Bangladesh country profile - BBC News
Yet there is a clear difference between “global reach” and “global power. Bangladesh is still reluctant to sell gas to India, and has not given Delhi transit .. India now ranks 4th behind the US, China, and Japan, but by GDP (on PPP) per. Bangladesh–Japan relations were established on 10 February By , the bilateral annual trade of these two. Asian Nations (ASEAN) is basically colonial, in both political and economic terms ;. i.e. while .. to Bangladesh, 10 per cent to Thailand and 8 per ce desh was The 'colonial' economic relationship between Japan and ASEAN is reinforced.
Economic Relations Between Europe and the World: Dependence and Interdependence — EGO
While European trade over land grew very slowly or stagnated in the late Middle Ages, trade between the North Sea and the Baltic Sea Hanseand between the ports of the North Sea particularly Bruges and the ports of northern and central Italy increased considerably. Growth was clearly driven by maritime expansion. Those who controlled the ocean had a position of hegemony in intercontinental mercantilist trade. However, this could not fully compensate for the decrease in trade over land during the periods of weakness.
In general, trade and economic development now occurred primarily in the central ports and their surrounding regions along the coasts of the European mainland. On the contrary, during the great depression in the 14th and 15th centuries, the conquests of the Turks and, in particular, the Mongol Tatars deprived European trade of access to important markets in the Levant. During the second period of weak economic growth in the late 17th and early 18th centuries, European overseas trade did not begin to expand significantly again until after the Portuguese-Spanish colonial empire had been replaced by the Dutch-British empire.
This involved a certain shift of geographical focus, but it was essentially based on simple trade and exchange at garrisons and coastal bases, as well as plantation agriculture, which bore characteristics of slash-and-burn economics.
From the midth century, both transcontinental and sea-borne trade experienced strong growth. The targeted expansion of European transportation and trade infrastructure, and the gradual acceptance of liberal economic thought, which replaced protectionist mercantilism, resulted in the dawn of a new period of economic development not only in Europe, but also overseas.
The integration of the colonial interior, which was begun by Great Britain during the 18th century, assumed considerable importance in the early 19th century with the emergence of the idea of the frontier. Britain's "new colonial system" gradually transformed into a North American cotton-producing industry which accompanied and supported the emergence of early-industrial mechanization in Europe.
However, a series of political events and external shocks called into question the practicality of free trade. These included, for example, the continental blockade which occurred during the course of Napoleonic expansionwhich crippled trade and commerce for years. The introduction of the metric systemthe dissolution of the guilds, and the introduction of a progressive agrarian order were the cornerstones of the reform, which was gradually transferred to other European countries after the Restoration.
Early industrialization and the post-Restoration phase were thus accompanied by broader systemic measures, such as various forms of agrarian reform "peasant emancipation", "enclosures", etc.
These brought about a lasting improvement in the terms of trade of the countries involved, 21 thereby providing a relatively well-ordered and secure economic basis for the formation of nation-states. However, Europe was very diverse economically, and there were pioneers Britain, France, Switzerlandetc. Consequently, Germany, for example, was able to catch up very quickly in the late 19th century and even became the world leader in certain segments of the global market chemistry, optics, steel industry, machinery, electrical engineering, etc.
India–Bangladesh economic ties gain momentum | East Asia Forum
Both internal European trade and trade between Europe and the rest of the world were considerably boosted by determinedly liberal trade policies, which were, however, increasingly called into question after and ultimately completely abandoned during the interwar years to be reintroduced after the Second World War.
Nevertheless, technological innovations, air transport, and the emergence of new means of communication telex, electronic communication, etc. For example, there were tendencies towards de-industrialization in the Balkans. The international currency system disintegrated, and in countries such as RussiaGermany and France abandoned the convertibility of their currencies into gold.
Since the most serious events of the war occurred on the European continent, they damaged structures of production and considerably harmed economic growth there. The high costs involved in converting factories from peacetime to war production, naval blockades, risk premiums, increasing inflation, and the rapidly rising cost of transactions due to the war damaged the European continent. As a result, the global economic order had undergone fundamental change to the advantage of America by Europe's portion of the world social product was declining.
The interwar years were defined by crises like no other period. Even in many European countries, currency and financial systems disintegrated. In particular, Weimar Germany was hit by a series of crises and political setbacks, for example the assassination of politicians such as Matthias Erzberger — and Walther Rathenau — [ ]hyperinflation inand the global financial crisis inwhich plunged large parts of Europe into massive deflation with extremely high unemployment.
France, Great Britain and southern and eastern Europe were also affected by the dire global financial climate, or were weakened by internal revolts. Protectionism blossomed in the interwar period, resulting in a kind of "de-Europeanization" of the global economy. The industrial nations outside Europe, particularly the USA, Canada and Japan, saw their portion of the global market increase, while the portion of global exports of the three big countries in Europe France, Great Britain, Germany decreased.
The dominance of protectionism and state intervention resulted in a kind of splintering of the global economy into systems and preference zones which were isolated from one another to a greater or lesser degree. Interwar Germany accessed energy resources and raw materials in eastern and southeastern Europe to strengthen its industry, but it neglected its consumer goods industry.
In general, the interwar period in Europe was characterized by economic and social disintegration, and the "European house" had to be rebuilt from its foundations after the Second World War. This involved decreasing the amount of money in circulation, establishing monetary order, and making the European countries fit to re-join the global market.
Thanks in large part to the Marshall Plan European Recovery Programthese goals were largely achieved and impressive export-led economic growth followed. As a result of the Schuman Plan and conciliation efforts on all levels, Germany, France, the Benelux states and Italy were able to establish a relatively stable basis for European integration.
The cautious attempts to influence industrial development involved in the Coal and Steel Pact 26 ultimately led to the founding of the European Economic Community EEC in In the following year, the European Parliament was established in Strasbourg with Robert Schuman — [ ] as its first president.
The Treaties of Rome 25th of March,on which the EEC was based, constituted a first big step on the road to European political and economic integration.
This not only provided a strong stimulus to "internal" integration, but also built an initial framework for external relations. Ingoods to the value of 15, billion US dollars were exported worldwide init was 12, billion dollars.
This equates to a growth of approximately These five countries together accounted for InChina was at the top of the list of the world's strongest exporting nations for the second time, followed by the USA and Germany.
Bangladesh will start receiving megawatts of power from the megawatt thermal power plant at Palatana in Tripura from 23 March. Beyond the energy sector, Bangladesh and India have taken some important steps to enhance connectivity.
Bus services linking India and Bangladesh have been established and multiple agreements signed to enhance trade by improving maritime cooperation. This includes a Memorandum of Understanding on the use of the Bangladeshi ports of Chittagong and Mongla, which would enable the movement of goods to and from India. In Junetransport ministers from Bhutan, Bangladesh, India and Nepal signed the Motor Vehicles Agreement to regulate the transportation of passenger, personnel and cargo vehicle traffic between their countries.
The political consensus that has formed within India has been vital to developing the bilateral relationship with Bangladesh. During the electoral campaign, Prime Minister Narendra Modi adopted an aggressive posture towards Bangladesh, but since gaining power he has sought to strengthen the relationship. This can be seen in the urgency with which he pushed through the Land Boundary Agreement as well as greater economic ties and connectivity.
In the ensuing muddy turf of political ambitions among the army factions, General Ziaur Rahman emerged as the next contender to power. His general amnesty to the war-time collaborators of the Pakistan Army set the tone for Ziaur Rahman to restore them in Bangladesh politics. Both the Rahmans met the threat of the radical left with unflinching hardline.
But Ziaur Rahman had made his own mark in a number of measures: Ziaur Rahman himself attempted to take on a civilian face and established his own political party, Bangladesh Nationalist Party BNPwhich soon emerged as a major political force.
He also started the early phase of denationalization of economy. Ershad held several controlled elections and formed an electoral alliance with Islamist parties and declared Islam as the state religion—to gain legitimacy and perpetuate military rule. His fall in followed massive resistance from student community as well as an unprecedented unity among political factions and coincided with the end of the Cold War era.
In retrospect, the period betweenwhen Ayub Khan took over, andwhen Hussain Muhammad Ershad fell, was a history of continuity of military rule or authoritarian populism—a temporal gift from the global struggle for hegemony between the socialist and capitalist blocs. The War of against Pakistan was a splendid interregnum aptly termed behat biplab, a lost revolution, which had showed a momentary spark of both a praxis and poetics of liberation.
The following two national elections of and were held under the caretaker government, which brought Sheikh Hasina and Khaleda Zia, respectively, to power. The s proved to be a formative period for Bangladeshi democratic experiences.
There was a certain aura of inclusiveness and forward-looking attitude among the political elite. When the general elections of approached, the Awami League did not consider the preceding chief justice, entitled to be the head of the coming caretaker government, neutral enough, leading to the consideration of a series of constitutionally possible alternatives.
As BNP continued to hold on to power on the plea of constitutional continuity, the Awami League stepped up street agitations leading to widespread violence and deaths, prompting the military to extend its support to the caretaker government.
The new army-backed caretaker government ignored the constitutional provision of holding the election within ninety days and put major political party members, including Khaleda Zia and Sheikh Hasina, under house arrest amid emergency rule.
The constitutionally illegal caretaker government spent almost two years before yielding to pressure from home and abroad, including India, the United States, the United Kingdom, and the United Nations, for holding elections.
Rather than being an innovative mechanism in the democratic process, the system was at the very outset a reflection of mutual mistrust among political parties seeking an alternative form of neutrality. Rather than agreeing to institutionalize democratic practices, including the strengthening of the Election Commission, political parties were more interested in the instrumentality of the electoral process. Another stakeholder of the caretaker system was a section of civil society that, reeling from the military government in the past decades, found an opportunity to taste governance and to nurture political ambitions through the caretaker government on the plea of corruption and unrest bred by the political parties.
But without a grassroots support base, such ambition on a longer scale could be materialized only through the support of the army, a circumstance that arrived for them in Such an unpopular marriage between the civil society and the army did not last long, as another spell of resistance especially among the students compelled it to give in.
The demise of the caretaker government meant a renewed interest in the Election Commission itself. But the failure to strengthen the institutional capacity of and restore autonomy to this vital state organ at the fall of Ershad inwhen the political environment was conducive, proved too expensive.
The first post-caretaker election held under the incumbent government of the Awami League in January was boycotted by all political parties, barring a few invented contestants, of parliamentary seats remaining uncontested.
The scrapping of the caretaker system and growing crisis of legitimacy left the Awami League government to return to the only option of making the Election Commission appear legitimate ahead of the next elections in A new set of members of the Election Commission came into being in early through a search committee formed by the president of the republic.
The new Election Commission has received a mixed response, with the main opposition party BNP remaining skeptic. The future of democratic practice in Bangladesh is up for many new turns and twists. Economies, Developments, and In equities Recent revisionist historiography of early modern South Asia suggests that the Bangladesh region, rather than being a chaotic hinterland under a weakening Mughal government, was in the process of shaping its own regional trade regime and fiscal autonomy by the turn of the 18th century.
Largely relying on the Indian Ocean trade network since the 17th century, the textile industry received great impetus through European, in particular the Dutch, imports. A vibrant commerical environment prompted the Bengal rulers to maximize income for the state through strict regulations of trade and taxes, while the local merchant communities sought liberalization of the market for European traders with whom they saw profitable trading opportunities.
In the resultant conflict between Bengal administration and the East India Company and its local allies, the last independent ruler, Nabab Shirajuddowla, was defeated, providing the East India Company a free ride into Bengal economy.
By the s agrarian economy stabilized and got reconnected to the world economy through the export of jute and rice. By now, the company administration appreciated the worth of the land resources that lay outside the contractual bound of the permanently settled revenue system, such as the reclaimable forest tracts of the Sundarbans and lands formed out of alluvial processes, both inland and in the coastal regions of the Bay of Bengal.
The colonial administration saw merits in contracting these lands directly with actual cultivators by way of generating a fresh revenue base, which in effect led to the growth of a middle-ranking peasantry. By the turn of the 20th century, however, the colonial government moved away from the pro-peasant policy to a new policy of appeasing the urban forces of anticolonial resistance, leading to the transfer of relatively better ecologically productive agrarian bases to non-cultivating groups.
This period saw the growth of the jute industry and some job opportunities around Kolkata while the East Bengal region experienced none of these, although this region produced bulk of the raw jute.
Economic Relations Between Europe and the World: Dependence and Interdependence
The resultant landlessness and land poverty, low wage, low productivity, and lack of nutrition and prevalence of malaria led to the emergence of a vulnerable group who suffered most in the famine of The mill, starting production fromemployed about 26, workers at its peak.
A few other industrial units began to emerge, but in the years between — and —, per capita GDP growth for East Pakistan stood at 17 percent against 48 percent in West Pakistan. Although East Pakistan saw the development of a number of institutions that provided a base for measuring inequality between the two wings, by all macroeconomic measures, East Pakistan was treated unfairly until the last days of united Pakistan, including in terms of development expenditure and private-sector investment.
The damage to the infrastructure during the war was a significant reason for economic downturn, but the abrupt decision to nationalize proved unsustainable. The war created a void between political ambition for an independent state and proper planning for running the economy, and this void was filled by self-seeking officials and politicians. Mismanagement of food mobility across the country, skyrocketing inflation, and a host of other internal and external factors led to the devastating famine in —, which killed about 1.
It was in the first government of the BNP following the fall of military rule that a full-scale liberalization started, continued under the succeeding Awami League government, whose impact was felt rather early as, by the end of the s, the country was able to reduce substantially the dependence on foreign aid in managing its economy.
Between financial years — and —, the size of the budget increased tenfold, and between — and —, it increased exponentially, from BDT The country ranks second, after China, in readymade-garments production, which is the main catalyst for the economy, but other sources of national income include remittances by migrant workers, mostly from the Gulf countries, North America, and Southeast Asia.
Bangladesh is the eighth-largest remittance-recipient country globally. If financial governance is a yardstick to address the question, there are issues that point to many vulnerabilities.