BANGLADESH IN THE CHANGING WORLD : CHALLENGES AND OPTIONS AT HOME

This article assesses the domestic challenges and policy options for Bangladesh in the context of the changing post-Cold War world. It argues that the new global environment, characterized by the ascendancy of liberal democracy and market economics, created both pressures and opportunities for Bangladesh. The study focuses on the key domestic challenges, primarily the consolidation of its new democracy, the implementation of market-oriented economic reforms, and the alleviation of poverty. The research examines the options available to policymakers in navigating these challenges. It explores the debate over constitutional reforms, the strategies for economic liberalization and attracting foreign investment, and the role of civil society and NGOs in the development process. The paper concludes that Bangladesh's success in the 1990s would depend on its ability to build a stable democratic consensus at home and to implement the difficult economic reforms necessary to compete in a more globalized world.

The early 1990s were a time of profound change for Bangladesh, with a domestic transition to democracy coinciding with a radical transformation of the global order. This paper analyzes the key domestic challenges and options for the country in this new era. The analysis is structured around the two interconnected challenges of democratic consolidation and economic liberalization. On the political front, the study examines the immediate tasks facing the newly elected government, including the historic transition from a presidential to a parliamentary system of government. It discusses the critical importance of establishing new democratic norms, ensuring the accountability of institutions, and fostering a political culture of tolerance and compromise after years of authoritarian rule. On the economic front, the paper delves into the challenges of moving away from a state-led development model towards a more open, market-oriented economy. It analyzes the structural adjustment programs being pursued and the difficult policy choices involved in privatization, trade liberalization, and fiscal reform. The paper also highlights the social dimension, emphasizing that the ultimate test of these reforms would be their ability to make a tangible impact on the lives of the millions of Bangladeshis living in poverty. The findings suggest that the path ahead was fraught with difficulty, requiring strong political will and a broad social consensus to successfully navigate the twin transitions towards a more democratic polity and a more competitive economy.