Recent economic growth in Asian region 'fails to secure socioeconomic equity'
Friday, 8 January 2010
FE Report
The rapid economic growth experienced by Bangladesh and other developing countries in the Asian region in the recent past has failed to secure socioeconomic equity in the region over the time; a panel of top economists observed Thursday.
As a remedy for the situation, the panel, comprised of the country's foremost scholars and researchers, has pushed for more investment in and assurance of greater access to education and healthcare for the underprivileged portion of the society.
The observation came on the eve of launching a book tilted "Development Equity and Poverty" authored by Azizur Rahman Khan in the city. Bangladesh Institute of Development Studies (BIDS) organised the programme.
"Although, a number of countries in Asia and Latin America have gone through a period of economic boom lately, this has meant a little for the poorest part of the society and the economic inequality has actually increased with this growth," said the author of the book.
Expressing a critical view of the neoclassical development theory that was dominant in the 1980s, Azizur observed that for about two decades until the 1990s, the strategy failed to generate growth in Latin America, Africa and former Soviet Republics.
"There is considerable evidence that the countries which opted for this new paradigm have failed to avoid increased inequality in the distribution of income," he added.
Echoing to the observation, a number of economists in the discussion panel suggested several solutions to avoid greater social inequality in the Bangladesh context.
"To address the issue of inequality, ownership should not be defined in a classical or Marxist term but in a broader contemporary sense," said Rehman Sobhan, chairman of Centre for Policy Dialogue.
"It should encompass ownership of all productive assets," he said, "while proper access to education and healthcare for the underprivileged section of the society must get the priority."
Addressing the occasion, Professor of Economics in Dhaka University Wahiduddin Mahmud said, "Despite the lack of supply and demand for skills, a lot of economic opportunities have been created in the country for the more vulnerable part of the society which must be best exploited".
Speakers on the occasion also focused greatly on the latest scenario of land reforms in the country and its role and implication in widening inequality in the society.
"Inequality should not be measured only in agrarian terms, as various other employment opportunities have been created in the rural context and there is scope to address the same issue in those areas as well," said Executive Director of BRAC Mahabub Hossain.
Director General of BIDS Mustafa K Mujeri also spoke on the occasion. Visiting Research Scholar of BIDS Rizwanul Islam moderated the panel discussion.
The rapid economic growth experienced by Bangladesh and other developing countries in the Asian region in the recent past has failed to secure socioeconomic equity in the region over the time; a panel of top economists observed Thursday.
As a remedy for the situation, the panel, comprised of the country's foremost scholars and researchers, has pushed for more investment in and assurance of greater access to education and healthcare for the underprivileged portion of the society.
The observation came on the eve of launching a book tilted "Development Equity and Poverty" authored by Azizur Rahman Khan in the city. Bangladesh Institute of Development Studies (BIDS) organised the programme.
"Although, a number of countries in Asia and Latin America have gone through a period of economic boom lately, this has meant a little for the poorest part of the society and the economic inequality has actually increased with this growth," said the author of the book.
Expressing a critical view of the neoclassical development theory that was dominant in the 1980s, Azizur observed that for about two decades until the 1990s, the strategy failed to generate growth in Latin America, Africa and former Soviet Republics.
"There is considerable evidence that the countries which opted for this new paradigm have failed to avoid increased inequality in the distribution of income," he added.
Echoing to the observation, a number of economists in the discussion panel suggested several solutions to avoid greater social inequality in the Bangladesh context.
"To address the issue of inequality, ownership should not be defined in a classical or Marxist term but in a broader contemporary sense," said Rehman Sobhan, chairman of Centre for Policy Dialogue.
"It should encompass ownership of all productive assets," he said, "while proper access to education and healthcare for the underprivileged section of the society must get the priority."
Addressing the occasion, Professor of Economics in Dhaka University Wahiduddin Mahmud said, "Despite the lack of supply and demand for skills, a lot of economic opportunities have been created in the country for the more vulnerable part of the society which must be best exploited".
Speakers on the occasion also focused greatly on the latest scenario of land reforms in the country and its role and implication in widening inequality in the society.
"Inequality should not be measured only in agrarian terms, as various other employment opportunities have been created in the rural context and there is scope to address the same issue in those areas as well," said Executive Director of BRAC Mahabub Hossain.
Director General of BIDS Mustafa K Mujeri also spoke on the occasion. Visiting Research Scholar of BIDS Rizwanul Islam moderated the panel discussion.