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.
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.
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.
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