128 BANGLADESH OPEN UNIVERSITY JOURNAL, Vol. III, No. I, 2016 128 Globalization and Bangladesh Economy: A Critical Assessment Muhammad Badrul Hasan 1 Sodip Roy 2 ABSTRACT Over the past decades, globalization has now become a new world order, which virtually influences everything that comes in our mind. Developing countries like Bangladesh with vulnerable geopolitical locations and weak economies are now looking at globalization to strengthen their economy to fight any perceived threats. But the increasing role played by the western dominated institutions such as, the World Bank (WB), International Monetary Fund (IMF), and the World Trade Organization (WTO) in setting the rules under which globalization is played, has placed developing countries in a much disadvantageous position vis-à-vis the developed countries. After a hesitant start in the mid-1980s, Bangladesh moved decisively to embrace the wave of globalization in the 1990s. Ever since, the impact of globalization on the economy Bangladesh and more pointedly, on the lives of its people, has become a hotly debatable issue. This paper attempts to take a fresh look at the impact of globalization on the economy in Bangladesh and to draw some policy conclusions. It also studies some ameliorative measures to overcome the negative impacts and also the ways to exploit the opportunities created. Finally the paper recommends some measures for Bangladesh to meet the challenges of economic globalization. Keyword: Globalization, IMF, WTO, World Bank, Bangladesh. 1. Introduction: Globalization has become the most pressing issue of our time all over the world. It is not a new phenomenon, even though it has drawn increasing attention in recent years from scholars, international organizations and national policy makers. Previously it was labeled as internationalization. The concept of globalization has taken its present shape with the establishment of International Monetary Fund (IMF) and World Bank and it has got a new momentum after the signing of Uruguay Round Agreements that was followed by the establishment of World Trade Organization (WTO).Now there are new rules in the form of multilateral trade agreements that govern the international trade. 1 Lecturer, Dept. of Political Science, University of Dhaka, Dhaka. 2 Lecturer (Political Science), Open School, Bangladesh Open University, Gazipur.