The New Nation - Internet Edition

Staff Reporter

Speakers at a seminar yesterday suggested to take lessons from the global financial debacle and to stop blind pursuance of free-market economic policy, directed by IMF and World Bank.

For policy-shipment, they stressed finding an alternative economic model based on three principles: equity, justice and productivity.

The economists said that the government should prepare to absorb any shock of the global crisis, which will hit Bangladesh subject to the extent of its longevity and depth.

Executive Director of the Centre for Policy Dialogue (CPD) Prof Mustafizur Rahman, International Relations department Professor of Dhaka University Akmal Hossain, Dr Shafq-uz-Zaman and Journalist Shawkat Hossain Masum took part in the discussion, among others.

The Weekly Ekota organised seminar at Mukti Bhaban in the city. Prof M M Akash presented the keynote speech, which generated a lively debate among the participants.

Prof Akash underlined the weak point of the capitalist system of economy in his deliberation and said the cause of the existing global crisis is enshrined in the capitalist system.

He suggested moving forward socialism, which, he said "is not based on any concrete model."

Dr Mustafiz, on the other hand, said only the traditional models of the socialist economy's may not be alternative to the problematic capitalist economy, because there remains the questions of productivity and incentive after socialising the productive forces which are yet to be solved.

"We will have to identify the basic elements of the alternatives. Justice, productivity and equity should be ensured simultaneously," he said.

He stressed more regulation of the market economy but

not to nationalise everything. A role of the government is a must in the market economy, he said.

Dr Shafiq said, "An alternative socio-economic system is still a mater of analysis. We are thinking about it."