Small economies
Abdullah Al Mahmud Luton, UK
Many problems lie within small economies; that is why they are small. However small could be well managed. A very small example: if a small economy has a £1,000,000 stake to manage, it has to have industries generating at least the equal amount to maintain. To be precise only meeting the expenditures alone is not enough because it has to have development plans as well as allowance for contingencies.Now if it has units of industries earning £1,000 pounds only, it would need as many as 1,000 units of business to accumulate just enough funds to maintain the economy. This was a very simple example; even the smallest economy needs much more than just a few millions of pounds. On the other hand though many units could be earning much more than a few thousands of pounds, the units of business have their own expenditure to meet as well. One hundred percent of the earning does not go back to the development funds of the government. Going back to the original point, paradoxically it is the big business solution that I along with others prescribe to follow. In the historical Bangladesh and also in the early history of independent Bangladesh it was the pursuit, I believe. Here I do not give any credit or discredit to any particular party or person. One of such examples was Bangladesh Machine Tools Factory. The problem was not the size. The problem with them was structure and management; mostly stemming from lack of previous experience. The answer to the question, who would develop or who has the capacity to develop such big businesses based on indigenous knowledge, key resources and strategies, mission and vision, I believe, still is the government either with own its own initiative or with public-private partnership. Private sector in Bangladesh may have the skill but certainly does not have the enormous capacity to develop big businesses such as a national motor industry or similar others pooling resources and key knowledge.
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