TDS Desk:

The Forum for Economic Justice (FeJ) held a press conference and discussion meeting on proposals for establishing an eight-point economic reform agenda, forming a reform commission to address economic inequality, and recognizing social ownership in the constitution.

The event took place on Saturday (21-09-204) in the Sagar-Runi Hall of the Dhaka Reporters’ Unity. The speakers emphasized that democratizing the economy is the first and foremost condition for building an exploitation-free democratic state or society.

They stated that it is impossible to establish an egalitarian society while maintaining the existing ownership-based economic system. Therefore, the rights of the people to ownership of resources at all levels of society must be established, and fair distribution of profits among stakeholders must be ensured. To guarantee a just distribution of profits, workers’ ownership in production, profit-sharing, and representative management must be secured.

The speakers further pointed out that private ownership-based capitalism is the root cause of social exploitation and injustice, state-owned socialism leads to state exploitation and injustice, and social business is merely a new tactic to sustain the declining individual-centric capitalist economy. By trapping poor and vulnerable people in the web of microcredit or social business, capitalism attempts to reduce its exploitation level while ensuring its survival. Meanwhile, global capitalism has adopted so-called Islamic economics to maintain its system of private ownership exploitation in the Muslim world. Through Islamic banking or the Muslimisation of the banking system, this scheme is perpetuating the detestable practice of usury under a different name.

During the press conference, the forum presented its eight-point economic reform proposal, stating that basic needs should be declared as ‘non-profit goods’. They called for the immediate establishment of “social ownership” in the production and service sectors by recognising “all stakeholders as profit partners.”

The eight-point agenda also called for abolishing the British colonial company law and establishing “representative business management” involving stakeholders. Additionally, the forum demanded that the gold standard be adopted as the basis for currency management, along with the introduction of currency with a fixed term. They labeled the existing tax system as oppressive and called for reforms. The forum proposed that income tax and wealth tax be capped at an equal rate based on ownership of assets and income equivalent to 87.5 grams of 24-karat gold, with the total payable tax being 5 per cent of total income and wealth. They also demanded that, after deducting the debt of a wealth or enterprise, the remaining portion should be taxed, with lenders bearing the tax burden on the debt portion.

The eight-point agenda also urged the creation of an interest-free banking system, with loans offered at a profit rate determined by the “real value of money” and the establishment of an interest-free loan system under state guarantees to fulfill basic needs.

The speakers emphasised that sustainable democracy is only possible by creating a democratic economic structure through the formation of a permanent wage commission and a banking commission. Otherwise, they said, our independence, like in 1971, will remain confined only to gaining a new territory. They expressed their resolve not to let the new freedom obtained on 36th July of 2024 be tarnished like the victories of 1971 or 1990. From quota reform to addressing inequality, from ending inequality to reforming the state — to turn the victory of 2024 into a revolution, we must establish economic justice.

The event was chaired by the forum’s convener, FarrukhKhosru, with speeches delivered by Member Secretary Md. Selim Reza, Joint Convener Md. Noor Alam, Dr. Forkan Uddin Ahmed, Tapan Kumar Nath, Barrister SulaimanTushar, Mushrikul Islam Shimul, and Ashraful Islam Ashu, among others.

The event was moderated by Youth Secretary Shahriar Islam Shovon, and senior journalist Golam Haider, youth organisers Md. Zillur Rahman, Habibur Rahman, Mosammat Rima, TapasiRabeya, and others were also present.

(Source: Press Release)