The Development Discourse in the Context of Bangladesh: A Critical and Analytical View
Keywords:Economic development, development theory, institutions, Bangladesh
Economic development is believed to be contributed by several different factors including human capital, physical capital, savings, investment, infrastructure development etc. As such, different schools of thought have evolved to explain economic growth and backwardness in countries. This paper critically analyses leading development theories in the context of Bangladesh and argues that the literature concentrates heavily on the economic subsystem (factors of production) while neglecting interrelated and complementary counterpart, institutional subsystem (ownership over the means of production). However, in order to find a suitable solution for underdeveloped economies, institutional aspects are to be properly emphasized.