How the World Bank tried to muscle into a newly-liberated Bangladesh but failed – Scroll.in
Bangladeshs heavy dependence on foreign aid in those early years made us vulnerable to pressure from aid donors. This was particularly uncomfortable for those of us in the Commission who had for many years criticised the hegemonic influence of the USA and the World Bank in the politics and policy agendas of the Pakistan state through the 1960s.
In the immediate aftermath of liberation, we discovered that Tajuddin Ahmad was even more strongly inimical to restoring any form of aid dependence on the USA and the World Bank.
When Bangladesh was liberated on 16 December 1971, the World Bank had every expectation of capitalising on the positive position it assumed during the war and hoped to establish ready access to the political leadership and decision-makers in Bangladesh. In early February 1972, Nurul Islam received a message from Cargill that the Bank president, Robert McNamara, was keen to use his official visit to India to visit Bangladesh. He offered to fly from Kolkata to Dhaka by helicopter to discuss the Banks possible contribution to reconstructing the war-devastated economy.
The political mood at that stage was highly nationalistic and animated by suspicion towards the USA. The Banks president was regarded as a card-carrying member of the Washington power elite even though he was no longer serving the government.
Furthermore, the Bank had as yet not formally recognised the sovereignty of Bangladesh by accepting us as a member. There was some suggestion led by Tajuddin Ahmad, who was then minister of finance and planning and was particularly hostile to any idea of restoring Western influence over Bangladesh, that we have nothing to do with the Bank or the USA. Bangabandhu, however, took the position that this would be a gratuitous discourtesy but that no great event should be made of McNamaras visit.
He, the president of one of the most powerful international institutions in the world, was coming personally to this destitute, war-shattered country as an angel of mercy anxious to put Bangladesh under the Banks bounty. He expected the overwhelmed government to lay down a red carpet for him and his Bank.
In their long-standing relations with Pakistan, Cargill as vice-president of the Bank had always been received on arrival by none other than the deputy chairman of the Commission and was royally feted by him. The Bank, at the least, expected similar treatment by Nurul. Cargill hoped to renew relations with me on as cordial terms as when he had hosted me at the Royal Monceau hotel in Paris in 1971. Sadly for the Bank, we were both advised to avoid any direct contact with the Bank.
Whilst the encounter was a major blow to McNamaras ego and reflected poorly on the public relations skills of the new regime, it certainly conveyed to the Bank the political mood in Bangladesh and the awareness that Bangladesh at that stage was unwilling to open itself up as a pasture to donor influence.
In this world, I found no socialists and my idealistic attempts to invoke notions of socialist fraternity in negotiating terms were contemptuously disregarded. We should have learnt from our experience, as we are learning today in our dealings with the Chinese version of socialism, that socialism as we understood it was largely a product of the romantic imagination of the Third World and Western intellectuals of a Left-wing persuasion.
It was virtually impossible on visits to socialist countries to find anyone, apart from leaders of the Communist Party, who was at all inclined to discuss the issue of socialism as it applied to their country or as a general concept. The disintegration of socialism in Europe did not come as a great surprise to me though the speed and totality of the process were beyond my imagination.
In Dhaka, we had already noted how some officials from the economic sections of the various embassies from the socialist countries were making private business deals with Bangladeshi middlemen, usually with political connections, and accumulating small fortunes before they returned home. We noted that some of the principal suppliers to stores in Gulshan of duty-free canned provisions, stores and under-the-counter alcoholic drinks originated from the staff of these embassies.
In those early days, those on the Left entertained the belief that because the West had colonised us and was the principal hegemonic force in the world, they must be challenged at all points. The corresponding notion that openings to the socialist world would provide us with compensatory benefits was founded on our imperfect reading of literature. It was only when we came to do business with them that we learnt of the gap between the imagined and the real world in these countries.
Excerpted with permission from Untranquil Recollections: Nation-Building in Post Liberation Bangladesh, Rehman Sobhan, Sage India.
More:
How the World Bank tried to muscle into a newly-liberated Bangladesh but failed - Scroll.in
- The Problem with Municipal Socialism: A Response to Liza Featherstone - Left Voice - February 18th, 2026 [February 18th, 2026]
- Siege and socialism: Photographer captures the consequences of sanctuary policy in the Twin Cities - Alpha News - February 18th, 2026 [February 18th, 2026]
- Capitalism, Socialism, Democracy and the Return of History - outlookbusiness.com - February 18th, 2026 [February 18th, 2026]
- Fueled By "Rage And Socialism," New Helldivers 2 Cyborgs Will Roundhouse Kick Your Ass - GameSpot - February 11th, 2026 [February 11th, 2026]
- Trump Accounts will help reverse the tide of socialism - The Hill - February 11th, 2026 [February 11th, 2026]
- Corbyns anti-socialism, Sultanas reformism and the necessary revolutionary alternative - World Socialist Web Site - February 11th, 2026 [February 11th, 2026]
- Is socialism-oriented economy holding Nepal back? - kathmandupost.com - February 4th, 2026 [February 4th, 2026]
- Capitalism Improves Human Lives, Socialism Does the Opposite - The Daily Signal - February 2nd, 2026 [February 2nd, 2026]
- SCOOP: Trump administration rolls Trump Accounts out as "the antidote to socialism" - Washington Reporter - February 2nd, 2026 [February 2nd, 2026]
- Denouncing Socialism While Supporting It - oklahomaconstitution.com - February 1st, 2026 [February 1st, 2026]
- Columnist says socialism can't succeed anywhere amid Venezuelas political turmoil - Fox News - January 30th, 2026 [January 30th, 2026]
- Socialism: understanding the theory, the path, and the process - Communist Party USA - January 30th, 2026 [January 30th, 2026]
- In Defense of Democratic Socialism and a Critique of Capitalism and Feudalism - Daily Kos - January 30th, 2026 [January 30th, 2026]
- As capitalism hurtles to dictatorship and world war, young people must join the struggle for socialism! - World Socialist Web Site - January 30th, 2026 [January 30th, 2026]
- Trump Accounts touted as wealth-building tool for next generation, measure against socialism - Read Lion - January 30th, 2026 [January 30th, 2026]
- Koutsoumbas: The KKE will become strong, ready to answer the call of history, for socialism! - In Defense of Communism - January 30th, 2026 [January 30th, 2026]
- Scott Bessent on the 39% of young Americans thinking favorably of socialism: Theyre just not invested in the stock market - Fortune - January 30th, 2026 [January 30th, 2026]
- David Kaufman: The rise of Mamdani socialism will come at the expense of Black people - National Post - January 26th, 2026 [January 26th, 2026]
- In Defense of Private Property: Repelling the Rise of Socialism - Crisis Magazine - January 6th, 2026 [January 6th, 2026]
- Maoism offered as a bogus alternative to African Socialism and Pan-AfricanismPart Two - World Socialist Web Site - January 6th, 2026 [January 6th, 2026]
- Maoism offered as a bogus alternative to African Socialism and Pan-AfricanismPart 1 - World Socialist Web Site - January 6th, 2026 [January 6th, 2026]
- Stossel: Examining the myths and realities of socialism vs. capitalism - MSN - January 6th, 2026 [January 6th, 2026]
- Mamdanis warmth of collectivism. Tell me again that socialism isnt communism | Opinion - SILive.com - January 4th, 2026 [January 4th, 2026]
- Quote of the day by Ronald Reagan: Socialism only works in two places - The Economic Times - January 4th, 2026 [January 4th, 2026]
- What is socialism and how it turned Venezuela into a living hell under Nicholas Maduro - WION - January 4th, 2026 [January 4th, 2026]
- New York's Socialism Era Begins with Knicks Giving Tyrese Maxey Part Ownership of Madison Square Garden - Crossing Broad - January 4th, 2026 [January 4th, 2026]
- This is the most vivid example of socialism destroying an economy: Venezuelan activist - Fox News - January 4th, 2026 [January 4th, 2026]
- Dave Ramsey Says Belief That Becoming Wealthy Is 'Blind Luck' Is 'Moronic' And 'Demotivating' Thinks It 'Rolls Socialism In With A Red Carpet' -... - January 4th, 2026 [January 4th, 2026]
- How to Mamdani-proof New York City and save it from socialism - The Hill - January 2nd, 2026 [January 2nd, 2026]
- Democratic Socialism Arrives In NY With Zohran Mamdani; He Promises To Govern Audaciously - IndiaWest - January 2nd, 2026 [January 2nd, 2026]
- Zohran, Greenlands Oceanic Socialism, and the Trump Economy - The American Prospect - December 31st, 2025 [December 31st, 2025]
- Fighting Trump With Socialism - FOX News Radio - December 31st, 2025 [December 31st, 2025]
- Franklin Graham attributes rising church attendance to young people's rejection of 'anti-God socialism' - Christian Post - December 31st, 2025 [December 31st, 2025]
- Socialism and its tendency to turn things that were once very normal into a luxury - Contando Estrelas - December 31st, 2025 [December 31st, 2025]
- The Iron Lady saved England from socialism - kingfisherpress.net - December 31st, 2025 [December 31st, 2025]
- Xi Jinping Thought on Socialism with Chinese Characteristics for a New Era receives high recognition from intl community: 2025 Global Survey on... - December 31st, 2025 [December 31st, 2025]
- Trump must reject housing socialism or face backlash at the ballot box - Washington Examiner - December 27th, 2025 [December 27th, 2025]
- Spain at a turning point: the decline of socialism and the rise of the far right - Atalayar - December 27th, 2025 [December 27th, 2025]
- With All Eyes on NYC, Seattle Quietly Braces for Its Own Experiment with Socialism - National Review - December 27th, 2025 [December 27th, 2025]
- Editorial: President Trumps brand of socialism has no place in a revival of Americas nuclear power industry - Chicago Tribune - December 10th, 2025 [December 10th, 2025]
- Sen. Rick Scott Calls for Passage of Resolution Denouncing Socialism: Its the Antithesis of the American Dream - U.S. Senator Rick Scott (.gov) - December 10th, 2025 [December 10th, 2025]
- Seminar: Cuba and China reinforce the validity of socialism as a development model for both peoples. - Workers World - December 10th, 2025 [December 10th, 2025]
- Socialism: Here, There, and Everywhere - Countercurrents - December 10th, 2025 [December 10th, 2025]
- LETTERS: Don't accept the immigration insanity; socialism creep in CFP - Waco Tribune-Herald - December 10th, 2025 [December 10th, 2025]
- The World Keep Turning: Mamdani, Costco and socialism - Greenfield Recorder - December 5th, 2025 [December 5th, 2025]
- Socialism Against the State - tribunemag.co.uk - December 5th, 2025 [December 5th, 2025]
- Billionaire sounds alarm on socialism: Theyre trying to change our way of life - Fox Business - December 4th, 2025 [December 4th, 2025]
- How a Trip to Poland Convinced Me That Socialism Works - The Imaginative Conservative - December 4th, 2025 [December 4th, 2025]
- Maureen Dowd: My brother believes that America will never buy socialism - The Irish Times - December 4th, 2025 [December 4th, 2025]
- US Democrats and Republicans Approve Resolution Condemning Evils of Socialism - ZENIT - English - December 4th, 2025 [December 4th, 2025]
- Prefecture Party Secretary Intensifies Ideological Demands: Tibetan Buddhism Must be Sinicized and Adapt to Socialism - Central Tibetan Administration - December 4th, 2025 [December 4th, 2025]
- Podcast: Is economic anxiety driving people to socialism? - Reason Magazine - December 4th, 2025 [December 4th, 2025]
- Socialism is popular, but government is still the problem - Washington Examiner - December 4th, 2025 [December 4th, 2025]
- The December 9 Protest in Tanzania, Nyereres African Socialism and the Struggle for Permanent RevolutionPart Four - World Socialist Web Site - November 30th, 2025 [November 30th, 2025]
- Letter stating that socialism will ruin US was hyperbolic [letter] - LancasterOnline - November 30th, 2025 [November 30th, 2025]
- Youth and Socialism: The Emerging Trend Reveals Growing Support Among Voters - La Voce di New York - November 30th, 2025 [November 30th, 2025]
- Liberty vs. socialism: The cases of Louisiana and New York - Washington Times - November 30th, 2025 [November 30th, 2025]
- The December 9 protest in Tanzania, Nyereres African Socialism and the Struggle for Permanent RevolutionPart Three - World Socialist Web Site - November 28th, 2025 [November 28th, 2025]
- What Socialism Got Right - In These Times - November 26th, 2025 [November 26th, 2025]
- The December 9 Protest, Nyereres African Socialism and the Struggle for Permanent RevolutionPart Two - World Socialist Web Site - November 26th, 2025 [November 26th, 2025]
- Resolution denouncing socialism passes in the House, ahead of Mamdani visit with Trump - Deseret News - November 26th, 2025 [November 26th, 2025]
- Zohran Mamdani and Donald Trump Prove That There Are Two Paths Toward Socialism - Reason Magazine - November 26th, 2025 [November 26th, 2025]
- These 2 Arizona Congress members opposed measure decrying socialism - azcentral.com and The Arizona Republic - November 26th, 2025 [November 26th, 2025]
- Watch: Carter denounces the horrors of socialism - U.S. Representative Buddy Carter (.gov) - November 26th, 2025 [November 26th, 2025]
- The Wave of Evolutionary Socialism in American Cities: News Article - Independent Institute - November 26th, 2025 [November 26th, 2025]
- They really think this is how socialism works. They're going to destroy the New York economy. - facebook.com - November 26th, 2025 [November 26th, 2025]
- Denouncing Socialism - Congressman Tom Mcclintock (.gov) - November 26th, 2025 [November 26th, 2025]
- Socialism and the soul of the Packard Foundation - Capital Research Center - November 26th, 2025 [November 26th, 2025]
- Mamdani dodges question on socialism vote ahead of high-stakes meeting with Trump - Fox News - November 26th, 2025 [November 26th, 2025]
- Horrors of socialism: The new red scare that preempts debate | Opinion - Idaho Statesman - November 26th, 2025 [November 26th, 2025]
- Armstrong Williams: Socialism is the equal sharing of misery | STAFF COMMENTARY - Baltimore Sun - November 26th, 2025 [November 26th, 2025]
- The December 9 protest in Tanzania, Nyereres African Socialism and the Struggle for Permanent RevolutionPart One - World Socialist Web Site - November 26th, 2025 [November 26th, 2025]
- Political Landscape Shifts As Alabama's Figures And Sewell Take Opposing Stands On Socialism - Tuscaloosa Thread - November 26th, 2025 [November 26th, 2025]
- Socialism may be the rage in NYC, but not in Fairfax County! - Fairfax County Times - November 26th, 2025 [November 26th, 2025]
- MINI: Don't kind yourself, socialism is alive and well in this country - Sioux City Journal - November 26th, 2025 [November 26th, 2025]
- The Rise of Zohran Mamdani and Socialism in America - Heartland on the Lars Larson Show - The Heartland Institute - November 26th, 2025 [November 26th, 2025]
- The Democratic Party Is Offering a False Choice Between Socialism and Technocracy - Reason Magazine - November 26th, 2025 [November 26th, 2025]
- Martin: The American Dream still outshines socialism - The Detroit News - November 20th, 2025 [November 20th, 2025]
- Opinion | Gen Z, Socialism and the Memes of Production - The Wall Street Journal - November 20th, 2025 [November 20th, 2025]
- Socialism will 'help the Republican Party if it spreads,' influencer says - Fox News - November 20th, 2025 [November 20th, 2025]