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Ghulam Ishaq Khan

Nationalizing “Bundoo Khan”

World War 2 sustained communism far beyond the 50 years it should have gone on its own momentum, the impetus of that war acting as a “manufacturing force-multiplier” for the socialist economy. As it is Communist China chose economic emancipation in the mid 70s under Deng Tsao Peng, President Jiang Zenin nailing the coffin of its socialist ideology last October by allowing free enterprise entrepreneurs officially into the Communist Party. By the late 60s it had been clear that the romantic notions of socialism that the leaders of independent third world States newly created in the 50s was seriously flawed. Saddled by an inefficient and indolent public sector which was into railways, telecommunications, water projects, electricity, sewerage, etc but flanked by socialist ideologues like JA Rahim and Dr Mubashar Hussain, Zulfikar Ali Bhutto plunged Pakistan into three decades (and still counting) of economic wilderness by his nationalization-binge of the early 70s.

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Reorganising the Banking Sector

Third World countries that aspire for economic prosperity have to ensure that their financial sectors are adequately equipped to fuel sustained growth. Financial institutions are the bedrock on which to plan the building of industry and commerce in a world perennially short of development funds, lately Less Developed Countries (LDCs) are concentrating their energies on revitalizing this sector. In Pakistan, we pay a lot of lip-service to such notions, in actual practice we consign reformation ideas to the dustbin and progress is far from satisfactory.

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