The New Nation - Internet Edition

A.T.M.Nurun Nabi

Bangladesh switched over to the market economy from the socialistic structure during late seventies. About the role of the government in economy, the advocates of the laissaz faire theory say that it should play the role of a referee in a football match and not more than that.

The functions of the government should be limited to signing trade pacts only. In truth, this view is extreme. As the legal agent of the state, government can't shut its eyes to that kind of trading in which the traders create artificial crisis for making quick money and the cost of living of the people increases.

In reality, modern state is an welfare state, and not a state as depicted by Hobbs in his famous book the Leviathan. The word 'leviathan' means monster. Hobbs supported absolute kingship in order to wipe out chaos and confusion from the state in the interest of the people's welfare, law and order. Hobbs view is very useful when the law and order breaks in a society and security of life and property is at stake.

Yet, many political philosophers have termed Hobbs doctrine as extreme and advocated for moderate role of the government in administering the country's economic and political affairs. They say that the government shall respect the people's desire and need, and accordingly formulate policies.

When the price of a particular item goes beyond the purchasing power of the people, the government surely has something to do, however, in co-operation with the business community if the character of the state economy is capitalistic.

But in case of the non-co-operation, the government, as the legal agent of the state, shall follow its own course to redress people's sufferings.

With this view in mind, Islam has banned hoarding of the food items for more than three days and in case of non-food items for more than 40 days. Islam condemns artificial crisis and willful increase of price, awards punishment to the transgressors.

Economists supporting socialistic economy say that the state will fix prices of the both food and the non-food items and shall ensure its strict compliance. Anyone found disrespecting the government's order should be severely dealt with.

As a matter of fact, government being the agent of the state is the legal authority to take any measure to make the country's economy strong, to improve the standard of living, to check attempt to create artificial crisis and to increase purchasing power.