This discussion paper by a group of scholars across the fields of health, economics and labour relations argues that COVID-19 is an unprecedented humanitarian crisis from which there can be no return to the ‘old normal’. The pandemic’s disastrous worldwide health impacts have been exacerbated by, and have compounded, the unsustainability of economic globalisation based on the neoliberal dismantling of state capabilities in favour of markets. Flow-on economic impacts have simultaneously created major supply and demand disruptions, and highlighted the growing within-country inequalities and precarity generated by neoliberal regimes of labour market regulation. Taking an Australian and international perspective, we examine these economic and labour market impacts, paying particular attention to differential impacts on First Nations people, developing countries, women, immigrants and young people. Evaluating policy responses in a political climate of national and international leadership very different from those in which major twentieth century crises were addressed, we argue the need for a national and international conversation to develop a new pathway out of crisis. JEL Codes: E18, HO, I1, J64, J88

No abstract

Built on deep-rooted political and cultural heritage, ‘rice security’ is the foundation of ‘food security’ in Bangladesh. The country has been in production-surplus of rice in the current decade feeding over 165 million people. This on-going ‘selfsufficiency momentum’ would require to maintain to meet increased demand from growing future population. On developmental side, Bangladesh is placed among the three of the world’s fastest growing economies in the years through to 2050. Rice sector would need to match with the pace of this growth. In addition, agriculture sector, that includes rice, is to double the productivity as the government commits to meet the SDG goal 2.3.1. This study addresses those issues through scoping increased rice production and productivity in Bangladesh, developing a plan of work (POW) on translating the scope and designing implementation plans and actions, incorporating efficiency, resilience, stability and sustainability issues, to achieve the POW. The study has used brainstorming, and rigorous analysis to achieve the objectives. The productivity has been explained in terms of yield- and labour-productivity. The developed three-winged ‘doubling rice productivity (DRP)’ framework directs yield enhancement and production accumulation in unexplored spaces (Wing-1); increased adoption of mechanization to impact on labour productivity (Wing-2), and improvements in nutritional quality and rice-based product diversity, and stabilizing the farmgate price (Wing-3). Analyses show, from the baseline figure of 35.29 MT in 2015, rice production in the country can be raised to 46.90 MT in 2030, 54.09 MT in 2040 and 60.85 MT in 2050 with combined contributions of three pillars – yield improvements by enhanced varietal potential (Pillar 1), reduction in existing yield gap (Pillar 2) and production increase by exploring unexplored spaces for rice (Pillar 3) of Wing-1 of the DRP. This production will produce a surplus of 6.50, 10.29 and 13.65 MT in 2030, 2040 and 2050, respectively, over the production target (40.40, 43.80 and 47.20 MT in 2030 and 2050, respectively). Results further reveal that through scale-appropriate mechanization backed up by estimated fair price, labour productivity in rice will be doubled by 2029, meeting the SDG 2.3.1. Good number of released varieties have been identified to have specific nutritional trait, and value adding quality. We have emphasized on much needed actions on demand-driven research for varietal development and field-adoptable management, mechanization for transplanting and harvesting operations, accommodation of rice in unexplored spaces, farmer-based speedy seed multiplication and dissemination system, establishment of commission for agricultural costs and prices, input buffer stock terminals for managing production risk, long-term storage and export of surplus production, and research-publicity-market development for rice-based products through public-private partnership. It is concluded that efficiency, resilience and sustainability around the three wings of DRP in the rice production systems to be ensured to achieve the rice production, productivity and labour use estimates. Bangladesh Rice J. 24 (2): 1-47, 2021

Examines the financial sector reform experience of Bangladesh. Finds that, while there have been some improvements in competition and efficiency, loan defaults still remain a significant problem. Also finds urban bias in loan allocation and shift of resources away from the rural sector. The main obstruction in the area of loan recovery is political interference. Provides a principal‐agent explanation of politicians’ behavior. Concludes that effective implementation of an optimal policy mix depends on complex political and institutional factors. Agues that without moral norms donor agency‐engineered formal institutional reforms become meaningless. Emphasizes the role of civil society organizations in creating and maintaining ethical social behavior, when state agents themselves are involved in fraudulent activities. In the absence of generalized morality and in a society where transactions are still guided predominantly by relationships, perhaps market‐oriented policy reform may increase transactions cost.

Far from being an event of a decade ago, the 2008 global financial crisis is a manifestation of an ongoing crisis of the world order, with social, political and ecological dimensions that cannot be seen separately from each other. The root cause of the crisis can be traced back to the collapse of the Bretton Woods System in August 1971, and the failure to design an equitable and inclusive global financial and economic governance architecture consistent with the changed global economic realities. The vacuum was quickly taken up by the neoliberal orthodoxy that pushed the agenda of wholesale liberalisation, resulting in unprecedented domination of speculative finance capital and multinational corporation–led globalisation. This has seen falling share of wages in national income, growing wealth concentration, rising income inequality and ballooning of household debts. The consequence was frequent and increasingly deeper and wider financial crises.