectionist policies', while they preach free market economy and open market economy in a non-level playing field world."
He also said Bangladesh's political economy has diverged from the original vision of the country's Liberation War. It is now time to rethink, and put it back on the desired track.
Dr. Barkat opined that institutions like the United Nations (UN), the International Monetary Fund (IMF), the World Bank (WB) and the World Trade Organization (WTO) endorse the liberal policies on behalf of those developed countries.
He called it poverty of philosophy in the economic theories, as such a disgraceful situation still exists in the world after the formal development of so many years.
Justice ABM Khairul Haque said whatever happened in the world in the past and will happen in the future, there are economic reasons behind the changes.
He urged political leaders to rethink their politics, and change it for economy that benefits people.
The former chief justice urges the politicians to think about providing subsidy in important sectors. "The developed countries subsidise their important sectors, like - agriculture, but preach us not to subsidise. Our politicians must understand that."
Dr. Qazi Kholiquzzaman Ahmed focussed on dialogues among the political leaders to end the current stalemate.
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