Economic anarchy

Economic anarchy is creeping in. Political blame game is on. Incumbent government is blaming previous regime for all ills of economy, while the PTI has come with white paper to malign the PDM government. Both are trying to fool common people, and are successful to some extent.

Supporters of each party are not ready to listen to truth about their preferred party. They love to bash opponents. They present their party as saviour of nation and declare others exploiters and corrupt. This political blame game is destroying economy.

The parties are fortunate as common people are unable to understand that economy cannot be destroyed or fix in short term (5 or 10 years). If PDM blames PTI for the failures during last four years, then how it can deny their role in the last 30 years. The PDM should tell people how they designed bad governance structure to maximise their benefits. In the same way, how PTI can negate its role in bringing economy further down.

The PTI should also share with people how they miserably failed to implement their promises of corruption-free and merit-based governance system. Both must also share with common people how they promoted cronyism.

Thus, if ruling elite and political parties want to overcome economic anarchy, they have to speak the truth. They need to comprehend that economy has certain rationales which cannot be overruled. First, economy needs scientific decision-making which may or may not follow systematic approach. A party’s supporter needs to come out of “my leader knows everything” mentality.

Second, there is need of consistency. Experimentation in the name of reforms is perfect recipe for economic disaster. Pakistan has been a victim of this approach. Since Ayub khan time, experimentation in Pakistan is continuing – starting from liberal economic order to socialism (Bhutto period), Islamic economy (Zia regime) and back to liberal economic model (PMLN, PPPP, Musharraf regime, PTI). It has shaken the basis of our economy.

Third, indigenous wisdom and due recognition of ground realities should determine the course of economy. Expats or tourist experts cannot help. Fourth, economy is a game of political economists. But, economy here is hostage to bankers or accountants or financial experts. Country needs to understand that these people are trained only to keep accounts, not to run the economy.

Fifth, economic growth can only contribute to sustainable development if we apply tools of people-centric governance which ensures inclusiveness and wellbeing of people. Sadly, Pakistan has governance system which is exclusiveness in nature, elite-centric, and the ruling elite uses liberal democracy to justify it.

Economic situation compels us to learn from mistakes and mend our ways. Unfortunately, ruling elite is not ready to change. Rather, they are busy in finding new ways to exploit the country. Privatisation has been identified as a new way of exploitation. They are presenting it as a way-out.

They have full support of IMF and World Bank as privatisation has always been their favourite tool. Privatisation never benefited the debt entangled countries. It only helped powerful players.

In conclusion, the ruling elite must comprehend that common man is under extreme pressure and facing hardships. Inflation has broken their back. They are suffering and are unable to secure essentials of life. Slogans cannot provide them relief. They are fed up with them.

Although, all sections of society are facing hard time, youth are the worst-affected segment. They are extremely annoyed. They feel they have been systematically denied wellbeing. State was not able to provide them quality education and skills for better life. Besides, successive governments worked to strengthen the rule of elite by privatising education and skill development.

Lastly, Pakistan must learn from the Imran Khan phenomena. It’s a warning. People may not be agitating in love of Imran Khan. They have no other choice to show their anger. So, it’s better for the ruling elite to understand the urgency to take wise actions.