Bangladesh do have the traffic laws, they don't have a police force that will enforce them. Shelling out 500 taka for a bribe isn't a big problem for western speculators, but the reason these buses felt comfortable breaking the law which resulted in the two deaths is because, NOT because of

free-market, regulation-free capitalistic competition

it's because of a corrupt regulatory system (CPI: 143/180) which is using its monopoly of violence for this.

Though I've never stepped foot in Bangladesh, I've spent summers in neighboring Kolkata, where the culture of corruption is also prevalent. I should not need to state an understanding of Bangla culture to qualify my statements. Corruption is corruption, law is law. The only difference is how we define our malleability to the latter as a consequence of the former.