Open AccessPoverty and Reforms in Bangladesh
Author(s) -
Abu Md. Abdullah
Publication year - 1998
Publication title -
pakistan development review
Language(s) - English
Resource type - Journals
SCImago Journal Rank - 0.154
H-Index - 26
ISSN - 0030-9729
DOI - 10.30541/v37i4iipp.1071-1079
Subject(s) - economics , structural adjustment , poverty , capitalism , interventionism (politics) , communism , planned economy , stylized fact , developing country , development economics , economic system , market economy , political science , macroeconomics , economic growth , international relations , politics , law
In a memorable speech to the United Nations General Assembly,Nikita Krushehev predicted that communism would bury capitalism. In lessemotive and more economistic terms, he was saying in effect thatcentrally planned economies would outperform market economies in termsof both output growth and social justice. History has not been kind toKrushehev. Not only central planning but even milder forms of stateinterventionism now stand discredited, and developing countries roundthe world are desperately trying to install functioning marketeconomics. This sea-change in development philosophy generally owessomething to donor conditionalities associated with structuraladjustment credits, to the extent that “reforms” and “structuraladjustment” have become virtually synonymous. Shortterm internal orexternal balance crises, and longer-term stagnation, also signalled topolicy-makers the bankruptcy of over-interventionist policies—a lessondriven home by the phenomenal growth performance of the NIC’s,apparently the fruit of marketfriendly policies.