A policy debate on the motion “This Parliament demands the nationalization of mega-corporations” was held on Wednesday at the 4th Bangladesh Economic Summit organized by the Center for Economic Studies.
Faculty members at the University of Dhaka spoke in favor of the motion while students spoke against the motion, a press release read.
The panel discussion was moderated by Dr. MM Akash, Professor and Chairman of Department of Economics, University of Dhaka.
Sound logic and relevant historical facts in favor of nationalization were presented by the teaching team consisting of Department of Economics Professor Dr. AKM Ghulam Hussein, Department of International Relations Professor Dr. Mohammad Tanzimuddin Khan and Professor from the Department of Mass Communication and Journalism Dr. Kaberi Gayen.
The debate started with Professor Hussein talking about the role of IBM in the Holocaust, which was a company owned by JP Morgan. He attributed Donald Trump’s triumph in the 2016 US presidential election to tech giant Facebook. Professor Tanzimuddin Khan then spoke about the infamous 2008 financial crisis triggered by profit-hungry corporations, which resulted in a nearly $700 billion bailout by the US government. As the final speaker, Professor Gayen strongly opposed neoliberal ideas, which have led society to recognize inequality as a natural phenomenon.
The student team – Lubaba Mahjabin Prima, Sheikh Rafi Ahmed and Muktasid Mohammad Rafiul Islam; all from the Department of Economics at the University of Dhaka – offered strong arguments and rebuttals in response.
They focused on inefficiency, which will prevail if mega-corporations are nationalized. Their argument also included that with political polarization comes nationalization, which can be another barrier to effectiveness. In addition to speaking against nationalization, they suggested that predatory price controls imposed on businesses by governments, as well as the unionization of workers, can, to some extent, reduce the tendency of corporations to wield excess power over workers. popular masses.
The esteemed moderator concluded the session by saying that the nationalization of mega-corporations depends on the type of government a country has.
If a government is corrupt, it can consolidate more power by nationalizing companies, which can be devastating for the country. But if a government is properly democratic, by nationalizing corporations it can effectively shift the level of wealth from the top 1% to the mass of the country’s people.