Effects of Neoliberal Globalization on Readymade Garment Industry of Bangladesh: A Case Study for Chittagong

Effects of Neoliberal Globalization on Readymade Garment Industry of Bangladesh: A Case Study for Chittagong

Tasneem Akhter (GIFT University, Pakistan) and Arpita Palit (Asian University for Women, Bangladesh)
DOI: 10.4018/978-1-5225-0215-9.ch023
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Abstract

Philosophy of neoliberal globalization is emerging from last two decades and dominating the economic policy making in most of the world economies. It is strongly advocated in UK and the USA; however, substantial resistance has limited its influence for rest of the world. For this study, the researcher used the descriptive case studies methodology to test the effectiveness of this philosophy of globalization for readymade garment sectors in Bangladesh after the setback of Rana Plaza incident. As a result, it is proved with the help of data collected from RMG workers that it is still ineffective because policies are malfunctioned. The neoliberal globalization policies adopted by the government are creating divergence and disparity among the workers and investors of the RMG Sector in a serious way.
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Objectives

In this study, researchers are trying to find out the root cause of this inequality. Main aim of the study is to explore the affects of industrial affairs in the perspective of globalization on the labor class of RMG sector.

Aims of this study are:

  • To study the industrial affairs in context of globalization and neo liberalization of trade.

  • To explore the current living situation of the workers in RMG sector.

This study will try to answer the following research question:

  • What is the role of neo liberalization in the development of the working class for RMG of Bangladesh?

Key Terms in this Chapter

Labor Policies of Bangladesh: It provides several acts for protecting the labour classes including the female and child labourers.

Neo-Liberalization: It is the dominant ideology shaping our world today. It is again a modern politicoeconomic theory favouring free trade, privatization, minimal government intervention inbusiness, reduced public expenditure on social services, etc.

Globalization: It means free flow of goods and services unsealing the economic boundaries.

RMG: It is expanded to Ready–Made Garments. The economy of Bangladesh is largely dependent on agriculture. However the RMG sector has emerged as the biggest earner of foreign currency. The RMG sector has experienced an exponential growth since the 1980s. The sector contributes significantly to the GDP.

Inequality: It means there is growing gap between the rich and poor classes of the economy.

Bangladesh: It is a country in South Asia bordered by India to its west, north and east; Myanmar to its southeast; and is separated from Nepal and Bhutan by the Chicken's Neck corridor. To its south, it faces the Bay of Bengal. Bangladesh is the world's eighth-most populous country, with over 168 million people and is one of the most densely populated countries.

Divergence: It refers to a situation where different sections of a society move away from each other.

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