'Pattern shifting from govt initiatives to pvt sector, social business'

International development funding pattern is now shifting from the government-centred initiatives to the private sector, social business, and other models of finance, according to David Engerman, a Professor of History at Yale University, USA.

"My active conclusion is that the era of development is now over. It was from 1955 to 2025. That's 70 years. It lasted a full generation longer than the Cold War," Prof Engerman added.

He made the observations at a seminar titled 'International Development: Past, Present and Possible Future' - jointly organised by Bangladesh Economic Association (BEA) and Department of Economics at Dhaka University (DU) on Wednesday.

BEA Convener Professor Dr. Mahbub Ullah chaired the seminar, while Research Director of Bangladesh Institute of Development Studies (BIDS) Dr. Kazi Iqbal, and Executive Director of Economic Research Group Dr. Sajjad Zahir were the discussants.

Prof Masuda Yasmeen, Chairperson of DU Department of Economics, delivered the welcome address. Prof Atonu Rabbani gave a brief introduction of Mr Engerman. BEA Member Secretary Dr. Mohammad Helal Uddin moderated the event.

Professor David Angerman has authored a book titled 'Apostles of Development: Six Economists and the World They Made', which has shed light on six South Asian economists: Amartya Sen, Manmohan Singh, Rehman Sobhan, Mahbub-ul-Haq, Lal Jayawardene, and Jagadish Bhagwati.

Speaking on his book, Mr Angerman said the six economists studied at Cambridge University, and exerted a significant influence on development theories in the developing world. He spoke about the roles of these six economists.

He started his speech highlighting on the rise, transformation, and possible decline of the international development era, spanning from the late 1940s to the present. He noted that the era has likely come to an end, and what lies ahead must be shaped by the Global South.

He also warned of the present declining aid budgets across the West, the dismantling of USAID, and a waning global commitment to poverty reduction.

Prof Dr Mahbub Ullah traced the roots of globalization from colonial expansion to the Cold War tensions, highlighting its mixed impact. The countries like China and India have benefited; but some other countries, including Bangladesh, have faced challenges.

He warned that the current restriction on globalization could slow global progress, and predicted ongoing struggles between different ideological groups.

Prof Mahbub Ullah also highlighted the vital role of knowledge transfer and ideas in development, stressing that true progress comes from intellectual exchange rather than financial aid alone.

Dr Helal Uddin said after the closure of USAID, many projects have stalled. "Other donors are now following the US's path, how is it going to impact?" he added.

Dr Kazi Iqbal highlighted the role of foreign donors and sustainability of development financing.He said currently many leading non-government organisations (NGOs) are exploring the exit strategy.

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