Wednesday, September 8, 2010
Keeping Bangladesh Competitive
I have linked to a blog that describes a long paper written by The Asia Foundation. It mentions that if Bangladesh wants to remain competitive in its garment and textile industry, it needs to invest more in human capital and technology. In today's global economy, a country must stay competitive internationally as well as within itself. This example of Bangladesh is great for showing how the competition of capitalism can extend past domestic borders and further force industries to grow. The question now, specifically referring to Bangladesh, is how a country with such a low GDP will be able to afford such improvements in human capital and technology.
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Bangladesh has actually made dramatic improvements in recent years in terms of per capita GDP and human capital. Some say that this is due in part to the microfinance boom in that country in particular. Continued investment on a grassroots level might serve to promote growth in human capital better than a mass investment on the national scale. Particularly in the textile industry, it would be quite easy to train people without higher education to be skilled at efficient production and management with relatively small investments.
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