SC Connecticut News

In July, student protests in Bangladesh turned violent when the country’s longtime prime minister, Sheikh Hasina, initiated a crackdown that resulted in hundreds of demonstrators' deaths. This aggressive response transformed initial discontent about unemployment among educated youth into a broader movement against inequality, corruption, and antidemocratic leadership. In early August, protestors defied curfews and internet shutdowns to swarm the streets of Dhaka, ultimately surrounding Hasina’s residence and forcing her to abdicate and flee to India.

Manzur al Matin Pitom, a lawyer and television anchor who defended student protestors through lawsuits, described scenes of unity during what is now called the Monsoon Revolution. He recounted watching a mother tear up clothing for her son to shield him from tear gas. “The mother wasn’t even listening,” Pitom said. “She was tearing up a piece of clothing so her son could shield himself from the tear gas.”

Pitom spoke at Yale SOM's conference titled “The Monsoon Revolution in Bangladesh,” which gathered students, academics, and policy experts to discuss reforming corrupt institutions and reviving Bangladesh’s economy.

Prapti Taposhi, a protest leader who organized female students' marches during the revolution, recalled mothers bringing meals to demonstrators and strangers giving her money for protest supplies. She learned of Hasina’s flight while standing on the same street where she had been arrested in 2018 during an earlier student movement.

“That moment was pretty emotional,” she said.

After the revolution, protestors collaborated with Bangladesh’s military to appoint microfinance pioneer Muhammad Yunus as interim government leader. The new government faces challenges such as conducting free elections after fifteen years of authoritarian rule and stabilizing the economy.

Mushfiq Mobarak led a panel discussion on economic revival at Yale SOM. He highlighted the link between economic issues and political upheaval: “These two things cannot be divorced from each other.” Mobarak praised protestors for ousting a dictatorial regime without arms but urged panelists to find solutions for ongoing challenges.

“What should our strategy be?” he asked. “How do we actually make the economy run on a day-to-day basis?”

Economist Jyoti Rahman discussed economic challenges like inflation that skyrocketed under Hasina's regime but has started decreasing since the revolution. Reducing inflation further will require coordinated macroeconomic policies once greater political stability is achieved.

Rahman emphasized stabilizing Bangladesh’s currency to assure international investors: "This is a country that can pay its bills." Official remittances have increased recently—a positive sign—after being low due to currency depreciation under informal channels.

International financial organizations like IMF have signaled support for Bangladesh's recovery. Nehad Chowdhury noted that predictability and continuity are key factors for foreign investors assessing risks in Bangladesh post-revolution.

“The buyer is constantly chasing us for on-time shipment," Rubana Huq commented regarding uncertainties affecting Bangladesh's garment industry due to political instability. She argued that buyers are unlikely to trust Bangladeshi factories until stability returns but faced criticism for not supporting student protestors more strongly.

Abdoulaye Seck from World Bank stressed investing in human capital: "Bangladesh should invest in its people," especially young people who constitute two-thirds of the workforce.

A lively debate at Yale SOM highlighted difficulties achieving peaceful reform after authoritarian rule as business leaders, policymakers, and civil society must work together toward stable growth.