He made the remarks while speaking as the chief guest at the publication ceremony of a four-volume 'Collected Works of Rehman Sobhan', published by the Centre for Policy Dialogue.

Sobhan said the selected collection of his popular writings, stretching from 1958 to 2006, have the notion of justice at the core and express his ideas on political economy of the society.

The book launch attendees' list was a who's who of Bangladeshi politics, business, academia, development sector, culture, media and the bureaucracy. It was held at a hotel in the capital.

Fakhruddin, a student of the first batch who studied economics under Prof Sobhan at Dhaka University, recalled his contribution to Bangladesh's independence through elaborating the disparity between the erstwhile West and East Pakistan through the 'two economies' theory.

He also observed that the professor has highlighted 'the important role the civil society can play in bringing about substantial transformations in a society'.

"This has been reflected, for example, in the countrywide dialogues he has led, aimed at reforming the electoral and political process in the country," Fakhruddin added.

The CA said, "Prof Sobhan has provided valuable insights into how corruption can be handled and dealt with." He also noted the professor's contribution in highlighting the problems of governance, external dependence, land distribution and structural injustices.

Fakhruddin's batch of 1961, also includes Nobel Peace Prize winner Prof Muhammad Yunus and current Finance Adviser AB Mirza Azizul Islam.

He heaped praise on the professor for having a lasting impact on his own life, and on other economists and the country.

Sobhan in his speech said the current caretaker government should not only work towards strengthening governance for the sake of political democracy but also for economic democracy. "Sustainable democracy has to be put up on the edifice of an economic democracy," said Sobhan adding, "Those who are in positions of power should have a clear idea of their target."

He also said he hopes that the present government can ensure that 'all become major stakeholders and beneficiaries of development'.

Prof Sobhan was born in Kolkata in 1935 and taught economics at Dhaka University between 1957 and 1971. He is currently the chairman of CPD. He has written 42 books and published a long list of journal articles on political economics.

Recalling Bangabandhu Sheikh Mujibur Rahman's efforts to engage academics to offer their knowledge and wisdom to the independence effort, Rahman lamented the current state of affairs.

"Since 1971 there has been a growing disconnect between the political world and academics. There was a failure in effecting a demand for ideas," he said adding, "The academics have stopped contributing ideas and strategies to the political mainstream."

"The academics must write for the society around us," he said, citing his efforts to reconnect academic research with policy making by charting a roadmap for an 'egalitarian' society in 1991.

Prof Sobhan also stressed, as an integral part of South Asia, Bangladesh should look to be part of Asia's charge up the global economic ladder.

Kamal Hossain, politician, lawyer and a friend of Prof Sobhan, said younger generations should learn from Sobhan's inspiring work and embark on a 'second liberation war in 2007' to follow 1971.

"The younger generations should join in our unfinished journey to reach the promise of the liberation war," Kamal said.

He added that the 1960s, when Sobhan rose to prominence as an academic-writer-activist, should be replicated through a 'resurrection' of the universities of Bangladesh emulating the political vibrancy and dynamism of that period.

Eminent economist Prof Muzzaffer Ahmed, a former colleague of Sobhan, said "His speciality is in his commitment to not only presenting his views and beliefs on society but also to seeing their implementation."

Prof Anisuzzaman recalled Sobhan's efforts as a young teacher at DU in arranging 'thoughtful' seminars that seriously tackled contemporary issues in political economy.

Prof Wahiduddin Mahmud lamented the role of the generation of intellectuals to come after Sobhan, saying, "Maybe we live in an age where intellectual activism doesn't matter anymore."

He also lauded Sobhan's work on development and as a dissenting voice against foreign-imposed economic theories, reminding the audience that Sobhan's works on the 'developmental state' are now incorporated in the policies of the World Bank and International Monetary Fund.

Hameeda Hossain, founder member of Ain O Shalish Kendra and a co-editor of Sobhan for Forum in the late 1960s, said Sobhan's writings demonstrate his 'versatility as a writer and the force of his language'.

Finance Adviser Mirza Azizul Islam, another member of the first batch to study under Sobhan at DU, said Sobhan's works not only outlined a vision but articulated a specific strategy for achieving that goal.

Prothom Alo Editor Matiur Rahman commended Sobhan's decision to return to Bangladesh in 1957 in spite of more lucrative opportunities.

M Syeduzzaman, a member of CPD's Board of Trustees, chaired the discussion, while CPD Executive Director Debapriya Bhattacharya made introductory comments.

The four volumes of the collected works are Vol 1 -- Challenging Injustice, Vol 2 -- Milestones to Bangladesh, Vol 3 - The Political Economy of Malgovernance in Bangladesh, and the fourth volume in Bangla titled 'My critic, my friend'.