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The Ugly Truth About Pak Economy: A Brief History

Thats why i m praying for him (even not an PTI supporter ) soon he gonna get few chances all up to him become an leader or just an name of ex PM's of Pakistan list in history books
PMIK's success can only be judged by the actual results he is able to deliver. We need to wait for those to become evident.
 
Thats why i m praying for him (even not an PTI supporter ) soon he gonna get few chances all up to him become an leader or just an name of ex PM's of Pakistan list in history books

I think we ALL are praying for his success, in our own ways.
 
What did I say about slicing the fat of everything that moves in and out of a 200 million country? they are merely inefficient rent seekers that live off the poor Pakistani customers who have no other alternatives. Instead of bragging about them please tell me what exactly do they export and what is the quanta of value addition. Flogging mangos or sugar or cotton grown on farms is not value addition. Please do enumerate.

For instance we know Dhaka and Chittagong have huge garmant plants. But this is not just brags. We know they export over $20 billion of garmants to the world. I know. Everytime I go shopping for cloths I can't avoid "Made In Bangla tags".

So please tell me what and how much in $$$ is being exported from this 'powerhouse' sites you mentioned? On closer inspection you will see it is just rent seeking.

If you would have asked me a decade ago whenever we use to go shopping for clothes we use to see a lot "Made in Pakistan" goods however fast forward a decade later all I see is Cheap Chinese,Bangla,Vietnamese, and Indo/Malay clothes in the US but also because of the trade war we are seeing more clothes made across the border in Mexico and in Central American countries like El Salvador and Honduras, the bloody rent seekers are fleecing are exports to the bone man its so sad

Caveat:

The only city I think that is not reliant on rent seeking or exporting raw agr produce and deserves recognition is ..... Sialkot [no I am not from Sialkot] because you actually see products from this city across the world and they are competing against Chinese, Indian, Malay, Indonesian products like sports goods, leather, surgical equipment. I can go on Alibaba right now and get bombarded by dozens of Sialkot based companies all screaming to export their goods on the international markets. This needs to be replicated across Pakistan. And funny thing is Sialkot is teribly located for exports. Thousand miles from port and hundreds miles from airport although they have built their own private airport. This is real value addition and entrepreneaurship. Not rent seeking.

That's because the biggest rent seekers are based there with HQ's. Karachi Port for instance handles entire nations exp/imps. Othes are rent seeking companies that flogs a foreign franchised products like toothpaste across the entire 200 million market will show it';s tax address in Karachi. On the other hand the mother of all tax sucking entities like PIA, PS and others are also based in Karachi. You will ignore to mention them.

Something which is matter of record but funnily enough has recieved minimal coverage [swept under the carpet] whereas PTM gets the full media attention.

The Fact Sialkot bussinesmen have made their own airport and created a well functional industrial city should be replicated all across Pakistan, Karachi is lost cause too much internal Politics between MQM,PPP and ANP/PTM etc , Gwader needs to be made a industrial hub first it will make Balochistan less violtile and provide jobs to biggest and poorest province Punjab has enough largess alas we are PAKISTAN not Punjabistan
 
The Fact Sialkot bussinesmen have made their own airport and created a well functional industrial city should be replicated all across Pakistan, Karachi is lost cause too much internal Politics between MQM,PPP and ANP/PTM etc , Gwader needs to be made a industrial hub first it will make Balochistan less violtile and provide jobs to biggest and poorest province Punjab has enough largess alas we are PAKISTAN not Punjabistan
At least you understand. Thanks ...
 
I just want the best for Pakistan cause at end of day I know I will always be Pakistani regardless how long my family has been here and I am sick of the mess its in
Ditto ...

I just want the best for Pakistan cause at end of day I know I will always be Pakistani regardless how long my family has been here and I am sick of the mess its in
Did I tell you last week I bought a used Nissan Note for my kids to learn on and serve as general dog worker for the family. So I found a good deal on ebay in Tenby Wells, Herefordshire with a farmer. It was good distance from but the chap sounded very posh and I reckoned the car would be in good condition and taken care of. Sure enough after over two hours drive I pulled into a huge farm _ clearly the owner was very wealthy.

Turns out the guy was retired SAS Colonel, the SAS has it's barracks not too far from there and he said many SAS retire in Herefordshire as it great countryside, quite and peace reigns. We shook hands and I gave the guy the money and he asked if I wanted to check the engine. By this stage I had driven the car and it was spot on. My son also drove it and confirmed it was running great. I said it was not point in me opening the bonnet as I have zero knowledge of engines and I could not suss out a dud from real engine but since the car ran great and most importantly I sized him, the owner as a gentleman and accordingly trusted his sale. He was well taken back by this and then shaking my hand he said "where you are from". That reminded me I will always be Pakistani. My English and I speak superfluous English with no 'foreign accent'. But here he was asking where i was from. Not in a bad way at all. But that underlined I will always remain exotic.

Anyway after this the conversation really took a interesting turn. He goes "I knew your countryman". There are almost zero ethnics in Herefordshire. Surprised I said who? He replied Imran Khan. Aghast. I asked how. It turns out he was one year junior to Imran Khan at Royal Worcester Grammar School way back in early 1970. Rather proudly I asked what was IK like as a young lad. His reply rather took me by surprise. He summed as 'incredibly hardworking, honest to the bone, incredibly shy, would walk with his head pointed down". He mentioned he was whizz with bat and would regularly hit sixes although he played Rugby. He went on to mention that there was a girls grammar school not too far and when they had conventions together the girls would swarm around IK like flies to honey.

He said he followed IK's career although never kept in touch with him. And said he was most surprised that he went into politics and he never too him to be sly, scheming type. Qualities essential to politics and that IM's honestly would come in his way. I explained it did. For 22 years he was in wilderness because of his honesty. Anyway I thought you might be interested in this little story.

Oh and the car is perfect ....
 
dont you think pakistan should focus on value based items. i.e. instead of exporting raw denim to bangladesh for example, why dont pakistan make the jeans?
 
The thread is progressing nicely and as promised to write something about agriculture. Before I start with the suggestions and thoughts on agriculture, I will touch on a few points which are essential and a few of members have already mentioned (These are not in order as all will need to be working in order for a successful economy): @313ghazi @Reddington

1. Ease of doing business (or the lack of it) is a major barrier to success in Pakistan. A few members already hinted on it. Government to reform.
2. Tax: Make the tax filing easy and reduce taxes on businesses. Also make it simpler. I won’t go into details here but Government to reform.
3. Judiciary system: A justice system which is fair, is a foundation building block in a society/country. Judiciary should also make laws which are relevant and keep updating as and when needed (i.e. online hacking/social media, terrorism etc). Government to reform.
4. Police Force: After judiciary the nation need some force to implement the rules and laws, so a good police force will be needed. Government to reform.
5. Education system: Again, some members already have mentioned, and I will stress on having an educated youth which can innovate, work hard and think through processes will only make the journey easier. Government to reform.
6. Health system: A healthy nation will be able to materialise the opportunities and work towards a better future. Government should make reforms.

The above six points together with foreign policies as well as defence for the country should reside with the government. All the remaining sectors should be dealt by private investors or even private/public investment. My preference is private investors with oversight from the government by introducing quality controls as well as legislation/rules for environment factors (i.e. dealing with waste water, chemical and other waste etc).

Some members suggested a total ban on imports. I would suggest thinking about the consequences of this. There are certain essential goods which will need to be imported or the country will grind to a halt. Furthermore, if such a ban is applied one should expect the black/grey market to flourish (costing the State in revenues). Almost 21% of the tax collection was from Excise and Customs duties (2017-18). Say goodbye to this after the import ban. If you would like to check the figures: http://www.sbp.org.pk/ecodata/tax.pdf

The flight of forex may reduce slightly but not effectively. I like the idea of increasing the import duty on luxury and non-essential goods. We can further investigate the top 10 goods by import value and try to see which of those can be produced in Pakistan by making small/smart changes.

1. Mineral fuels including oil: US$17.1 billion (28.4% of total imports)
2. Machinery including computers: $6.3 billion (10.4%)
3. Electrical machinery, equipment: $4.3 billion (7.2%)
4. Iron, steel: $3.7 billion (6.1%)
5. Organic chemicals: $2.8 billion (4.6%)
6. Vehicles: $2.6 billion (4.3%)
7. Plastics, plastic articles: $2.5 billion (4.1%)
8. Animal/vegetable fats, oils, waxes: $2.1 billion (3.5%)
9. Oil seeds: $1.5 billion (2.4%)
10. Cotton: $1.3 billion (2.1%)

The above account for about 73% of the total imports. We can grow Animal/Vegetable fats, oils, waxes (to some extent), Oil seeds and cotton. Reducing the import bill by about 8%. All other sectors such as vehicles, computers and machinery will take a long time to setup and these industries will cost multi-billion-dollar in investment.

There should be parallel commitment to modernizing agriculture and producing not only the cash crops but also all other crops which reduce/eliminate imports. The aim should be to make life easier and not place hurdles/difficulties. Found the following page (good information, saved me pulling data into spreadsheet and analyse):

https://www.pbc.org.pk/research/selected-trade-and-manufacturing-data-for-pakistan-a-brief_analysis-2/

This is good point to look at agriculture and related industry. Where we stand and what the possibilities are based on data from developed countries. First, we need to understand that majority of the farmers have small land holdings. I think we are standing at the crossroads where small land holders would not be able to survive due to the costs of farming as well as unable to cultivate efficiently. I expect a major shift from small land holdings to commercial farming.

image-7.jpg


The above table shows how crop yields fair compare to world’s best. I would like to introduce modern agriculture in order to increase the yields. Imagine if Wheat, Rice and Maize production can be doubled with the same arable land. A few points to note in order to get higher yields:

1. Soil testing: (Government should build labs in every district to test soils types). This is very beneficial for the farmer as it will show the type of fertiliser is needed the most and which crop can be cultivated successfully.
2. Pesticide/Herbicide: Farmers should be made aware of the pesticides and herbicides used to kill weeds and the effects of these on crops. Modern practices should be introduced and use of these should also be minimised with better planning and crop management (i.e. crop rotation could take care of some of the problems).
3. Irrigation: This is most important as Pakistan is water stressed country and we should endeavour to introduce sprinkler/drip irrigation. Drip could above surface or sub surface. This will not only save water but also drip fertigation will reduce the use of fertilisers as well. Better yields with less water and fertiliser. Solar panels can be used to produce electricity for irrigation.
4. Seed selection: This is very important. After soil testing appropriate seed should be selected in order to get the most yield. Seed treatment should be applied before seeding etc. So, there should be seminars/workshops for farmers to introduce them to new techniques. Some seed research should also be done. Take example of Israel where they have research in new seed production (they have experimented with mixing saline water with sweet water to grow potatoes etc.).
5. Equipment: Modern equipment for agriculture. Be it tractors, planters, harvesters etc. This will not only mechanise the sector but also help with quality control.
6. Tillage/No Tillage: I am sure most of farmers in Pakistan will be unaware of no tillage farming and its benefits for the soil. Farmers can be made aware of this so this can be introduced for wheat crop or even for maize etc (won’t work for potatoes).

If the above points can be introduced, I am sure not only the yields will go up, but the quality of the grain will also be improved and better profits for the farmers.

Once the grain is harvested it could either be sold for processing or kept in on farm storage for livestock feed etc. This is where industry comes into play. We can process wheat, corn and oil seeds to get flour, edible oil from our own produce rather than importing it. Furthermore, feed mills can produce feeds which then can be used in livestock sector. Our livestock sector is one of the largest in the world (dairy, poultry etc). These sectors can make a major difference in not only producing enough for the 210 million population but also for export. One is astonished at findings that cheese and milk is still imported. Private sector should invest in poultry, meat and milk processing so that we can have milk available for all the population and in every season so is meat, cheese and yogurt.

The dairy and poultry sector manure can be used as fertiliser (reducing further reliance on fertilisers). Government should not only support (tax breaks etc) these sectors but also introduce quality control measures. This quality control will help us certify our products in the world market so after processing of meat and milk we will be able to export. I can write about other related sectors (textiles etc) but I think this should be enough to start a thought process in younger generation.

All of the above is useless unless until we start to work for our future and make a change at an individual level. As I am a strong believer that individuals make a community, village, city and a nation. So, do your part it doesn’t even have to be big. Just introduce Faith, Unity and Discipline in your lives. Be steadfast and march on for a better tomorrow.
 
Ya Allah riha kerday aab zabt e gham say
Kay aab roya nahi jata.
 
@Shah01 great effort. I have a few thoughts regarding exports. You are right that we can't really afford not to import certain things and obviously a ban on imports or extremely prohibitive tarriffs will increase costs. This is why when i mentioned it, i said it out to be phased in and not target essentials. The list of top 10 items is very useful, I think we can make a big dent on a lot of those.

1. Oil - 33% of our electricity comes from burning oil. The state should make a big push to change this to solar/coal/wind. This should be done with private/public collaboration (grants for switching to green energy, tax breaks for businesses who do). I'd even suggest that long term it's worth borrowing to fix this issue. If we can setup a plant to manufacture wind farms and solar panels / associated kit domestically (ToT with a foreign company) then we can get rid of some of the big costs of getting it to market.

2. From what I understand I think our trade with China is ruppee/Yaun rather than dollar? If that is the case we should reduce tarrifs on essential goods from China making them cheaper for the market and encourage these to be purchased from there.

---

I am also a big believer in the importance of agriculture. We need to be growing everything we eat - everything. I think to this extent the state needs to provide scholarships for people to study agriculture. The sector is backwards and needs educated minds to help re-invigorate it. The average farmer won't be studying a degree course, but trained agriculturalists could be hired by the state to help encourage and roll out the sorts of changes you proposed. If they are local people then the trust barrier is easier to overcome too. If the son of a farmer turns around his dads farm and starts making profits from it - its a living example to others. If a bureaucrat shows up and tells you to try different seed - people wonder what the catch is.

My other idea which others will find controversial is the state itself being involved in farming. I believe the state should invest in converting state owned land into largescale farms. The operation and the management of the farms should be down by private companies, but the state should own the land and the produce.

Contracts should be given to private companies to run these farms that stipulate that modern farming techniques have to be used and the farm should be managed in partnership with a state agriculturalist who will provide a degree of oversight and expertise. The contracts should have targets for the yield per acre to make sure we're getting international standards.

The companies running the farms should get paid by the state after the sale of the produce and should get 50% of any profits after costs. The produce should be sold directly through government owned stores or through a wholesaler acting on behalf of the state (again where the contract only covers costs, not profiteering on produce).

The aim should be to get food to the domestic market at lesser prices than the private sector (whilst still covering costs through sales, not through subsidies or taxpayer burden).

To compensate the private sector (particularly small scale farmers who aren't Subsistence farmers), the state should work with another private company that buys produce from local farmers and exports it, splitting a share of the export profits (after costs) with local farmers too. This company again should have hired agriculturists who work with the small farmers to ensure produce generated is of export quality.

At least you understand. Thanks ...

You catch more flies with honey than vinegar. I think you made a great point, but everything that ensued afterwards was regretable from all involved.
 
...4. Seed selection: This is very important. After soil testing appropriate seed should be selected in order to get the most yield. Seed treatment should be applied before seeding etc. So, there should be seminars/workshops for farmers to introduce them to new techniques. Some seed research should also be done. Take example of Israel -
...If the son of a farmer turns around his dads farm and starts making profits from it - its a living example to others. If a bureaucrat shows up and tells you to try different seed - people wonder what the catch is.

Hold on a moment. It's been fifty years since Borlaug's Green Revolution that effectively ended South Asia's begging bowl. And you're telling me that Pakistan STILL doesn't fund its own seed research institutes with dedicated farmer relations outreach?
 
.



My friend,

A very good and structured attempt towards finding solution.

If I may ask you to read your solution and critically analyse it once again. What is the essential to implement such a plan?

Timeframe? Required resources? Required Development Model?

Somehow I know you will dig deeper....

Regards,

Mangus

I'm going to focus on the bits of my plan that we the people can do. In true capitalist spirit, screw the state, we need to take matters into our own hands. I'm a big fan of IK and PTI, but we can't sit around waiting to see if he's cut out for the job.

I'm going to reflect for a moment on my experiences with British Pakistani's in the UK. We often joke that if one person starts something and is successful - everyone has to do the same until the market becomes saturated and nobody is making money. British Pakistanis regularly invest in SME's and the type of businesses we invest in are getting more and more creative as people are more educated; but the trend of people following what others do exists.

For example;

In the 80's when the factories closes our elders all started getting into taxi, or setting up takeaways/resturants and grocery stores. More recently everyone started selling mobile phones, doing insurance claims and personal injury firms. For a while everyone was opening up Gourmet burger places, steakhouses, Shisha cafes and dessert parlours. There was a sudden increase in barbers and builders.

Why is this? Are we unimaginative? Do we do it to spite out friends who are doing well in a field? No. It's about ease of entry to market. If someone you know is already involved in a business - they can ease you into it, help you avoid the mistakes you made. In recent years many people I know have made a lot of money selling on amazon - i even tried it (personal circumstances meant i abandoned the project before it took off, but i intend to enter the market again).

I have mentioned earlier that the state should focus on helping people improve their businesses and export their products. Fill in the gaps in peoples knowledge that stop them from being successful. I was in Morocco earlier on this year and saw some of the crafts being produced and exported. The best peices were for foreign customers. It was amazing and is a model we should try to replicate.

I think there is scope for people to do this in the private sector too. People could setup companies who could do this for a fee - or a percentage of increased future profits perhaps? There are incubators and kickstarters out there already, but there is so much scope for more.

Now I have a degree in Computer Science and have a background in the Finance, Healthcare and Education industries. I'm not best placed to setup such a company. I could probably do a lot of analysis, but I lack the understanding of the business world to work with the findings and push a business forwards. So who is?

I think the skill sets required are a spectrum. Your team needs Business analysts, people with knowlede of avertisement, e-commerce, finance, project management and an understanding of ISO-9001 standards, held together with people who've done business studies, or have MBAs. You'd also need people with a background in the markets you work in.

I think such a team, working even part time and weekends, could target businesses and turn them around to increase profits and ultimately become exporters of products rather than raw goods. The question is can you find enough talented people, setup them up and make a business model which works for them?

Hold on a moment. It's been fifty years since Borlaug's Green Revolution that effectively ended South Asia's begging bowl. And you're telling me that Pakistan STILL doesn't fund its own seed research institutes with dedicated farmer relations outreach?

We're not getting clean drinking water right yet. What do you think!
 
I'm going to focus on the bits of my plan that we the people can do. In true capitalist spirit, screw the state, we need to take matters into our own hands. I'm a big fan of IK and PTI, but we can't sit around waiting to see if he's cut out for the job.

I'm going to reflect for a moment on my experiences with British Pakistani's in the UK. We often joke that if one person starts something and is successful - everyone has to do the same until the market becomes saturated and nobody is making money. British Pakistanis regularly invest in SME's and the type of businesses we invest in are getting more and more creative as people are more educated; but the trend of people following what others do exists.

For example;

In the 80's when the factories closes our elders all started getting into taxi, or setting up takeaways/resturants and grocery stores. More recently everyone started selling mobile phones, doing insurance claims and personal injury firms. For a while everyone was opening up Gourmet burger places, steakhouses, Shisha cafes and dessert parlours. There was a sudden increase in barbers and builders.

Why is this? Are we unimaginative? Do we do it to spite out friends who are doing well in a field? No. It's about ease of entry to market. If someone you know is already involved in a business - they can ease you into it, help you avoid the mistakes you made. In recent years many people I know have made a lot of money selling on amazon - i even tried it (personal circumstances meant i abandoned the project before it took off, but i intend to enter the market again).

I have mentioned earlier that the state should focus on helping people improve their businesses and export their products. Fill in the gaps in peoples knowledge that stop them from being successful. I was in Morocco earlier on this year and saw some of the crafts being produced and exported. The best peices were for foreign customers. It was amazing and is a model we should try to replicate.

I think there is scope for people to do this in the private sector too. People could setup companies who could do this for a fee - or a percentage of increased future profits perhaps? There are incubators and kickstarters out there already, but there is so much scope for more.

Now I have a degree in Computer Science and have a background in the Finance, Healthcare and Education industries. I'm not best placed to setup such a company. I could probably do a lot of analysis, but I lack the understanding of the business world to work with the findings and push a business forwards. So who is?

I think the skill sets required are a spectrum. Your team needs Business analysts, people with knowlede of avertisement, e-commerce, finance, project management and an understanding of ISO-9001 standards, held together with people who've done business studies, or have MBAs. You'd also need people with a background in the markets you work in.

I think such a team, working even part time and weekends, could target businesses and turn them around to increase profits and ultimately become exporters of products rather than raw goods. The question is can you find enough talented people, setup them up and make a business model which works for them?



We're not getting clean drinking water right yet. What do you think!

My Pak friend,

This is exactly my purpose to post my article... to invite all Paks, from everywhere, to Structured Thinking...

From Rational Problem Definition to Solution Space.... then to have a frame of reference where we can engage each other more meaningfully. Otherwise, it is just comments/ fights.... or pretence of knowing...

May be tomorrow or so I shall post a Pak specific Economic Framework... but I do enjoy it a lot when you guys keep thinking...

Keep it up!

Mangus
 
A good analytical article about Pak economy.

Economy of fools
Aasim Sajjad AkhtarUpdated April 05, 2019

5ca6b55686d47.jpg

The writer teaches at Quaid-i-Azam University, Islamabad.

THE more things change, the more they stay the same. This adage captures much about state policy in Pakistan, but perhaps social and economic ‘reform’ most of all. The current hue and cry about the precarious state of the economy and the reforms necessary to get things back on track is remarkable precisely because it has all be said and done before. Many, many times.

The indefatigable Khurram Husain wrote yesterday about the three attempts at ‘adjusting’ the economy over the past decade — in fact ‘structural adjustment’ of the economy has been ongoing for more than 30 years! It was in 1988 that the first set of loan arrangements were agreed under the Structural Adjustment Programme between the PPP government and the IMF. Surely by now adjustment would have been successfully completed?

Every political regime here for more than three decades has spewed the same rhetoric about inheriting a mess from its predecessors, the need for urgent reform, and the unavoidability of swallowing the bitter pill of ‘adjustment’.

The regime then claims to have turned a corner — thanks in large part to aid handouts — but the turnaround is inevitably short-lived and things reach their lowest ebb by the end of the government’s tenure.

The next election cycle rolls around and the farce plays out again.

The role of the IMF and other multilateral and country donors in this story must certainly not be understated.

Aid packages are always accompanied by conditionalities; the money comes only if ‘structural adjustment’ of the economy is ensured.

It is always the same — privatise loss-making public enterprises, reduce government expenditures (and subsidies in particular), liberalise trade and financial markets, and make sure that the foreign investors are given incentives to bring in the big bucks.

In recent years, with ‘institutions’ in vogue in Western academic and policymaking circles, emphasis has also been placed on improving the performance of government institutions (via a never-ending supply of ‘expert’ consultancies).

Every political regime here has spewed the same rhetoric.

So if we’ve been doing this for the best part of 30 years, why is adjustment still necessary?

In short, because the world remains at the behest of financial oligarchs whose desire to pillage the resources of ‘underdeveloped’ regions whilst also monopolising emerging consumer markets is never satiated.

‘Adjustment’ is a barely disguised policy that removes all the regulations designed to provide at least some safeguards to the toiling classes that, until the 1980s, were a bona fide ‘stakeholder’ in the policy matrix in all countries.

It was in the late 1970s that the Keynesian policy frameworks that dominated the post Second World War period — featuring high levels of government intervention in the economy and the allocation of a substantial share of resources to labour — were displaced by what is now known as economic neoliberalism, or Washington Consensus.

At the time this ‘Consensus’ was forged by arch-conservatives like Ronald Reagan and Margaret Thatcher in the West, with handymen like Gens Zia and Pinochet doing the job in the East.

Organised labour and the political left were depicted as enemies of freedom — of the individual and the market — and almost 40 years later, the intellectual and political discourse in countries like ours is almost devoid of mention of the class wars that undergirded the shift towards neoliberalism.

The same is not true in Western countries.

The collapse of financial institutions between 2007-09 meant the ideological monopoly of neoliberalism was decisively challenged. Today, young educated people trying to secure a decent standard of living in an age of unbridled consumerism have become aware of the grave danger that ‘free market’ capitalism poses to their own well-being, and future generations.

It is high time that the young population of this country learns about the history of ‘adjustment’ so that at least the possibility arises of arresting the policy merry-go-round we have witnessed over the past three decades.

It was inevitable that the ‘tabdeeli’ brigade would falter as all others have before it — the crisis of political representation is directly related to the hegemony of neoliberal development models that no government dare challenge.

What is not inevitable is that we remain an economy of fools forever. Embryonic popular awakenings in different parts of the world about the need to once again consider an alternative to capitalism offer us hope.

The so-called experts will continue trying to convince us that the same old ‘reforms’ are necessary and bank on handouts from the IMF, the UAE, China or whoever is willing.

The real reforms we need are not rocket science: recover the commons (health, education, housing, employment, nature) from the profiteers, audit and reduce defence spending, and stop taking ‘painful’ steps that hurt the poor, and, instead, inflict some pain on the rich.

The writer teaches at Quaid-i-Azam University, Islamabad.

Published in Dawn, April 5th, 2019

https://www.dawn.com/news/1474072/economy-of-fools
 

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