The economy of Bangladesh resembles a capitalist economic system. Capitalist economic system means ‘an economic system characterized by private or corporate ownership of capital goods, by investments that are determined by private decision, and by prices, production, and the distribution of goods that are determined mainly by competition in a free market’ (from Merriam-Webster dictionary). Although the private sector economy of Bangladesh has grown quite significantly over the last two decades or so, there are still rooms for progress if Bangladesh wishes to become a globally competitive economy. To keep the wheels of the capitalist economy running, we need production of goods and services for local and international markets; we also need industrial and technological innovation to sustain economic growth. They are the basic premises behind capitalist economy. Modern global economy is knowledge-based as well as technology-based. So, production of knowledge is paramount. Universities (I mean universities, degree colleges and equivalent institutions) produce a skilled workforce with the knowledge and skills necessary for performing research and development (innovation) in science, technology, business, policy, social welfare and so on. University graduates also perform managerial, administrative and bureaucratic functions of the economic entities. These are also called the white-collar jobs. For production of goods and services, two elements are required. The first element is ‘entrepreneurial firms’ backed by capital-rich entrepreneurs that not only produce goods and services in existing industries, but also seek new opportunities in existing and emerging industries. The second element is a ‘large workforce’ that possesses the technical and trade (industrial labour) skills, and is able to turn advancing knowledge and technologies into innovative goods and services. Universities generally don’t produce such technical skills (except various engineering disciplines). Vocational and technical institutes produce technical and industrial skills (through diploma or equivalent qualifications) in manufacturing, agriculture, healthcare and all other industries. *** (article idea from@Tariq sadat & edited by sajal )***
Posted on: Sun, 23 Mar 2014 16:27:20 +0000
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