Still better than our flirt with socialism in the 70s:
If you are referring to Bhutto he was replaced by Zia ( comrade of the capitalist bloc ) and as per your logic path Pakistan should have become first-world. But did it ?
There had been many times in Pakistan’s history when stupid decisions were taken by the government. Nationalization in Bhutto’s era was one of those decisions. 22 Families lost everything that they had worked for all their lives. BECO (Batala Engineering Company) is one such example.
Late Chaudhry Mohammad Latif was the founder and chairman of the Batala Engineering Company (BECO). After attending a meeting of leading Muslims in Batala, who wanted to establish Muslim industries in the face of Hindu dominance of retail, that he struck upon the idea of forming BECO.The company was established in 1932. , He sold its first 10 shares to a lime merchant for Rs 10. In the early years, he worked almost single-handedly to build up the company from its first workshop in two rooms and a veranda. Over the course of the next forty years, and in spite of losing much of his business when he migrated to Pakistan at Partition, he built BECO into a stalwart of the engineering industry in Pakistan. when the migration took place and all the muslims came to Pakistan. BECO donated a very large amount of its money to the govt of Pakistan, so the institutions could start functioning.
At its peak BECO employed 6,000 workers producing tools and engines that drove forward Pakistan’s fledgling economy. A model of Pakistani industry and the pride of Pakistan, BECO was a regular stop by visiting foreign dignitaries
Board of Directors (Lto R)
Chaudry Abdul Karim, Arif Latif, CM Latif, Khan Abdul Rehman , HMS Chaudri
Visit by Chinese Prime minister Chou En Lai. He was so impressed by BECO that he vowed to send Chinese engineers there for training.
Visit by Syrian Head Of State
King of Thailand on a visit to BECO during his state visit to Pakistan. Mr. Latif showing him a diesel engine coupled with pump. In those days all visiting head of states were shown BECO as a national asset
Mr. Latif with his team showing slow speed diesel engine parts to visiting dignitries. A lot of these were sent to East Pakistan to drain out water and produce power.
In background is Mr. Schneider BECO’s German works manager and Chief Engineer.
Mr. Latif with visiting KSB pumps director from Germany. BECO produced pumps in collaboration with KSB pumps with Siemens electrical motors in the BECO Kot Lakhpat factory
Visit by Pakistan’s Prime Minister
Being an Engineer Mr. Latif always believed in making progress in development of ideas and technology. In an interview couple of years back he said “I believe in creating money and not in making money.” “We can create money by employing more people and by expanding our business. Money, as such, should have no attraction for any reasonable person. What should really move us is the task of adding to our national wealth.”
Mr. Latif was a man of great genius and dedication . He brought BECO to teh heights of glory. Beco was ahead of its time in terms of technology.
Concrete Mixers
With his team of Japanese engineers
Machine tool division with lathe machines.
Testing the gates for barrages and canals
Machine tools division.
Zulfikar Ali Bhutto took over power on December 21, 1971 and on January 1, 1972 his government promulgated the Nationalization and Economic Reforms Order nationalizing 31 key industrial units, completely wiping out BECO. The company’s name was changed to PECO (Pakistan Engineering Company). Like other nationalised companies, PECO did not cut it and by 1998, it had run up an acknowledged accumulated loss of Rs 761.58 billion. In October 1977, Gen Zia-ul-Haq offered to return control of the company to Mr Latif and his management. Mr Latif refused to accept the offer unless the same were extended to owners of all nationalised industries.
It is such a sad thing that in the name of the country Mr.Bhutto ruined what was something to be proud of as a Pakistani. Had BECO remained with its owners we would have put Tata and Birla to shame. Govt abandoned the factory, sold out tons and tons of steel in the building structer and , and now what is left of it ,is an Industrial graveyard.