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economic future

180 Days in Economic History

Almost two decades ago, the Pakistan Peoples Party (PPP) set in motion a chain of events leading to economic apocalypse. In defence of Zulfiqar Ali Bhutto it must be said that while riding the crest of public opinion (which was aroused against free enterprise held captive of a handful of robber barons), he genuinely believed that a socialistic system would bring about amelioration in the miseries of the masses. In this he was not alone in the world, this was the fashion of the times in most Third World countries. Our tragedy was that in reacting against the greed of the few we ended up in the proliferation of corruption, at a particular economic crossroads we took the wrong turn. The collapse of the Socialist Empire has seen, a reaction against the system set in through the Third World, everybody is now abandoning Carl Marx for Adam Smith.