This may sound laughable, but I think that Pakistan should learn a thing or two from economic imperialism. If we, the people of the subcontinent, did not learn from the East India Company experience, then indeed we are fools beyond measure. Most countries of the world patronize some key corporations in key industries from their country and do as much as possible to project these organizations throughout the world. The world economic system has been structured in such a way as to make large multinational corporations an essential tool in the survival and competitiveness of nations. For us to disregard this fact of life is to live in peril and to remain at the mercy of the markets, which as all can see plainly these days, will do us no favors.
Countries these days are represented in part on the economic front by a legion of private corporations. The United States is an imperial power today because of the might of its economy which rests on its multinational corporations that dominate the scene. Banks, media, mining firms, oil corporations, military contractors, and various other industries are promoted and expanded abroad as a vital part of American interests. Europeans do the same, as do Chinese, Russians, and now even the Indians. The UAE has turned its tiny parcel of desert land into a shining economic powerhouse of Asia because of smart policy and economic imperialism. Their Emaars, Nakheels, DPWs and other entities are expanding throughout the world and in the process are strengthening the "motherland".
Our policy in Pakistan is quite the opposite and our policy-makers have totally ignored the painful lessons of recent history. Our policy involves giving concessions to these foreign corporations and attracting them to set up and dominate Pakistan's economy. Rather than us expand outwards, not only have we not even built such institutions, we are consciously imploding our nation's economy through the opposite of economic imperialism .we are actively seeking to be hosts to the imperial corporations of the world and to adopt a subservient role. Why do we not try to build another BCCI to be expanded throughout the world? Why do we not try to build an Emaar of our own and expand that throughout the region at least? Why not try to build the capacity to manage these ports ourselves rather than sell them to foreigners? ..that way we can at least start working towards establishing a DPW of our own.
Why not force these big broker mafias that use their money-men status in Pakistan to buy everything in this country, rather than expand outwards? Aref Habib is into virtually every industry in a big way, as is Jehangir Siddiqi, the other Habibs, AKD, KASB, and all of these money-mafia people. They have been facilitated by our leaders in concentrating their hold on Pakistan rather than expand outside so we can start owning productive assets outside Pakistan that can then send regular profits back to Pakistan. Rather than making the capital markets of Pakistan more accessible to Pakistanis with ideas and the ability to execute them, the managers of our capital markets have formed a small club that only trades with itself and those that have been invited to play a junior role.
The only time our government has considered the economic imperialism policy as it would apply to Pakistan was when creating army owned companies such as NLC that were then to monopolize the industry within Pakistan. They totally screwed up the lesson .they are supposed to do the imperialism thing to others not us thats how its supposed to benefit the country you morons!!! If they gave this kind of support to private corporations across a broad spectrum, we could be getting somewhere. If Pakistanis in the business of construction want a concession from our government, then they have to have a Pakistan based entity that owns all the foreign entities .and this company has to provide expansion plans abroad that will benefit the Pakistani nation in the long run. Thereafter, this company should be given projects such as the one given to Emaar at throw-away rates ..instead of giving it to a foreign corporation. If you want dollars coming into the country ..think a little more long term and then you won't have to be on your knees begging all the time. Build large Pakistani corporations with operations abroad that regularly send profits back to Pakistan .that is common sense.
Why not give these corporations some tax incentives to bring those foreign profits (that never would have showed up in Pakistan) into Pakistan by treating them like national assets. Let's support one or two of these media corporations to expand and compete with Al Jazeera or eventually CNN. We have the people and the ability .why is it not possible?
How about forcing some of our financial brokers to set up abroad in other major capital markets with the same brand and then helping them in whatever way possible by for example giving them a piece of our international bond issuances, or even requiring private corporations in Pakistan to give them a piece of their foreign business, i.e. GDRs, consulting, etc.
How about going into Africa with an agreement with one of these countries to allow private (state backed) companies from Pakistan to exploit African resources the way Chinese, Americans, and pretty much everyone else is doing.
There is so much we can do if we simply choose to think. Our foreign policy should be less about the Great Game between the US and the rest of the world, and more about promoting our economic interests throughout the world through our own instruments. This is the only way for us to get out from our current state economic slavery.
Countries these days are represented in part on the economic front by a legion of private corporations. The United States is an imperial power today because of the might of its economy which rests on its multinational corporations that dominate the scene. Banks, media, mining firms, oil corporations, military contractors, and various other industries are promoted and expanded abroad as a vital part of American interests. Europeans do the same, as do Chinese, Russians, and now even the Indians. The UAE has turned its tiny parcel of desert land into a shining economic powerhouse of Asia because of smart policy and economic imperialism. Their Emaars, Nakheels, DPWs and other entities are expanding throughout the world and in the process are strengthening the "motherland".
Our policy in Pakistan is quite the opposite and our policy-makers have totally ignored the painful lessons of recent history. Our policy involves giving concessions to these foreign corporations and attracting them to set up and dominate Pakistan's economy. Rather than us expand outwards, not only have we not even built such institutions, we are consciously imploding our nation's economy through the opposite of economic imperialism .we are actively seeking to be hosts to the imperial corporations of the world and to adopt a subservient role. Why do we not try to build another BCCI to be expanded throughout the world? Why do we not try to build an Emaar of our own and expand that throughout the region at least? Why not try to build the capacity to manage these ports ourselves rather than sell them to foreigners? ..that way we can at least start working towards establishing a DPW of our own.
Why not force these big broker mafias that use their money-men status in Pakistan to buy everything in this country, rather than expand outwards? Aref Habib is into virtually every industry in a big way, as is Jehangir Siddiqi, the other Habibs, AKD, KASB, and all of these money-mafia people. They have been facilitated by our leaders in concentrating their hold on Pakistan rather than expand outside so we can start owning productive assets outside Pakistan that can then send regular profits back to Pakistan. Rather than making the capital markets of Pakistan more accessible to Pakistanis with ideas and the ability to execute them, the managers of our capital markets have formed a small club that only trades with itself and those that have been invited to play a junior role.
The only time our government has considered the economic imperialism policy as it would apply to Pakistan was when creating army owned companies such as NLC that were then to monopolize the industry within Pakistan. They totally screwed up the lesson .they are supposed to do the imperialism thing to others not us thats how its supposed to benefit the country you morons!!! If they gave this kind of support to private corporations across a broad spectrum, we could be getting somewhere. If Pakistanis in the business of construction want a concession from our government, then they have to have a Pakistan based entity that owns all the foreign entities .and this company has to provide expansion plans abroad that will benefit the Pakistani nation in the long run. Thereafter, this company should be given projects such as the one given to Emaar at throw-away rates ..instead of giving it to a foreign corporation. If you want dollars coming into the country ..think a little more long term and then you won't have to be on your knees begging all the time. Build large Pakistani corporations with operations abroad that regularly send profits back to Pakistan .that is common sense.
Why not give these corporations some tax incentives to bring those foreign profits (that never would have showed up in Pakistan) into Pakistan by treating them like national assets. Let's support one or two of these media corporations to expand and compete with Al Jazeera or eventually CNN. We have the people and the ability .why is it not possible?
How about forcing some of our financial brokers to set up abroad in other major capital markets with the same brand and then helping them in whatever way possible by for example giving them a piece of our international bond issuances, or even requiring private corporations in Pakistan to give them a piece of their foreign business, i.e. GDRs, consulting, etc.
How about going into Africa with an agreement with one of these countries to allow private (state backed) companies from Pakistan to exploit African resources the way Chinese, Americans, and pretty much everyone else is doing.
There is so much we can do if we simply choose to think. Our foreign policy should be less about the Great Game between the US and the rest of the world, and more about promoting our economic interests throughout the world through our own instruments. This is the only way for us to get out from our current state economic slavery.
