Creating Enabling Environment for Economic Growth: Some country contexts for Bangladesh
According to the official plans, our eyes are set on becoming an upper-middle income country by another ten years, and a developed country by another 20 years. Those are inspirational goals, but we need to concentrate more attention to exactly the pathways that might lead us to those goals. The economic growth studies show that episodes of rapid growth are quite common among the developing countries, but the growth is rarely sustained: that is why we need to be watchful. The other day, in a BIDS public lecture, I mentioned that the development discourses have perhaps spent too much efforts on how to imitate the success stories of the so-called East Asian tigers, which reminds one of the famous 1965 song by the rock band called Beach Boys: "I wish they could all be California girls" (translate: I wish they could all be East Asian Tigers). I may add that, in contrast, the contemporary development literature has given relatively less importance to the example of Japan which had about the same per capita income as Argentina around 1900, and look at them now! As for China, it has seen one of the highest increases in income inequality along with high economic growth since its embracing of the market economy, and is only now clamping down on big businesses; but Japanese growth has been remarkably equitable. Japan followed its business model tied to workers' welfare and loyalty – the so-called "Japanese ethos". And it may not have occurred to many as to why Japan has many rich people, but few billionaires (only 25 as against America's 675 and India's 153). Notice that Bangladesh is also now cited as a country producing billionaires, which means we are achieving high economic growth, but it also means that growth has become increasingly unequal.
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