to fix our problems? Man has yet to discover a system that is perfect and balances personal and public interests but there have been efforts around the world to check human greed. Various models have been developed and tested with mixed results.
The free market economy, which leaves the issues of what to produce and how much to produce to the invisible hands of market, has failed to ensure sustainable economic development despite its success in accelerating economic growth. The planned economy, where the state decides on how to produce and distribute wealth, too has proved itself an inefficient economic system although it contributed immensely to mitigate the suffering of ordinary workers. The latest model in vogue, which is the focus of discussion here, is the regulatory model which attempts to remedy the ills of both capitalism and communism.
Regulatory bodies (such as the HEC, SECP, Pemra, Ogra etc) are supposed to protect and balance the interests of all stakeholders. In the case of Axact, one wonders that a foreigner had to be the one who brought it to light. Doesn’t it mean that both our investigating agencies and regulatory bodies are either incompetent or complicit in the matter? But the crucial question is: who watches the watchers?
Crime is essential for the very existence and grandeur of certain institutions. One can see some educational institutions that either operate in a single flat or exist only in the virtual world and sell degrees without conducting proper exams. This business has flourished in the guise of RPL (recognition of prior learning) where the candidate has to produce an experience certificate (which in most cases is never genuine) to get a government-recognised diploma. Everyone has a share and the business thus thrives.
Why should one bother to do hard work when one can become a millionaire by helping others get the magic wand?
The writer teaches at FAST-NU, Peshawar.
Email: zeb.khannu.edu.pk