Throughout history, great nations have not been built by politicians alone. Behind every economic superpower lies a business elite that did more than just accumulate wealth; they invested in research, infrastructure, and philanthropy, laying the groundwork for enduring national prosperity.
The United States, often regarded as the pinnacle of capitalist success, owes much of its ascent to a select group of industrial titans who shaped the modern economy. These individuals were frequently controversial, facing accusations of monopolistic practices and labour exploitation, yet their contributions to nation-building, innovation, and philanthropy are undeniable.
Cornelius Vanderbilt, hailed as the father of American railroads, built transportation networks that linked cities and spurred large-scale industrial growth. John D Rockefeller transformed the oil industry, making energy affordable and widely accessible. Andrew Carnegie spearheaded the steel industry, driving infrastructure development and the construction of modern cities. JP Morgan stabilized financial markets during crises to prevent economic collapse, while Charles Schwab modernized steel production, cutting costs and speeding up industrial expansion.
These figures were not without their flaws -- they created monopolies, eliminated competitors, and operated ruthlessly. Nevertheless, they also acknowledged a vital truth: Nations cannot advance without a strong industrial and financial base.
Recognizing this, they contributed to society in ways that continue to benefit millions today. Carnegie established over 2,500 public libraries, providing generations with access to education. Rockefeller’s investments in medical research led to breakthroughs in public health, including vaccines for deadly diseases. JP Morgan’s financial interventions saved banks, industries, and even the US government from economic disaster. Their wealth was not just a symbol of success; it served as a tool for long-term national development.
Bangladesh at a crossroads: The need for an industrial vision
Today, Bangladesh stands at a similar inflection point. It has made remarkable economic strides in the last few decades, transforming from a struggling nation to one of Asia’s fastest-growing economies.
With an annual GDP growth rate often exceeding that of neighbouring India and Pakistan, Bangladesh has emerged as a leader in textile exports, microfinance, and digital financial services. Millions have been lifted out of poverty, urbanization is accelerating, and the country is attracting increasing foreign investment.
Yet, beneath this success lies a more profound concern. Bangladesh’s economy remains fragile, vulnerable to external shocks, political instability, and over-reliance on a few key industries, particularly garments and remittances. The country has not yet developed the kind of diversified, innovation-driven economy that can sustain long-term growth. Unlike the United States during its industrial boom, Bangladesh lacks a strong business class that actively contributes to nation-building.
The question is no longer whether Bangladesh can grow -- it already has. The real question is whether its business elite is prepared to take responsibility for long-term national development.
The missing link: A business class focused on national development
Despite the rise of numerous successful entrepreneurs in Bangladesh, very few have followed the model of Vanderbilt, Rockefeller, or Carnegie. Many business leaders focus on short-term profit, investing in low-risk, high-return industries like textiles, real estate, and banking rather than research, technology, or infrastructure that could drive the next phase of economic growth.
If Bangladesh is to transition from an emerging market to a developed economy, it needs a new kind of business elite -- one that:
- Invests in research and development, particularly in high-tech industries such as biotechnology, artificial intelligence, and renewable energy
- Fund world-class universities and research institutions, the likes of which fueled America’s technological boom
- Develop large-scale infrastructure projects, including high-speed rail systems, smart cities, and clean energy grids
- Support a strong financial system that ensures stability during crises and fosters an environment for long-term investments
- Engage in large-scale philanthropy to help build schools, hospitals, and public institutions that benefit society
Will Bangladesh’s wealthiest individuals rise to the occasion, or will they allow short-term thinking to dictate the country’s future?
The role of government in promoting a pro-business environment ecosystem
The government must also actively foster an environment that promotes long-term investment and innovation. Many of these great industrialists collaborated with the government to advance national development, often in partnerships that benefited both businesses and the public. Bangladesh’s government must:
- Provide incentives for research, technology, and higher education investments rather than favouring industries focusing solely on exports and low-wage labour
- Create a tax structure that encourages philanthropy and reinvestment in Bangladesh, ensuring wealth stays in the country rather than being transferred abroad
- Reduce bureaucratic inefficiencies and corruption, making it easier for businesses to invest in long-term projects without political interference
- Ensure policy continuity so that frequent changes in government priorities do not disrupt economic growth
A national disaster management team
As one of the most climate-vulnerable countries in the world, Bangladesh faces frequent floods, cyclones, and environmental crises that impede economic progress and displace millions.
One potential solution is to create a National Disaster Management Team (NDMT) as the most significant federal employer. This would:
- Employ millions of young Bangladeshis, particularly those from rural areas who struggle to find stable work
- Train workers in disaster response, construction, and crisis management, building a workforce that can be deployed in times of emergency
- Help build long-term climate resilience, including flood protection infrastructure, sustainable housing, and clean energy projects
- Function as a national service program, giving young people a structured path toward employment, skill development, and civic engagement
Countries such as Japan and the United States have made significant investments in national disaster preparedness, ensuring that natural disasters do not continuously hinder economic growth. Bangladesh needs to follow suit.
Investing in religious harmony and countering foreign influence
A unified nation is a stronger nation. Without social harmony, economic growth will always be fragile.
Historically, religious tensions have been exploited for political gain in Bangladesh and South Asia. In recent years, misinformation campaigns from foreign actors -- particularly from neighbouring India -- have sought to stoke sectarian divisions, threatening national unity.
To ensure long-term social stability, Bangladesh must:
- Strengthen secular education programs, promoting tolerance and coexistence
- Implement media literacy initiatives, countering the spread of religious and political misinformation
- Enhance legal protections for religious minorities, ensuring equal rights and opportunities
A call to action
Bangladesh has all the ingredients to become a true global economic power -- a young workforce, a growing middle class, and an expanding industrial base. However, the country risks stagnation without a business class committed to national development.
The time has come for Bangladesh’s business leaders to step beyond personal wealth accumulation and embrace their role in building a stronger, more resilient nation. If they fail to do so, the country’s economic progress will remain fragile, and future generations will bear the consequences.
The challenge is clear: Will Bangladesh’s wealthiest individuals rise to the occasion, or will they allow short-term thinking to dictate the country’s future?
The answer will determine whether Bangladesh remains an emerging market or transforms into a global economic powerhouse.
Mazher Mir is a human rights advocate.
