Economy does not merely refer to the calculation of human income and expenditure. It is the comprehensive process of production, distribution, exchange, consumption, and resource management aimed at fulfilling multifaceted human needs by utilizing limited resources, labor, time, and capability. From individuals to families, families to institutions, and institutions to the state—economic activities at every level are directly related to human livelihood and welfare.

Therefore, a country's economy is not just a calculation of its total income, total production, or total assets. How those resources are created, how they are distributed, whose hands they end up in, how much the standard of living of ordinary people is improving, and how effectively the state can utilize those resources for human welfare—all these matters are crucial parts of a nation's economy.

There are various philosophies and structures of economics—welfare economics, free-market economics, socialist economics, capitalist economics, imperialist economic structures, and so on. These systems differ in the role of the state, ownership of resources, production and distribution systems, and the methods of ensuring human welfare.

In his critique of the capitalist economic system, Karl Marx showed how the exploitation of the working class can be generated within the relationship between capital and labor in the production system. In his analysis, the ownership of the means of production and into whose hands the surplus value created by labor goes represents a central question of the economic system.

On the other hand, the core question of welfare economics is how to enhance the overall well-being of society's people through economic activities. A state is not successful simply because it achieves economic growth. Ensuring education, health, medical care, food, housing, employment, social security, and opportunities for a dignified life are also closely linked to the objectives of economics.

Moderate economic thought typically considers both market forces and the social responsibilities of the state. If a welfare state can be established by harnessing the combined strength of various economic parties, and if the fruits of the economy can be utilized for state welfare, then those resources can be spent for the benefit of workers, farmers, lower- and middle-class populations, and ordinary people.

We do not understand the socialist concept of the state merely as state ownership. An important goal of socialism is to ensure basic human rights—food, clothing, shelter, health, medical care, and education. Coordinating the social infrastructure, economic opportunities, state institutions, and public welfare systems required to guarantee these rights is also part of the state's responsibility.

In other words, utilizing the productive forces of the economy to ensure human welfare and delivering the benefits of those economic activities to the wider masses of society is an important objective of welfare economics.

The concept of welfare economics has a historic relationship with the political philosophy of Bangladesh. The Father of the Nation, Bangabandhu Sheikh Mujibur Rahman, established four fundamental principles in the Constitution of Bangladesh: nationalism, socialism, democracy, and secularism. Among these four principles, the concept of socialism is deeply connected with the questions of economic justice, reduction of disparity, and the assurance of basic human rights for all.

At the center of this economic philosophy was humanity. The goal of the economy is not merely to increase the wealth of a few individuals; rather, it is to eradicate hunger, poverty, and deprivation, and to create opportunities for every citizen to lead a dignified life.

However, as we move forward through the current economic realities of Bangladesh, if the benefits of economic growth do not reach the broader segments of society equally, there is a risk of creating a privileged class. At the same time, an affluent class can emerge through black money, illegal assets, and corruption.

Most importantly, if a state's economic management becomes corrupt, its impact is not limited to the public treasury alone; it affects the entire economic system.

When the state itself becomes corrupt and various institutional processes are bound within the vortex of corruption, the trust of ordinary people in the state diminishes. People then ask: Is the hard-earned money I pay as taxes to the state truly going to be spent for the public good? This crisis of trust can give rise to tax evasion tendencies. In turn, corrupt government officials take advantage of that opportunity. On one hand, people become reluctant to pay taxes, while on the other hand, state resources are misused through corruption. Consequently, state revenue declines, and a vicious cycle of corruption grows stronger.

Thus, the state gradually weakens. Public trust in the state diminishes. People can no longer view their love for the country, their contribution to the national economy, and paying taxes to the state as matters of civic duty and pride.

People begin to think that the money they give to the state will likely be wasted, embezzled, or used for personal gain by someone or another.

Therefore, for economic development, it is not enough merely to establish new industries, increase production, build infrastructure, or boost investment. A vital component of the economy is public trust or confidence.

When a person invests their savings, when an entrepreneur invests in a new business, when an investor puts money into the stock market, or when a foreign investor decides to make a long-term investment in a country—their decision is driven not only by economic calculations but also by trust in the state and its economic system.

People want to believe that their investment will remain safe, their property rights will be protected, unnecessary obstacles will not be created in running their business, and state institutions will function impartially.

Thus, an important responsibility of the state is to build that trust among the people. If a corruption-free political and administrative system is established, alongside a clear commitment in governance that every single penny of the state will be spent for public welfare, people's trust can gradually be restored.

If we can prove that allocations for education are actually spent on education; that allocations for health are spent on public healthcare; that funds allocated for infrastructure are properly utilized for infrastructural development—then public belief in the state will increase.

People will then realize that the taxes they pay are being spent on their own society, their own children, their own health, their own education, and the future of their country.

Once this trust is established, it will have a positive impact on the economy as well. People will be encouraged to pay taxes, investment will increase, entrepreneurs will be eager to take on new initiatives, production will rise, and the scope of the economy will expand progressively.

Our tax net will widen, revenues will increase, state capacity will grow, and the state will be able to spend more resources on human welfare.

Here, the economy and the state system are deeply interconnected. Building a strong economy requires a strong and credible state system. Conversely, operating an effective state system requires a strong economic foundation.

Therefore, the state's responsibility is not merely to increase economic growth figures; it is to create a belief among the people that the state will stand by its citizens and that state institutions will function fairly.

No human being shall face injustice. In conducting their activities, the state shall never evaluate them unfairly or on partisan grounds. No machinery of the state or part of the state shall obstruct them in halting their progress.

If the state ensures "free and fair" or equal opportunities for every individual, every person can utilize their capacity, intelligence, and creativity to the fullest.

If a person's economic and social advancement is not determined by where they were born, their family identity, or their political background, but rather by their qualifications, labor, talent, and initiative, then the human resources of the state will be utilized to their highest potential.

Because a country's greatest asset is not just its natural resources; its greatest asset is its people—their labor, talent, skill, creativity, and enterprise.

To harness the potential of those people, the state must create equal opportunities for all. State institutions must be neutral, transparent, and accountable. The use of economic resources and state opportunities must be directed toward the greater welfare of the people.

Only then can we build an economic system where economic growth is not confined to the wealth accumulation of a few, but its benefits are used to improve the living standards of the wider populace.

It is with the goal of establishing this welfare state that the economy must be utilized for the people. The state's economy must work not over the people, but for the welfare of the people—this should be our core philosophy.

And the establishment of that welfare state is one of the primary goals of the days ahead—a goal that formed one of the foundations of Bangabandhu's state philosophy. Should the Awami League come to power in the days ahead, establishing Bangabandhu's welfare-oriented economic state system will be our policy and ideal of governance.

Author: Sachin Bangali, Columnist and Political Analyst