The traditional era of international development, spanning roughly 70 years, is coming to an end, with global development finance increasingly shifting from government-led initiatives to the private sector, social businesses and other alternative models, according to Yale University Professor of History David Engerman.
Professor Engerman made the remarks at a seminar titled "International Development: Past, Present and Possible Future" jointly organized by the Bangladesh Economic Association (BEA) and the Department of Economics at Dhaka University (DU) held at the Muzaffar Ahmed Chowdhury Auditorium on DU campus.
“My active conclusion here is that the era of development is now over. It went from 1955 to 2025—that’s 70 years. It lasted a full generation longer than the Cold War,” Professor Engerman said.
He added that the future of development must increasingly be shaped by the Global South.
The seminar was chaired by BEA Convener Professor Dr Mahbub Ullah, while Research Director of Bangladesh Institute of Development Studies (BIDS) Dr Kazi Iqbal and Executive Director of Economic Research Group Dr Sajjad Zahir served as discussants.
DU Department of Economics Chairperson Masuda Yasmeen delivered the welcome address and Professor Atonu Rabbani introduced Professor Engerman.
BEA Member Secretary Dr Mohammad Helal Uddin moderated the event.
Professor Engerman, author of "Apostles of Development: Six Economists and the World They Made", highlighted the work of six influential South Asian economists—Amartya Sen, Manmohan Singh, Rehman Sobhan, Mahbub-ul-Haq, Lal Jayawardene and Jagadish Bhagwati—who studied at Cambridge University and significantly shaped development theory in the developing world.
He traced the rise, transformation, and potential decline of the international development era from the late 1940s to the present, emphasizing the diminishing role of Western aid budgets, the dismantling of Usaid and declining global commitment to poverty reduction.
Professor Dr Mahbub Ullah analyzed Bangladesh’s socio-economic identity and its position in the global economy.
He highlighted the mixed impact of globalization, noting that while countries like China and India have benefited, others, including Bangladesh, have faced challenges. He warned that current restrictions on globalization could slow global progress and stressed the importance of knowledge transfer and intellectual exchange over financial aid alone in fostering sustainable development.
Dr Helal Uddin noted that the closure of Usaid had already stalled many projects, raising concerns about the future role of other donors.
Dr Kazi Iqbal reflected on the sustainability of development financing, observing that several leading non-governmental organizations (NGOs) are exploring exit strategies in response to declining development aid.
The seminar concluded with a call for scholars and economists worldwide to prioritize sustainable growth, cooperation, and the transfer of ideas to shape the future of humanity beyond the traditional development era.