The political economy of Bangladesh’s development suggests that since independence Bangladesh has been strongly intertwined with policy influences of foreign actors and more particularly, of international financial institutions (IFIs). Domestic political actors hardly played a role in development policy formulation. Policies were never exposed to critical public debate or parliamentary discussion. It was always the prerogative of the ruling elite to formulate development agendas unilaterally with the blessings of foreign masters. Thus, the reform agendas often proved counterproductive. In such a situation Sobhan (2002a, 2002b) argues that if Bangladesh is to re-establish its legitimacy in the eyes of its citizens it has to assume charge over its own policy agendas. To qualify for true ownership such an agenda must start off through political dialogues in parliament with the opposition as well as across the country, and with the citizens of Bangladesh who are most likely to be affected or benefited by public policy. Moreover, such a policy agenda will have to be implemented through effective governance. Bangladesh policy establishment needs to shift its posture from being accountable to donors in the form of policy dependence to being accountable to the people who elect the political minders who can solve the myriad of problems by attaining policy independence that is backed by domestic policy action.