Points. [Read the opening case in chapter 3 on Economic Development in Bangladesh and answer the following questions. Type your answer in Microsoft Word with your name on it, save as a separate file and then post/upload on Blackboard. Also check your write up for correctness and plagiarism]. Case Summary The opening case explores the transformation of Bangladesh from a deeply impoverished country to one where the economy is growing at around 6 percent annually and poverty has more than halved. The transformation began after socialist policies, which had been put in place following the country's independence from Pakistan in 1971, were abandoned in the 1980s in favor of more democratic market-based policies. Food and agricultural subsidies were eliminated, and state-owned companies were privatized. In addition, financial liberalization allowed for the transition to a convertible currency and greater inward financial investment. Today, despite continued corruption and a poor infrastructure, Bangladesh is the second largest exporter of ready- made garments in the world. Additionally, a microfinance movement is facilitating a surge in entrepreneurship Discussion of the case can begin with the following questions: 1). In the space of just a few decades, Bangladesh has transitioned from being one of the world's poorest nations to a country with a thriving textile industry and a microfinance movement that is paving the way for entrepreneurship. What contributed to the transformation of Bangladesh? 2). Discuss the challenges still facing Bangladesh. How can continued political reform help the country? 3). Discuss the availability of microfinance in Bangladesh. How can the availability of small loans help the country move to a higher level of economic development and continue to reduce poverty levels