Citizens’ role in market price regulation

The surge in costs has deeply affected people from all social classes. From the busy streets of Dhaka to the peaceful rural areas, it has put a significant strain and struggle resonates among all the inhabitants who are already dealing with the challenges of everyday life.
The core of this puzzle is the complex interplay between supply and demand, which is frequently shaped by a wide range of circumstances, including global market trends and domestic regulations. Although governments bear the responsibility to establish regulatory measures, the active involvement of individuals is equally essential in maintaining a healthy market ecology.
While the government must oversee market pricing, there is an urgent need for collaboration from the corporate sector. Unfortunately, business syndicates have spread rapidly in other areas, gaining influence over market pricing gradually. Although the government is making sincere attempts to combat these syndicates, they face significant obstacles in attaining their goals.
Thus, citizens need to play a pivotal role in the control of market prices.
In rural areas, where community bonds are strongly embedded in the social structure, active participation of citizens has significant potential in reducing price increases. By engaging in grassroots projects and taking collective action, individuals have the power to have a substantial impact in promoting transparency and accountability within the market system. Through the act of monitoring pricing, identifying irregularities, and promoting equitable practices, individuals assume the role of guardians of economic justice, protecting the welfare of the marginalized sectors of society.
Consumer associations in Bangladesh are not as strong as those in several surrounding countries. Furthermore, the history of our consumer associations is rather new. If we developed strong consumer groups, we would have a more significant impact on the market. For instance, the deceitful strategies utilized by unethical business syndicates that deliberately create artificial scarcities of vital commodities like onions, green chilies, and other vegetables exclusively for financial gain. If consumer groups could have motivated people to refrain from buying these things for only one week, the costs would have rapidly decreased, considering the perishable nature of commodities such as onions and chilies. Under the influence of the excess supply, hoarders would have been obliged to lower prices. Consequently, it is vital to enhance the consumers' connection inside the country.
Furthermore, the emergence of digital technology has completely transformed the field of citizen participation, offering opportunities for immediate exchange of information and mobilization. Mobile applications, social media platforms, and online forums are powerful tools that empower citizens by facilitating fast communication and collaboration to solve issues linked to prices. By utilizing technology, individuals may enhance their influence and ensure that those with a vested interest are held responsible, thereby cultivating a climate of consumer activism.
Education has a crucial role in empowering citizens when it comes to regulating market prices. By promoting financial literacy and providing education on consumer rights, individuals are equipped with the essential skills to make well-informed decisions and successfully advocate for their interests. By conducting workshops, seminars, and outreach programs, stakeholders can also provide people with the necessary capabilities to effectively traverse the complexities of the market, as a result selling a fairer and greater robust economy.
Moreover, it is essential to promote cooperation among people, government agencies, and NGOs to ensure strong control of market prices. Through open communication, individuals or groupscan effectively utilize their combined knowledge and power to tackle underlying problems that contribute to the increase in prices. Actions may include policy lobbying and community-driven activities.
Although citizen participation demonstrates great potential, it is key to identify the structural hindrances that hamper significant participation. The empowerment of citizens is hindered by socio-economic discrimination, inadequate access to information, and institutional restraints, which further increase the vulnerability of underprivileged populations. To harness the benefits of citizen involvement fully, it is essential to make efforts to remove these hindrances and establish an inclusive environment where all opinions are acknowledged and respected.
Given the current surge in prices in Bangladesh, promoting citizen empowerment becomes a source of optimism at a time of uncertainty. By using the combined strength of its population, Bangladesh can pave the way for a market environment that is both robust and egalitarian, ensuring that prosperity is not an unattainable aspiration but a concrete reality for everyone. As citizens, we should fully accept our responsibility as guardians of economic fairness and agents of transformation, since we possess the ability to design a future where no one is neglected.
Dr Pranab Kumar Panday is a Professor in the Department of Public Administration at the University of Rajshahi.