Globalization and economy of Bangladesh

Globalization is marked by the universalize of free market economy. The idea of global trade which was inherent in capitalism has taken firm root across the globe. This free market economy has greater influence over the third world countries including Bangladesh. Free market economy has some salient features such as liberalization deregulation and privatization in this economy  decisions about the allocation of resources and production are made in which the prices generated by voluntary exchanges between producers consumers  workers and owners of factors of production . Decision marking in such an economy is decentralized decisions are made independently by groups and individuals in the economy rather than by central planners. In a nutshell this economy creates a market where every country has the chance to compete with one another without any interference and tariff protection. As a member of global village. Bangladesh can not but welcomes this policy which is creating both advantages and disadvantages for our economy. Thus these capitalist institutions are ruling our country. This process of globalized free market economy paves the way for a lasting poverty so that the capitalists can continue to have a pool of cheap labor to draw from. The exploited and impoverished workers of the developing countries are no match for a globalizing powerful capitalism. As a result the gap between wealth and poverty is ever widening.