ECONOMIC RESTRUCTURING AND ITS SOCIO-CULTURAL IMPACT ON URBAN SOCIAL LIFE: A STUDY OF KHULNA METROPOLITAN AREA

Abstract

A new society arises when a structural revolution occurs and its repercussions on production, power, and experience. A new culture emerges when this transition modifies everyone equally. Information is the most significant element in determining power in the current capitalist global economy. Whoever has greater knowledge has more authority. The global financial markets and their managerial networks constitute the collective capitalist, the mother of all accumulation. Global financial networks constitute the central nervous system of the information economy. Clearly, cultural conflicts are the power struggles of the information era. The move to new forms as a result of economic upheaval is evident in our everyday lives as a family. This refers to the impact on our social and cultural lives. The globalization of cityregions

has contributed to the restructuring of industries and real estate markets and has produced new social cohorts, including highly specialized financial intermediaries and new gentrified neighborhoods characterized by high incomes and a lack of price sensitivity in the construction of housing options. The same has occurred in Bangladesh as a result of technological advancement and its influence on every aspect of society. Now that the transformations of the production process, labor, and capital are evident, the alteration of class relations can also be seen. The rapid obsolescence of skills is due to technological and organizational change. Over numerous decades, agriculture's contribution to the gross domestic product (GDP) has decreased rather steadily, while industry's contribution has increased. Even if earnings are increasing, Bangladesh is still categorized as a middle-income country. In Bangladesh, however, the real poverty rate and the number of people regarded as poor are far higher. The predicted increased productivity of labor in the mostly urban services sector creates powerful incentives for rural-to-urban migration. In recent decades, the social and economic situation of women has improved in part due to women's rising labor force participation rates. The rise of the ready-made garment (RMG) sector has given people a new era. Despite massive rural-urban migration, Bangladesh's urbanization remains modest; in 2011, only 28 percent of the population lived in cities. According to historical estimates, net migration accounted for 63 percent of the 3.5 percent urban population growth rate in the largest metropolitan regions, with natural increase accounting for the remainder. Moreover, slum populations have been growing at double the pace of metropolitan populations. Khulna, Bangladesh's third largest city, is also affected by the technology society and economic upheaval. In Khulna, a new kind of urban culture has developed that is connected to the rest of the globe. As a result of economic reorganization, a new technology-based society has been developing in Khulna, with repercussions for the city's sociocultural life. This research attempts to comprehend the influence of economic restructuring on urban social life. We are aware that the situation is not the same, but there are parallels. Thus, the research on the metropolitan area of Khulna may be applied to another city in Bangladesh and can be compared to other metropolitan areas throughout the globe.